Tuesday, January 14, 2025
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The Wimbledon in New York City
FinanceNew YorkNewsNortheast

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

by Channing Hamilton

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.

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505 State Street in New York City
FinanceNew YorkNewsNortheast

Alloy Development Receives $290 Million Recapitalization for Brooklyn Residential Tower

by Channing Hamilton

NEW YORK CITY — Alloy Development has secured a $290 million recapitalization financing for 505 State Street, a 440-unit high-rise property in downtown Brooklyn. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL Capital Markets worked on behalf of the borrower in arranging the five-year, fixed-rate senior loan through New York Life. Completed in 2024, 505 State Street comprises 318,589 rentable square feet. The property offers studio, one-, two- and three-bedroom floor plans. The average unit size is 659 square feet. Amenities include a fitness center, yoga studio, pool, communal …

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The winning team from the University of Florida
Affordable HousingFeaturesNew YorkNortheast

University of Florida Wins Multifamily Investment Case Competition by NYU | Stern, Berkadia

by Channing Hamilton

NEW YORK CITY — The University of Florida has won the inaugural Multifamily Investment Case Competition, a contest organized by Berkadia and the New York University Stern School of Business (NYU | Stern) for the team’s presentation, which proposed a hybrid debt and equity fund that leveraged the benefits of Florida’s Live Local Act (102). The Florida team recommended a $300 million hybrid debt and equity fund, dubbed The Gator Capital Workforce Housing Hybrid Fund. Roughly 70 to 80 percent of the fund would go towards the debt strategy, while …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Genesis Cos., Lemor Development Receive $71 Million Acquisition Financing for 664-Unit Affordable Housing Community in Harlem

by Channing Hamilton

NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …

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46-10 Center Blvd. in New York City
FinanceNew YorkNewsNortheast

M&T Realty Capital Provides $204.9 Million Loan for Refinancing of Queens Apartment Tower

by Channing Hamilton

NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge …

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288 East 88th Street in New York City
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital Provides $79 Million Construction Loan for Residential Tower in New York City

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC has originated a $79 million loan to Alchemy-ABR Investment Partners to finance the development of 288 East 88th Street, a 26-story project in New York’s Upper East Side neighborhood. Located on the southwest corner of 88th Street and 2nd Avenue, the building will include 45 units ranging from one to five bedrooms. Amenities will include a fitness center, sport court, children’s playroom, media/gaming room, coworking/conference space and a roof terrace. The project is slated for completion in late 2026. Aaron Appel, Keith Kurland, …

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Forty-Six Fifty in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Arden Group Opens 22-Story Mixed-Use Community in Manhattan

by Channing Hamilton

NEW YORK CITY — Philadelphia-based development and investment firm Arden Group has opened Forty-Six Fifty, a 22-story mixed-use development situated at 4650 Broadway in the Inwood neighborhood of Manhattan. Handel Architects designed the building. Forty-Six Fifty consists of 222 apartments in studio, one- and two-bedroom floor plans. Thirty percent of units are subject to undisclosed income restrictions. Amenities include a fitness center, resident lounge, screening room and children’s play area. The property also includes 120,000 square feet of commercial space that is leased to a charter school and supermarket.

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Malt Drive in New York City
Company NewsDevelopmentNew YorkNewsNortheast

Dune, TF Cornerstone Launch $1 Billion Office-to-Residential Venture

by Channing Hamilton

NEW YORK CITY — Dune Real Estate Partners (Dune) and TF Cornerstone (TFC) have formed a $1 billion venture aimed at converting office buildings into residential communities. The venture, dubbed Alta Residential, will initially target opportunities in Atlanta, Boston, Dallas, Los Angeles, New York City, San Francisco, Washington, D.C., as well as Charlotte and Raleigh, North Carolina. Dune and TFC will source potential conversion opportunities on behalf of Alta Residential. The team will provide construction oversight of local joint venture developments. Additionally, TFC and Alta Residential plan to jointly develop conversion …

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DevelopmentFinanceNew YorkNewsNortheast

New York City Council Approves $5 Billion ‘City of Yes’ Affordable Housing Proposal

by Channing Hamilton

NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and committee on land use have approved a proposal to invest $5 billion in affordable housing and related infrastructure. The initiative paves the way for the development of roughly 80,000 new rental units throughout New York City over the next 15 years. Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development, as well as infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental …

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Investment SalesNew YorkNewsNortheastPeople News

RM Friedland Hires Thomas Ashforth, Nathaniel Barnum as Co-Managing Directors

by Channing Hamilton

HARRISON, N.Y. — RM Friedland, a commercial real estate brokerage firm based in Harrison, about 30 miles north of New York City, has hired Thomas Ashforth and Nathaniel Barnum as co-managing directors of Connecticut. In their new roles, Ashforth and Barnum will oversee the firm’s expansion into the southern Connecticut commercial real estate market. Ashforth previously held senior roles at Lincoln Property Co., Transwestern, The Ashforth Co. and Hines, where he specialized in the sale and leasing of properties located in Connecticut. Prior to joining RM Friedland, Barnum held senior …

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