Northeast

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FinanceNew YorkNewsNortheast

JLL Arranges $44.5M ReFi Following Benchmark’s East Village Renovation

by Lynn Peisner

NEW YORK CITY — JLL has arranged a $44.5 million refinancing loan for locally based Benchmark Realty Group’s 61-unit property at 194 East 2nd St. in Manhattan’s East Village. Citi was the lender, while Michael Zaremski, John Flynn and Clayton Ross headed up JLL’s team. Located at the corner of East 2nd Street and Avenue B, the six-story property includes 15,450 square feet of ground-floor retail space, 10,000 of which is anchored by Duane Reade under a long-term lease. Benchmark acquired the property in 2024 and has since completed a …

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Renley-Arlington
DevelopmentNewsNortheastVirginiaWashington, D.C.

Gilbane Starts Construction of Office-to-Residential Project in Metro D.C.

by Lynn Peisner

ARLINGTON, VA. — Gilbane Development has begun construction of Renley, an office-to-residential conversion at 3601 Wilson Blvd. in Arlington’s Virginia Square neighborhood. Gilbane acquired the building, developed in 2000, in March 2025. The community will include 94 market-rate units in one-, two- or three-bedroom floor plans. Renley represents one of the first projects to take advantage of Arlington County’s updated adaptive reuse policy, adopted in November 2024, which lowered costs and removed regulatory hurdles for developers. The redevelopment plan will preserve the building’s exterior façade. Inside, amenities will include tenant storage …

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Parc-Riverside-East-DC
FinanceNewsNortheastWashington, D.C.

PCCP Provides $61.3M Refinancing Loan for Parc Riverside East in D.C.

by Lynn Peisner

WASHINGTON, D.C. — PCCP, a Los Angeles-based commercial real estate finance and investment management firm, has provided a $61.3 million refinancing loan to PGIM and Kennedy Wilson for Parc Riverside East, a luxury mid-rise community in the Navy Yard/Capital Riverfront neighborhood of Washington, D.C. Built in 2014 and located at 1011 First St. SE, the 287-unit, 13-story property is comprised of studio, one- and two-bedroom floor plans Amenities include a fitness center with Peloton bikes, a rooftop pool and sun decks with panoramic D.C. views, courtyard spaces with lounge seating, …

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1920-Turnbull-Bronx
Affordable HousingDevelopmentNew YorkNewsNortheast

Gilbane, Partners to Develop $170M Affordable Housing Tower in The Bronx

by Lynn Peisner

NEW YORK CITY — Gilbane and partners have closed on financing for 1920 Turnbull, a $170 million, 228-unit affordable and supportive housing project in the Castle Hill/Soundview neighborhood of the Bronx. Apartments are income-restricted to households earning up to 60 percent area median income, and 137 units will be reserved as permanent supportive housing. Strada Development and the Center for Urban Community Services (CUCS) are co-developers, with CUCS also serving as a service provider. Upon completion, slated for March 2029, CUCS will operate a 3,500-square-foot on-site office space providing residents …

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Watkins-Mill-Gaithersburg
Investment SalesMarylandNewsNortheast

RailField Partners Acquires 210-Unit Maryland Property from Elme Communities

by Lynn Peisner

GAITHERSBURG, MD. — RailField Partners has acquired Elme Watkins Mill, a 210-unit garden-style community in the Washington, D.C., suburb of Gaithersburg, from Elme Communities (NYSE: ELME). The property was purchased by RailField’s RG Value Add Fund, a joint venture with GCM Grosvenor (Nasdaq: GCMG), whose real estate business encompasses about $7 billion across 2,200 properties. The transaction comes as Elme Communities continues to wind down its portfolio under a shareholder-approved plan of sale and liquidation. Elme Watkins Mill was among the remaining assets. The REIT has announced it will sell …

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JFK-Blvd-Jersey-City
DevelopmentFinanceNew JerseyNewsNortheast

Madison Capital Provides $375M Construction Loan for Jersey City Development

by Lynn Peisner

JERSEY CITY, N.J. — Walker & Dunlop has arranged a $375 million construction loan to finance JFK Boulevard, a mixed-use project that will be built in Journal Square in Jersey City. The developer is Nasser Freres. The lender was Madison Realty Capital. The project includes 840 residences, including studios, one-, two- and three-bedroom units. Eighty-four units will be designated as affordable housing. Rent restrictions have not yet been disclosed. The development will also feature approximately 50,000 square feet of retail space anchored by a national organic grocer. An additional 36,522 square …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

TCB Opens Province Post, Bringing 65 Affordable Units to Provincetown, Massachusetts  

by Lynn Peisner

PROVINCETOWN, MASS. — The Community Builders (TCB) and the Town of Provincetown have opened Province Post, a 65-unit mixed-income community intended to serve the year-round workforce and residents of the Cape Cod resort town. Units are reserved for renters earning from 80 to 30 percent of area median income. Amenities include shared patios, a laundry room, seating areas, bike racks and direct access to a bike path. A variety of sources provided funding, including the Town of Provincetown, MassHousing, the Executive Office of Housing and Livable Communities, Community Economic Development …

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196-Bowery-NYC
Investment SalesNew YorkNewsNortheast

Javeri Capital Buys Manhattan Mixed-Use Property for $11.4M

by Lynn Peisner

NEW YORK CITY — Bowery Square Corp. has sold 196 Bowery, a mixed-use property in Manhattan’s NoLita neighborhood, to Javery Capital for $11.4 million. The eight-story, 13,000-square-foot building sits on about half an acre between Spring and Prince streets and includes ground-floor retail occupied by Genyth Tattoo with seven apartments, all with private terraces, above. Matt Fotis, Colton Traynham and Michael Weinstein of Marcus & Millichap represented the seller and procured the buyer, both headquartered in New York City.

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Affordable HousingDevelopmentFinanceNewsNortheast

PNC Bank Closes $251.4M Fund to Support 16 Affordable Housing Projects

by Lynn Peisner

PITTSBURGH — PNC Bank has closed the Low-Income Housing Tax Credit (LIHTC) Fund 104, a $251.4 million fund focused on the development and preservation of affordable rental housing across the United States. The fund includes investments from nine financial services and insurance companies, as well as PNC. Fund 104 is expected to support 16 multifamily properties nationwide, providing over 1,700 affordable units for families and seniors. The portfolio includes a mix of new construction and rehabilitation developments in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and …

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1740-Broadway-NYC
DevelopmentFinanceNew YorkNewsNortheast

Madison Realty Capital Originates $480M Loan for Midtown Manhattan Office-to-Residential Project

by Lynn Peisner

NEW YORK CITY — Madison Realty Capital has originated a $480 million loan for the office-to-residential conversion of 1740 Broadway in Midtown Manhattan. Yellowstone Real Estate Investments was the borrower, while Ackman-Ziff’s Jason Krane, Russ Schildkraut and Simon Ziff arranged the financing. The 523,051-square-foot, 27-story office building will be converted to a residential community consisting of 238 multifamily units and 182 condos. Amenities will include a resort-style lap pool, hot tub, a speakeasy bar in the building’s original bank vault and lounge and deck spaces. The property also includes 18,055 …

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