New York

National Equity Fund, Iris Holdings Group Provide $12.5 Million to Refinance Workforce Housing Portfolio in Brooklyn, New York

by Channing Hamilton June 15, 2023

BROOKLYN, N.Y. — National Equity Fund, in partnership with Iris Holdings Group, has provided a $12.5 million loan to refinance a portfolio in Brooklyn through the firm’s Workforce Housing Innovation Fund. Iris Holdings Group is managing the development of the portfolio, which is called The Jefferson MacDonough Portfolio. The Jefferson MacDonough Portfolio comprises 56 units across five buildings in the Bedford Stuyvesant neighborhood of Brooklyn. The properties feature a mix of studio, one-, two- and three-bedroom units.

June 15, 2023

Affordable Housing Development Finance New York News Northeast

Joint Venture Secures $80 Million to Construct Mixed-Use Development in Brooklyn, New York

by Channing Hamilton June 14, 2023

BROOKLYN, N.Y. — A joint venture consisting of The Brodsky Organization, Avery Hall Investments and Battery Global Advisors has secured an $80 million land recapitalization and equity capitalization to build a mixed-use community located at 499 President St. in Brooklyn’s Gowanus neighborhood. The property is slated for completion in 2025 and will rise nine stories, with 20,000 square feet of retail space on the ground floor. Of the total 350 units, 262 will be market rate units and 88 will be affordable. Details regarding rent restriction were not disclosed. Christopher …

June 14, 2023

A 3D render of Sackett Place and Society Brooklyn in Brooklyn, N.Y.

Development Finance New York News Northeast

Joint Venture Secures $520 Million Capitalization for Mixed-Use Development in Brooklyn, New York

by Channing Hamilton June 12, 2023

BROOKLYN, N.Y. — A joint venture between Property Markets Group and Carlyle has secured $520 million in financing for the development of Sackett Place and Society Brooklyn. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL Capital Markets arranged the $335 million construction loan, and also secured the project’s $165 million limited partnership equity. Sackett Place and Society Brooklyn comprises two high rise towers in in Brooklyn’s Gowanus neighborhood. Once completed in 2025, the property will offer 517 units and 10,000 square feet …

June 12, 2023

Development Finance New York News Northeast

Northwind Group Provides $100 Million in Financing for The Hudson Hotel Conversion in New York City

by Channing Hamilton June 2, 2023

NEW YORK CITY — Northwind Group has provided a $100 million senior A-Note as part of a $207 million senior lease-hold mortgage for the redevelopment of The Hudson Hotel in the New York City borough of Manhattan. The Hudson Hotel is a 24-story former 878-key hotel, which is being converted into 441 apartments and 51,500 square feet of retail space. The property was acquired by a repeat borrower of Northwind Group. It was originally capitalized by Montgomery Street Partners as the fee holder and Parkview Financial, who provided a leasehold mortgage in …

June 2, 2023

Sea Park Apartments in Brooklyn, New York

Affordable Housing Development Investment Sales New York News Northeast

Joint Venture Acquires $150M Sea Park Apartment Complex on Coney Island in Brooklyn, New York

by Channing Hamilton May 31, 2023

BROOKLYN, N.Y. — Tredway, Gilbane Development Co. and ELH Mgmt. have jointly acquired Sea Park Apartments, an affordable community in Brooklyn’s peninsular neighborhood of Coney Island. The sale price was not disclosed, but several media sources are reporting the property traded hands for $150 million. Berkadia and Deutsche Bank are the lenders. ELH Mgmt will serve as property manager. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors arranged the sale on behalf of the undisclosed seller. Sea Park Apartments comprises 816 apartments across three buildings. Of the …

May 31, 2023

Affordable Housing Investment Sales New York News Northeast

Nuveen Acquires 12,000-Unit Affordable Housing Portfolio from Omni Holding Co.

by Channing Hamilton May 11, 2023

NEW YORK CITY — Chicago-based investment manager Nuveen has acquired a 12,000-unit affordable housing portfolio from Omni Holding Co. The deal increases the Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms were not disclosed. Omni Holding was advised by CBRE Affordable Housing and CBRE Capital Advisors. Paul Hastings and Nixon Peabody acted as transaction and regulatory counsel to Nuveen. The portfolio is largely focused in the New York city metropolitan area, including properties located in the Bronx, Brooklyn, Queens, Manhattan and Long Island. Nuveen’s affordable housing portfolio …

May 11, 2023

Gindi Capital and Avery Hall's Brooklyn development

Development New York News Northeast

Gindi Capital, Avery Hall Lock in $110 Million in Construction Financing For 193-Unit Development in Brooklyn

by Lynn Peisner May 8, 2023

BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …

May 8, 2023

A 3D render of the Italic, a contemporary style high-rise building.

Affordable Housing Development Finance New York News Northeast

American Lions Secures $350 Million to Build The Italic In New York City

by Channing Hamilton May 5, 2023

NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …

May 5, 2023

Affordable Housing Development New York News Northeast

Durst Organization Opens New Public Housing in Queens

by Channing Hamilton May 4, 2023

QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants. The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …

May 4, 2023

Town Hall Terrace, a brick federal-style multifamily property.

Investment Sales New York News Northeast Seniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton April 17, 2023

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

April 17, 2023

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