Northeast

CityLine East in Jersey City, New Jersey

The PRC Group Receives $68.5 Million for Refinancing of Two Communities in Jersey City

by Channing Hamilton January 22, 2025

JERSEY CITY, N.J. — The PRC Group has received four loans totaling $68.5 million for the refinancing of CityLine East and West, two communities totaling 342 units in Jersey City. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower. All loans carried fixed interest rates. The direct lenders were not disclosed. Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan for CityLine East, which was completed in 2021 and comprises 198 apartments. Additionally, Northmarq placed a $21.5 million senior loan …

January 22, 2025

Harvard Avenue Apartments in Brookline, Massachusetts

Investment Sales Massachusetts News Northeast

Pine Realty Associates Sells Suburban Boston Complex for $10 Million

by Channing Hamilton January 21, 2025

BROOKLINE, MASS. — Pine Realty Associates has sold Harvard Avenue Apartments, a 24-unit property located at 48-50 Harvard Ave. in Brookline, roughly 6 miles west of downtown Boston. Built in 1950, Harvard Avenue Apartments features studio and one-bedroom units. Residents have access to off-street parking and an on-site laundry facility. Matthew Pierce of Marcus & Millichap’s Boston office marketed the property on behalf of the seller and procured the buyer, a private investor. Additionally, Robert Damigella of Marcus & Millichap Capital Corp. arranged $3.3 million in acquisition financing through a …

January 21, 2025

Berkadia Investment Sales News Northeast Washington, D.C.

Hanover Tysons Near D.C. Sells to Mesirow Financial

by Lynn Peisner January 17, 2025

TYSONS, VA. — Hanover Co. and PCCP have sold Hanover Tysons, a 412-unit, high-rise property in the Washington, D.C., suburb of Tysons, Virginia. The buyer was Chicago-based Mesirow Financial. The deal closed for an undisclosed cost on Dec. 19, 2024. Senior Managing Director Brian Crivella and Senior Directors Bill Gribbin and Yalda Ghamarian of Berkadia’s metro D.C. office completed the sale on behalf of Hanover and PCCP. Located at 1500 Westbranch Drive, Hanover Tysons, which has been rebranded as The Jones at Tysons, includes studios as well as one-, two-, …

January 17, 2025

Finance New York News Northeast

KKR Provides $123 Million Loan for Refinancing of Manhattan Apartment Building

by Channing Hamilton January 10, 2025

NEW YORK CITY — Global private equity firm KKR has provided a $123 million loan for the refinancing of The Wimbledon, a 214-unit complex located at 200 E. 82nd St. on Manhattan’s Upper East Side. The property offers one-, two- and three-bedroom units and includes 8,590 square feet of commercial space. Community amenities include a fitness center, outdoor theater, children’s playroom, package lockers and outdoor dining space. Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan on behalf of the sponsor, Rockpoint Group.

January 10, 2025

Leasing & Marketing News Northeast Operations Washington, D.C.

US Justice Department Adds Six Landlords to Rental Price-Fixing Lawsuit

by Channing Hamilton January 9, 2025

WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to …

January 9, 2025

55 Riverwalk Place in West New York, New Jersey

Development Investment Sales New Jersey News Northeast

IPA Capital Markets Arranges $174 Million in Acquisition Financing for Property in Suburban New York City

by Channing Hamilton January 8, 2025

WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit community in West New York, roughly nine miles north of New York City. The property is situated adjacent to the Hudson River and directly across from Manhattan. Built in 2006, 55 Riverwalk Place offers amenities such as a pool, fitness center, yoga studio, business center and grilling stations. According to the property website, units come in …

January 8, 2025

Investment Sales Massachusetts News Northeast

Osso Capital Purchases 240-Unit Residences at Crosspoint in Lowell, Massachusetts

by Channing Hamilton January 6, 2025

LOWELL, MASS. — Osso Capital has acquired Residences at Crosspoint, a 240-unit property in Lowell, roughly 30 miles northwest of Boston. SMC Residences at Crosspoint Limited Partnership, a partnership created and operated by SMC Management Corp., sold the asset to Osso Capital for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the deal. Built in 2020, Residences at Crosspoint offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 863 square feet. The six-story …

January 6, 2025

Development Finance New Jersey News Northeast

TYKO Capital Provides $245 Million Construction Loan for Jersey City High-Rise Project

by Channing Hamilton January 2, 2025

JERSEY CITY, N.J. — TYKO Capital has provided $245 million in construction financing for The Greyson, a 622-unit mixed-use community in Jersey City’s Journal Square neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, Nasser Freres. Once completed in the first quarter of 2026, The Greyson will rise 28 stories. The building will house studio, one-, two- and three-bedroom apartments. Amenities will include a rooftop pool, fitness center, virtual reality and sports rooms and …

January 2, 2025

Features Midwest Northeast Operations Southeast Texas Western

How Tech Upgrades are Expanding Access Control Solutions

by Channing Hamilton December 30, 2024

Security is a top priority in the multifamily industry. Monitoring and controlling access to a property protects owners and their residents from the impacts of violent crime, theft, vandalism and trespassing. The benefits of an effective security, monitoring and access system run deep. “Access control is not just about security,” says Roger Solomon, a senior associate at Trio Advisory Group. The company offers consulting services on access control, video surveillance and other technologies for commercial real estate properties. “Access control is also about ensuring convenience for residents and staff, enhancing …

December 30, 2024

Finance Investment Sales Market Reports New Jersey Northeast

Investors, Take Note of New Jersey’s Millennial, Commuter Renter Demand

by Channing Hamilton December 27, 2024

The New Jersey multifamily market continues to outperform across a variety of metrics. The state’s high population density combined with its proximity to major metropolitan areas like New York City and Philadelphia have bolstered demand for rental units, particularly among young professionals and commuters. In addition to these factors, the region exhibits strong demographics that support the growth and stability of the multifamily market. This is in part due to the regional proximity to some of the country’s best universities, making New Jersey residents exceptionally well-educated. Only three states have …

December 27, 2024

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