New York

The Italic
Affordable HousingDevelopmentNew YorkNewsNortheast

Partnership Begins Leasing 50-Story Apartment Building in Queens

by Channing Hamilton

NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story building located at 26-32 Jackson Ave. in the Long Island City area of Queens. The building offers 363 units in studio, one-, two- and three-bedroom configurations, with 109 residences designated as affordable housing. Income restrictions for these units were not disclosed. Rents start at approximately $3,800 per month for a studio. Shared amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and …

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32-34 Walker St. in New York City
FinanceNew YorkNewsNortheast

Partnership Receives $32 Million in Financing for Manhattan Adaptive Reuse Project

by Channing Hamilton

NEW YORK CITY — A partnership between Urban Capital Group and Prosper Property Group has secured $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. Units will come in three- and floor-bedroom floor plans and will average 3,500 square feet. Local lender and private equity firm Kriss Capital provided the financing. Andy Iadeluca of New Development Capital arranged the debt. The design team …

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Hub in New York City
FinanceInvestment SalesNew YorkNewsNortheast

Walker & Dunlop Arranges Recapitalization for $420 Million Apartment Tower in Brooklyn

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story rental tower in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise asset from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not disclosed, but Walker & Dunlop stated that the transaction was done at a valuation of $420 million for the tower. Located at 333 Schermerhorn St., Hub comprises 750 units in studio, one- and two-bedroom layouts. The building was …

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The Larkspur in Victor, Idaho
Company NewsNew YorkNewsNortheastTexas

Franklin BSP Realty Trust to Acquire Mortgage Originator NewPoint Holdings

by Channing Hamilton

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator based in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties across the nation. The company operates as both a direct lender and third-party …

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Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Brisa Builders, PMG Affordable Secure $51.7 Million in Financing for Queens Affordable Housing Project

by Channing Hamilton

NEW YORK CITY — Brisa Builders Development LLC and PMG Affordable have secured $51.7 million in financing for 19-19 Cornaga Ave., a 92-unit affordable housing project located in the Downtown Far Rockaway Special Purpose District in Queens. The financing package includes: Additionally, the developers are leveraging roughly $21.4 million in low-income housing tax credit (LIHTC) equity syndicated by Enterprise, $2.3 million in state LIHTC equity and $41,000 in solar tax credit equity. BWE is providing permanent financing through Freddie Mac. 19-19 Cornaga Ave. will offer a mix of studio, one- …

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63-67 Wall Street in New York City
FinanceNew YorkNewsNortheast

Apollo Global Management Provides $275 Million Loan for Refinancing of 816-Unit Asset in Lower Manhattan

by Channing Hamilton

NEW YORK CITY — Apollo Global Management has provided a $275 million loan for the refinancing of 63-67 Wall Street, an 816-unit complex consisting of two buildings in Lower Manhattan. Units come in studio, one and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and business center. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., while 63 Wall Street was completed …

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Mathew Wambua
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $316 Million for Brooklyn Affordable Housing Development

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $316 million in financing for the second phase of Alafia, a 634-unit affordable and supportive housing project located in the East New York neighborhood of Brooklyn. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package consists of a $192.7 million construction loan, which Bank of America provided in conjunction with Merchants Capital, as well as $174.8 million in 4 percent Low-Income Housing Tax Credit equity. Additionally, Merchants Capital provided $48.7 million …

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Investment SalesNew YorkNewsNortheast

Brax Realty Arranges $8.5 Million Sale of Brooklyn Asset

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit property located at 150 N. Ninth St. in the Williamsburg neighborhood of Brooklyn. The building rises four stories and was originally constructed in 1910, according to LoopNet Inc. Units at the property were recently renovated. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.

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Ogden Theater Apartments in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

Co-Developers Break Ground on $66 Million Affordable Housing Community in the Bronx

by Channing Hamilton

NEW YORK CITY — NCV Capital Partners and Unique People Services have broken ground on Ogden Theater Apartments, an 85-unit affordable housing development in the Highbridge neighborhood of the Bronx. Total capitalization for the project is $66 million. Located at 1415 Ogden Ave., Ogden Theater Apartments will feature 51 units of supportive housing for formerly homeless individuals, as well as 34 units for households who receive assistance paying rent through the Housing Choice Voucher program or who are earning at or below 60 percent of the area median income. Amenities …

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Loden in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Carmel Partners Begins Leasing 569-Unit Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — Carmel Partners has begun leasing Loden, a 569-unit development with 7,483 square feet of retail space located in the Crown Heights neighborhood of Brooklyn. Locally based firm MNS Real Estate will lead leasing and marketing for the development. Loden offers a mix of studio, one- and two-bedroom floor plans. Each apartment is equipped with stainless steel appliances, nickel fixtures and door hardware, quartz countertops and backsplash, washers and dryers and wood-grain plank flooring. The 17-story community features a courtyard and rooftop terrace, both of which feature …

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