PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing. Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property …
HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in Hoboken that will convert a five-story industrial building into a 110-unit community. Once converted, the complex will rise nine stories. Units will come in one- through five-bedroom floor plans. Planned amenities include a pool, fitness center, clubroom, lounge and grilling areas. The property will also offer 50,000 square feet of retail space, as well as a 300-space parking garage. Construction is underway and is slated to complete in the third quarter of 2025. The …
NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four properties totaling 113 units in the Harlem neighborhood of Manhattan. The buildings offer two-, three-, four- and five-bedroom apartments, as well as eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity.
BAYONNE, N.J. — Vida Capital is nearing completion of Prospect Crossing, a 44-unit project in the New York City suburb of Bayonne. The building rises five stories and offers studio, one- and two-bedroom apartments ranging from 459 to 1,210 square feet in size. Units feature stainless steel appliances, granite countertops and tile backsplashes. Amenities include a fitness center, lounge, clubrooms and co-working space. Leasing will begin later this month.
LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …
NEW BRUNSWICK, N.J. — The Community Builders has broken ground on Stirlingside Residences, a 53-unit affordable housing project in New Brunswick. The property will offer 13 three-bedroom, 30 two-bedroom and 10 one-bedroom apartments. Of the total unit count, 47 will be reserved for households earning 60 percent or less of the area median income. Six units will be set aside for families and individuals who previously experienced homelessness. Amenities will include a community room, fitness room and onsite laundry facilities. The project is slated to deliver in mid-2025.
NEW YORK CITY — Marcus & Millichap has negotiated the sale of a 76-unit property at 34-50 28th Street in the Astoria neighborhood of Queens. The asset traded hands for $13.2 million. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity. The property was originally built in 1930 and rises six stories, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans.
NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …
POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is approaching completion of 44 Springside, a 28-unit property in Poughkeepsie, about 80 miles north of Manhattan. The building rises five stories in the Arlington neighborhood of the city. Amenities include an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The property will also feature approximately 7,000 square feet of commercial space. Tinkelman Architecture designed the community, which is slated to deliver this summer.
NEW YORK CITY — SCALE Lending has provided a $150 million construction loan for a 13-story development located at 120 East 144th Street in the Mott Haven neighborhood of the Bronx. The borrower, The Beitel Group, will use the funds to complete the construction of the building. Leah Paskus of Landstone Capital Group arranged the loan. Prestige Construction NY will serve as the general contractor for the project. S. Wieder Architect PC is the architect. The Beitel Group originally purchased the site in 2022. The existing building on the property was …