Northeast

Marcus & Millichap Arranges $28.5M Sale in Bayside, Queens

by Lynn Peisner November 11, 2026

NEW YORK CITY — Marcus & Millichap has arranged the $28.5 million sale of 23-50 Waters Edge Drive, a six-story apartment property in the Bay Terrace neighborhood of Bayside, Queens. Sean Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap represented the undisclosed seller, and procured the buyer, identified as a multigenerational family office. Constructed in 1969, 23-50 Waters Edge Drive is a gated building with a 24-hour doorman and security guard, on-site parking and garage options, an elevator, laundry room and resident storage space. Select units have private …

November 11, 2026

Affordable Housing Finance News Northeast Washington, D.C.

HUD Launches ‘Express Lane’ for LIHTC Construction Loans

by Lynn Peisner November 10, 2026

WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development (HUD) has launched a streamlined process aimed at speeding up Federal Housing Administration (FHA)-insured construction financing for affordable housing developments using Low-Income Housing Tax Credits (LIHTC). The new LIHTC Express Lane applies to qualifying new-construction loans under FHA’s Section 221(d)(4) program and targets a 30-day decision on firm loan commitments. Both 9 percent and 4 percent LIHTC projects financed with tax-exempt bonds are eligible, with no limits on loan size or number of units. Projects receiving Section 8 project-based …

November 10, 2026

Affordable Housing Development Finance New York News Northeast

Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment

by Lynn Peisner November 10, 2026

BROOKLYN, N.Y. — The New York City Public Housing Preservation Trust, a public benefit corporation created in 2022 to finance major renovations of New York City Housing Authority (NYCHA) properties, has reached its first financial closing with the $607 million modernization of Nostrand Houses. Merchants Capital structured a $185 million taxable loan for the project, part of a broader financing package that will rehabilitate the 1,148-unit Brooklyn development. the AFL-CIO Housing Investment Trust, which acted as co-lender for the transaction, provided $50 million of the total loan. The New York …

November 10, 2026

Finance New York News Northeast

JLL Arranges $154.3M Refinancing for Rechler Equity Partners’ Greybarn Amityville

by Lynn Peisner November 6, 2026

AMITYVILLE, N.Y. — Rechler Equity Partners has obtained a $154.3 million refinancing loan for Greybarn Amityville, a 335-unit property in Amityville. The JLL Capital Markets team that arranged the financing was led by Peter Rotchford, Andrew Scandalios and Clayton Ross. PCCP was the lender. Developed by Rechler in three phases between 2016 and 2020, Greybarn is located at 805 Broadway in Amityville on Long Island’s South Shore. It features 335 apartments, comprising 269 market-rate units and 66 workforce units reserved for households earning up to 80 percent of area median …

November 6, 2026

Affordable Housing Development News Northeast Pennsylvania

Construction Begins on 121-Unit, $65M Redevelopment of Philadelphia Housing Authority Building

by Lynn Peisner November 6, 2026

PHILADELPHIA — The Philadelphia Housing Authority (PHA) and Alterra Property Group have broken ground on Twenty-Twelve, a $65 million, 14-story mixed-income community at 2012 Chestnut St. in the Center City District of Philadelphia. The project is a redevelopment of the former PHA administrative headquarters, which has been vacant for approximately 20 years. The new community will feature 121 apartments, about 72 of which will be reserved for households earning up to 80 percent of area median income, and 2,000 square feet of ground-floor retail space. The architect is JKRP Architects, …

November 6, 2026

Investment Sales News Northeast Washington, D.C.

Marcus & Millichap Brokers $4.3M Sale of Park MacArthur in Washington, D.C.

by Lynn Peisner November 4, 2026

WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of Park MacArthur, a 17-unit property in Northwest Washington, D.C. The asset sold for $4.3 million. Marcus & Millichap’s John Slowinski, Ryan Murray and Marty Zupancic marketed the property on behalf of the seller, Community Three. The identity of the buyer was not disclosed. The three-story property is 13,360 square feet on a 10,019-square-foot lot. It was built in 1939 and renovated in 2015 with updated unit finishes, new windows and upgraded building systems. The roof and skylight were replaced, …

November 4, 2026

Affordable Housing Development Finance New Jersey News Northeast

Shorewood Underway on $190M Second Phase of Brewery Redevelopment in Newark

by Lynn Peisner October 30, 2026

NEWARK, N.J. — Bogopa Enterprises and Shorewood Real Estate Group have secured construction financing and are underway on the development of Ballantine Phase II. The $190 million project is the second phase of Shorewood’s redevelopment of the former P. Ballantine & Sons brewery site, where beer was produced in Newark for more than a century before the brewery closed in 1972. Phase I, an $89.5 million, 280-unit development, was completed in 2025. A 57,500-square-foot Food Bazaar will anchor the ground floor of the seven-story, 501-unit second phase. Shorewood Real Estate …

October 30, 2026

Affordable Housing Development Maryland News Northeast

Financing Secured for Fifth Phase of $398M Baltimore Public Housing Redevelopment

by Lynn Peisner October 29, 2026

BALTIMORE — McCormack Baron Salazar and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. Phases 5A and 5B, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units. The first three phases of Perkins Square included 411 mixed-income units delivered between 2024 and 2025, while the 154-unit fourth phase is under construction with completion slated for 2027. Perkins Square is replacing Perkins …

October 29, 2026

Affordable Housing Connecticut Development News Northeast

Pennrose and Partners Open First Phase of Connecticut TOD Redevelopment

by Lynn Peisner October 28, 2026

NAUGATUCK, CONN. — Pennrose and co-developer The Cloud Co., in partnership with the Borough of Naugatuck, have opened the first phase of Platform at Naugatuck, a mixed-income, transit-oriented development about 15 miles northwest of New Haven. According to the Connecticut Housing Finance Authority’s 2024 LIHTC application records, Phase I had a total development cost of approximately $25.1 million. Phase I includes 60 apartments and approximately 3,000 square feet of ground-floor retail space on a long-vacant site along Old Firehouse Road. The one- and two-bedroom units include a mix of market-rate …

October 28, 2026

Affordable Housing Development Finance News Northeast

PCCP Provides $163.9M Construction Loan for The Paramus Chapter in New Jersey

by Lynn Peisner October 28, 2026

PARAMUS, N.J. — A joint venture between Russo Development and Kushner Real Estate has secured a $163.9 million senior construction loan from PCCP for The Paramus Chapter. Construction of the two-building, 426-unit project began in July. Cushman & Wakefield arranged the loan. Building A will include 166 apartments, comprising 148 market-rate and 18 affordable units, and 5,300 square feet of ground-floor retail. An outdoor pool, a 2,200-square-foot fitness center, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space round out …

October 28, 2026

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