Northeast

Meridian-at-Bedford-New-Hampshire
FinanceInvestment SalesNew HampshireNewsNortheast

Northmarq Arranges $24M Sale of  The Meridian at Bedford in New Hampshire

by Lynn Peisner

BEDFORD, N.H. — Northmarq has arranged the financing and sale of The Meridian at Bedford, an 85-unit community at 66 Hawthorne Ave. in Bedford. The seller was a private, New Hampshire-based investor, and the buyer was Arrowpoint Properties LLC. The asset traded for approximately $24 million. Northmarq’s debt and equity team arranged a $17.7 million Fannie Mae loan for Arrowpoint. The community, which was renovated in 2024, features a fitness center, laundry facilities, storage and a recreation room. Units are offered as studio, one- or two-bedroom floor plans.

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Kingston-McLean
BerkadiaInvestment SalesNewsNortheastVirginiaWashington, D.C.

Berkadia Arranges Sale of Kingston at McLean Crossing in D.C. Metro

by Lynn Peisner

MCLEAN, VA. — Berkadia has arranged the sale Kingston at McLean Crossing, a 319-unit property in McLean that was developed in 2018. JLL Income Property Trust and LCOR were the sellers. Pantzer Properties was the buyer. The deal closed on Jan. 30, at which time the asset was 96 percent occupied. Berkadia’s Brian Crivella, Yalda Ghamarian, Bill Gribbin and Jack Canepa of Berkadia DC Metro represented the sellers. Since the acquisition, Pantzer has rebranded the asset The Point at McLean. Located at 7480 Birdwood Ave., Kingston at McLean Crossing comprises …

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The-Waverton-Secaucus
Investment SalesNew JerseyNewsNortheast

CBRE Arranges $47.8 Million Sale of The Waverton in Secaucus, New Jersey

by Lynn Peisner

SECAUCUS, N.J. — Woodmont Properties and Canoe Brook Development have sold The Waverton in Secaucus, with Canoe Brook retaining its minority ownership. The asset, completed in 2022, traded for $47.8 million. The name of the buyer was not disclosed. A 30-Year PILOT agreement is in place at the property. Twenty percent of The Waverton’s 116 units are offered at affordable rents. Income restrictions were not disclosed. The property features a 191-space parking garage, a fitness center with a yoga studio and an outdoor lounge with grills, fire pits and an …

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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

Tremont Development Partners Secures $67 Million in Funding for Massachusetts Affordable Housing Redevelopment

by Lynn Peisner

WORCESTER, MASS. — MassDevelopment, Massachusetts’ development finance agency and land bank, has issued a $38 million tax-exempt bond to Tremont Development Partners to finance the first phase of the redevelopment of the Worcester Housing Authority’s Lakeside Apartments community in Worcester. The site’s existing buildings that were originally built in 1949 will be demolished and replaced with two new buildings containing 116 units. Twenty-nine units will be reserved for households earning up to 60 percent of area median income (AMI) and 87 units will be earmarked for households earning no more …

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Lofts-at-1835-Arch-Philadelphia
FinanceInvestment SalesNewsNortheastPennsylvania

GY Properties Obtains $44 Million Fannie Mae Acquisition Loan for Philadelphia’s The Loft at 1835 Arch

by Lynn Peisner

PHILADELPHIA — Walker & Dunlop has arranged a $44 million Fannie Mae acquisition loan for GY Properties’ purchase of The Lofts at 1835 in Philadelphia. The sale was first announced in November. Originally built in 1928 and redeveloped in 2000, the 17-story, 191-unit building was sold by Brookfield Properties and acquired by an affiliate of locally based GY Properties, which owns a portfolio of assets concentrated in the Mid-Atlantic. According to the Philadelphia Business Journal, the total acquisition cost was $60 million. The new ownership plans to add units to …

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NOVEL-Arlington-Virginia
Affordable HousingBuild-to-RentDevelopmentInvestment SalesNewsNortheastWashington, D.C.

Crescent Communities, Rockefeller Group Partner on D.C. NOVEL Project

by Lynn Peisner

ARLINGTON, VA. — Crescent Communities, in its first partnership with Rockefeller Group, has closed on a land sale for the future development of NOVEL Arlington. Early plans for the community call for 493 apartments and 37 townhomes rented at both affordable and market rates. Rent caps were not disclosed. The site, 5.5 acres at 2480 South Glebe Road, is about 3 miles west of Ronald Reagan Washington National Airport. Two existing hotels on the parcel are expected to be demolished to make way for the LEED Gold-targeted project. Completion is …

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Belvedere-Place-Baltimore
Affordable HousingDevelopmentFinanceMarylandNewsNortheast

WinnDevelopment Begins Construction of $44 Million Affordable Housing Community in Baltimore

by Lynn Peisner

BALTIMORE — WinnDevelopment, along with nonprofit partners BRIDGES Community Development Corp. and Bon Secours Unity Properties, have secured financing for the $44 million Residences at Belvedere Place in northwest Baltimore. The development includes 83 units of affordable housing as well as 8,442 square feet of commercial space. Financing partners for the project include the Maryland Department of Housing & Community Development (MD-DHCD), which delivered Low-Income Housing Tax Credits (LIHTC), tax-exempt bond financing and a subordinate loan; the City of Baltimore, which provided additional gap financing; Bank of America, which is …

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1601-Sansom-Philadelphia
Investment SalesNewsNortheastPennsylvania

Capano Residential Buys Historic Philadelphia Apartment Building for $24 Million

by Lynn Peisner

PHILADELPHIA — Capano Residential, a developer/owner based out of Wilmington, Delaware, has acquired Rittenhouse Row Apartments in Philadelphia’s Center City for $23.7 million. The building was constructed in 1910 and converted to residential in the early 1990s. Capano is planning to invest approximately $2 million in renovations to the second floor, where the fitness and leasing centers are currently located. The entire floor will be demolished making way for four additional apartments, renovated leasing and fitness centers and an amenity space for coworking and social gatherings. The upgrades are slated …

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Bridge-on-Race-Philadelphia
NewsNortheastOperationsPennsylvania

Rose Associates Tapped to Manage Bridge on Race in Philadelphia

by Lynn Peisner

PHILADELPHIA — Brown Hill Development has hired Rose Associates to lease and manage Bridge on Race in Philadelphia. This deal marks the New York City-based development and property management company’s first third-party management assignment in Philadelphia. The LEED Gold-certified, 145-unit building opened in 2017. Located in the Old City area of Center City, Bridge on Race is comprised of studios, one- and two-bedroom units as well as four street-level retail spaces, an 8,000-square-foot landscaped terrace with private grilling and dining areas, a fitness center, resident lounge with billiards, a pet …

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The $85 million conversion of a former factory at 321 Ellis St. in New Britain, Conn., created 154 units within a property developed between 1910 and 1930. JCJ Architecture designed the project. WinnCompanies was the developer.
Architecture & DesignConnecticutDevelopmentFeaturesNortheastSustainable/LEED

Turning Historic Buildings into Vibrant Housing: Lessons From the Northeast

by Lynn Peisner

By Christine Faverio When it comes to adaptive reuse, the opportunities to preserve cultural heritage, promote sustainability and provide affordable housing are undeniable. But while these projects are immensely rewarding, they also come with complex regulatory, financial and design challenges.  In the Northeast, projects such as the Ellis Block Apartments in New Britain, Connecticut, designed by JCJ Architecture, reveal several key strategies that can help developers and design teams successfully navigate adaptive reuse. Recognize Buildings with Adaptive Reuse Potential Identifying the right candidate building is the first step. Recognizing the …

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