Northeast

Park-Square-Yonkers
DevelopmentNew YorkNewsNortheast

Titan Real Estate Development Breaks Ground on $185M Park Square in Yonkers, New York

by Lynn Peisner

YONKERS, N.Y. — Titan Real Estate Development has broken ground on Park Square Yonkers, a $185 million development at 1 Loehr Place in Yonkers. The seven-story project will feature a mix of 192 studio apartments and 148 one-bedroom apartments. Residents will have access to such amenities as a 15,000-square-foot elevated private outdoor courtyard, a two-level fitness center, a business center with work stations, a lounge, a pet spa and several thousand square feet of dedicated resident storage located within the building. Construction is expected to take approximately 24 months. The …

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1000-Jefferson-Morristown
Investment SalesNew JerseyNewsNortheast

Clarion Partners Sells 1000 Jefferson in Hoboken, New Jersey

by Lynn Peisner

HOBOKEN, N.J. — JLL Capital Markets has arranged the sale of 1000 Jefferson, a 217-unit community in Hoboken. JLL represented Clarion Partners, the seller. Invesco Real Estate was the buyer. Built in 2007, the six-story property features 93 one-, 114 two- and 10 three-bedroom apartments. Amenities include a pool, 24-hour fitness center, a rooftop deck with views of Manhattan and a 217-space parking garage. Jose Cruz, Steve Simonelli, Mike Oliver, Elizabeth DeVesty, Austin Pierce and Luke Chakonis led JLL’s team.

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8-Carlisle-Manhattan
Company NewsDevelopmentFinanceNewsNortheastOperations

JLL Arranges $617M in Financing for Grubb Properties

by Lynn Peisner

NEW YORK CITY AND CHARLOTTE, N.C. — JLL has arranged $617 million in financing for Charlotte, North Carolina-based Grubb Properties, supporting the formation of a new real estate investment trust and the completion of a 64-story apartment tower in Manhattan’s Financial District. JLL’s mergers and acquisitions and corporate advisory group first advised on the merger of several legacy Grubb Properties funds and their rebranding as Link Apartments REIT. The approximately $1.9 billion Grubb Properties-managed REIT has a portfolio of 45 properties, including more than 5,600 multifamily units. In conjunction with …

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avon-woods-Avon
ConnecticutInvestment SalesNewsNortheast

Chozick Brokers $42M Sale of Avon Woods in Metro Hartford, Connecticut

by Lynn Peisner

AVON, CONN. — Chozick Realty has brokered the sale of Avon Woods, a 189-unit community in Avon, approximately 10 miles northwest of Hartford. The asset traded between two unnamed parties, both represented by Chozick, for $42 million. Located on 47 acres, Avon Woods offers private balconies, a pool, tennis courts and walking trails.

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Alafia-East-New-York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Apex, L+M Obtain $217M to Finance Phase II of Alafia in Brooklyn

by Lynn Peisner

NEW YORK CITY — Apex Building Group and L+M Development Partners have obtained approximately $217 million in financing for the third phase of the Alafia project, an affordable housing community in the East New York neighborhood of Brooklyn. The nonprofits RiseBoro Community Partnership and Services for the Underserved also are partners. The financing package is backed by federal and state affordable housing tax credits, tax-exempt bonds, state subsidies, construction loans from Redstone Bank, funding from Goldman Sachs Urban Investment Group and more. Phase III will consist of two residential buildings …

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Stamford-Urby-Connecticut
ConnecticutInvestment SalesNewsNortheast

CBRE Arranges $221M Sale of Stamford Urby

by Lynn Peisner

STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has sold Stamford Urby to Pantzer for $221 million. CBRE’s Jeffrey Dunne, Eric Apfel, Stuart MacKenzie, Travis Langer, and Eric Greenberg arranged the sale. Manhattan-based Pantzer has renamed the property The Point Stamford. Maxi Leachman of CBRE secured an undisclosed amount of debt for Pantzer. The property was developed in two phases (2019 and 2023) and features a 5,500-square-foot fitness center, heated pool, an courtyard, coworking spaces, a lobby, café, outdoor fire pits and grills, covered parking, …

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Elora-Lawrence
Affordable HousingFinanceInvestment SalesMassachusettsNewsNortheast

Northmarq Arranges $22.9M for Affordable Housing Acquisition in Lawrence, Massachusetts

by Lynn Peisner

LAWRENCE, MASS. — Northmarq has arranged a Fannie Mae loan for approximately $22.9 million for Arrowpoint Properties’ acquisition of Elora Flats & Townhomes in Lawrence, 30 miles north of Boston. Northmarq’s Boston-based team was led by Jeff Munoz, Kevin Sykes, Ed Riekstins and Jeffrey Munoz. Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units reserved for families earning up to 80 percent of area median income. The property has maintained an average occupancy of 97.6 percent over the past 12 months. Amenities include parking for …

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The-Rae-Bethesda
FinanceMarylandNewsNortheast

PCCP Provides $80M Refinancing for Foulger-Pratt’s The Rae in Bethesda, Maryland

by Lynn Peisner

BETHESDA, MD. — PCCP has provided an $80 million refinancing loan to Foulger-Pratt for The Rae, a 343-unit property at 10401 Motor City Drive in Bethesda. The Potomac, Maryland-based investment and development firm completed the property in mid-2023. The Rae is comprised of studio, one- and two-bedroom units as well as a two-story, 24-hour fitness center, sports bar, garden space with hammocks and fire pits, pet wash facilities and bike storage. Units feature LVP flooring, kitchen islands, tile backsplashes and showers and stainless-steel appliances.

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GoodHomes-Arlington
Affordable HousingDevelopmentInvestment SalesNewsNortheastVirginiaWashington, D.C.

GoodHomes Acquires Metro D.C. Hotel, Plans Multifamily Conversion

by Lynn Peisner

ARLINGTON, VA. — GoodHomes Communities has acquired Arlington Court Suites in Alexandria for $35 million and plans to convert the 187-unit hotel into a 180-unit multifamily community. The KLNB multifamily capital markets team led by Rawles Wilcox, Justin Shay and Dutch Seitz and the HREC Investment Advisors team of Mark Morris and Scott Stephens represented the seller, Arlington Hotel Holdings Inc. GoodHomes is a New York City-based investor that acquires under-performing hospitality and seniors housing assets and redevelops them as workforce housing serving residents earning between 60 and 120 percent …

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jll-194-e-2nd-st-nyc
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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