NEW YORK CITY — Affordable housing investment and development firm Jonathan Rose Cos. has appointed Brandon Kearse president, managing partner and chief investment officer. Kearse joined the company in 2015 as an associate director. In his new role, he will drive strategy and oversee operations across acquisitions, recapitalizations and investor relations. Jonathan Rose Cos. was founded in 1989. Its portfolio includes approximately 20,000 units across 14 states and Washington, D.C.
YONKERS, N.Y. — Walker & Dunlop has arranged a $116 million Fannie Mae loan to refinance Alexander Crossing in Yonkers. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno, Sean Bastian and Jack Krentzman arranged the five-year, fixed-rate loan for New York City-based Rose Associates and joint venture partner Battery Global Advisors, an asset manager headquartered in Boston. Alexander Crossing is a seven-story, 440-unit building comprised of studio through three-bedroom layouts, including 44 apartments designated affordable. Rent restrictions were not publicly available. The community is …
NEW YORK CITY — Walker & Dunlop has arranged $867 million in financing for an office-to-residential conversion project at 111 Wall Street in Lower Manhattan’s Financial District. The package consists of a $778.6 million construction loan with Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital serving as lenders. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization. Walker & Dunlop’s team was led by Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, …
HEMPSTEAD, N.Y. — Hudson Valley Property Group (HVPG) has acquired 100 Terrace Apartments, a 430-unit affordable housing community located at 100 Terrace Ave. in Hempstead, a city in Nassau County. Total acquisition costs were approximately $145 million. HVPG is planning to invest roughly $23 million in renovations to the property, which was originally constructed in 1972. To ensure long-term affordability for residents, HVPG has secured a renewed HUD Project-Based Section 8 Housing Assistance Payment (HAP) contract covering 99 percent of the property’s units. Under this agreement, income-qualified residents will pay …
BETHESDA, MD., NEW YORK CITY — Walker & Dunlop and Pretium have launched a $250 million joint venture to provide financing for affordable housing. The new group, known as Walker & Dunlop Affordable Bridge Capital, will originate flexible, short-term first-mortgage bridge loans for properties that are being acquired, refinanced or prepared for long-term government programs such as LIHTC, Section 8 or tax-exempt bonds. The joint venture will offer flexible, interest-only bridge financing with loan sizes ranging from $10 million to $75 million and terms between six and 36 months.
NEW YORK CITY — Gilbane Development and several project partners have closed on financing for Renova West at 860 Concourse Village East in the Morrisania neighborhood in the Bronx. The $193 million project encompasses a 19-story mixed-use affordable housing development along with a new 7,000-square-foot ICL Bronx Health Hub, which provides physical and behavioral health care. Development partners include the Institute for Community Living (ICL), Tredway, New York City’s Department of Housing Preservation and Development (HPD) and Housing Development Corp. (HDC). The capital stack is comprised of debt and equity …
PORT CHESTER, N.Y. — KABR Group has acquired 1 North Main Street in Port Chester for $30.7 million. The seller was an entity affiliated with G&S Investors and Robert Martin Co., which developed the 209-unit property between 2020 and 2022. The JLL Capital Markets team representing the seller was led by Jose Cruz, Jeffrey Julien, Steve Simonelli and Austin Pierce. The asset features five stories of market-rate apartments and 7,630 square feet of ground-floor retail. The new owners will be party to a PILOT (Payment In Lieu Of Taxes) agreement …
JERSEY CITY, N.J. — Panepinto Properties and AJD Construction have secured $306 million in senior non-recourse construction financing and $78 million in preferred equity for the land purchase and vertical construction of Harborside 8, a 678-unit, luxury waterfront development along the Hudson River in Jersey City. JLL’s Capital Markets group arranged the floating-rate senior loan through Kennedy Wilson. JLL also arranged the preferred equity through Affinius Capital. The development partners plan to break ground in the first quarter of 2026 with stabilization estimated for the first quarter of 2030. The 65-story …
BUFFALO, N.Y. — The Habitat Co. has closed on financing for Marine Drive Apartments in downtown Buffalo. The project will mark the start of a three-phase, $600 million redevelopment of the historic waterfront site, which will include infrastructure work, that will be led by Habitat in partnership with Duvernay + Brooks and Bridges Development, an affiliate of the Buffalo Municipal Housing Authority (BMHA). The Phase I project cost is approximately $208 million. It is financed through public-private partnerships between Enterprise Community Partners, Buffalo-based M&T Bank and New York State Homes …
NEW YORK CITY — Berkadia has arranged a $32.4 million Freddie Mac construction take-out loan on behalf of The Stagg Group. The affordable housing developer, owner and investor will use the funds to retire the existing construction loan on The Riverdale Tower. The 89-unit property is 100 percent occupied. Berkadia’s Matt Nihan arranged the financing. Located at 3745 Riverdale Ave., The Riverdale Tower was completed in 2024 and is an 18-story high-rise offering a mix of studio, one- and two-bedroom units ranging from 400 to 900 square feet. The property …
