NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …
NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of three properties in Manhattan’s East Village neighborhood. Located at 129 Second Ave. and 36 Saint Marks Place, the buildings all rise six stories. The portfolio totals 59 apartments, as well as 10 retail units. Ryco Capital sold the portfolio to Jonis Realty for $29 million. Both parties are locally based. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller and procured the buyer.
NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit property located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group. The community offers one- and two-bedroom units. Amenities include a private park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations.
NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …
NEW YORK CITY — Affinius Capital LLC and Kennedy Wilson have originated a $160 million senior construction loan for 340 Nevins Street, a 320-unit apartment project in Brooklyn’s Gowanus neighborhood. A joint venture between Tavros Holdings and Charney Cos. is undertaking the development project. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing. 340 Nevins Street will rise 22 stories. The community will offer studio, one-, two- and three-bedroom apartments. Twenty-five percent of the units will be set aside as affordable housing. Income restrictions for these units have not …
NEW YORK CITY — New York-based Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit property in Brooklyn’s Crown Heights neighborhood. The developer, Hope Street Capital, will use the funds to support minor construction work required to complete the seven-story building. Once completed, Mason Gray will feature 110 market-rate apartments, as well as 48 units designated for New York City’s 421-a Affordable Housing Program. Units will primarily come in one-bedroom floor plans. The community will offer amenities such as a fitness center, a …
SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake in Saratoga Springs, approximately 35 miles north of Albany, New York. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development. Elements at Saratoga Lake consists of 26 residential buildings and a clubhouse. The property offers 260 units in one- and two-bedroom floor plans. Amenities include indoor and outdoor pools, a …
HARRISON, N.Y. — A partnership between NRP Group and RPW Group has broken ground on a 200-unit project in the New York City suburb of Harrison. Once completed, the community will offer 30 studios, 86 one-bedroom and 84 two-bedroom units. Five percent of units will be designated for residents earning 80 percent of the area median income. The property will also feature five acres of open space including an outdoor walking trail system that will be open to the public, a dog park and a community garden operated by West …
NEW YORK CITY — Affinius Capital LLC has provided a $52 million acquisition loan to Four Winds Real Estate for The Knox, a 110-unit asset situated in the Murray Hill neighborhood of New York City. Units come in studio, one- and two-bedroom floor plans. The property also features 2,700 square feet of ground floor retail space. Community amenities include a rooftop deck, fitness center, live/work lounge and a 24-hour attended lobby.
PARAMUS, N.J. — HKS Real Estate Advisors has arranged a $46.5 million CMBS loan for the refinancing of a 140-unit property in the New York City suburb of Paramus. John Harrington of HKS Real Estate arranged the financing through Citigroup on behalf of the borrower, whose identity was not disclosed. The community consists of three buildings on a 35-acre site. According to Apartments.com, the asset is called Soldier Hill Commons and features two-bedroom units. The property was recently completed in 2023.