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Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

Joint Venture Secures Financing for Affordable Development Near Boston

by Lynn Peisner

EVERETT, MASS. — MassDevelopment has issued a $34.3 million tax-exempt bond to Impact Residential Development and The Neighborhood Developers as part of the funding for an affordable housing project in Everett, six miles north of Boston. The development will include 107 units rented to households earning up to 60 percent of area median income (AMI), 17 units rented to households earning up to 30 percent of AMI and one property-manager unit. Construction is underway and is expected to be completed in May 2027. The tax-exempt bond was purchased by First …

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Emerson-Sleepy-Hollow
Company NewsInvestment SalesNewsNortheast

Toll Brothers Exits Apartment Business With $347 Million Sale to Kennedy Wilson

by Lynn Peisner

FORT WASHINGTON, PA. — Toll Brothers (NYSE: TOL) has agreed to sell its portfolio of stabilized and in-development apartment and student housing properties to Kennedy Wilson (NYSE: KW) for $347 million. The transaction is expected to close in October. As part of the transaction, Kennedy Wilson will acquire Toll Brothers’ general partner interests in 18 apartment and student housing properties with a combined total asset value of $2.2 billion. Kennedy Wilson also will acquire a pipeline of 29 sites in various stages of development which, if completed, would total approximately …

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DevelopmentFinanceNew JerseyNewsNortheast

Namdar Group Lands $220 Million Bridge Loan for Jersey City Project

by Lynn Peisner

JERSEY CITY, N.J. — Namdar Group has secured a $220 million bridge loan to refinance 626 Newark Avenue, a 576-unit, mixed-use project under development in Jersey City. The developer secured construction financing back in January 2024. Completion is slated for 2026. Walker & Dunlop arranged the financing with a team led by Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Edward Leboyer. TYKO provided the capital.

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Residences-at-Harper
Affordable HousingDevelopmentNew JerseyNewsNortheast

Pennrose Opens Residences at Harper in Moorestown, New Jersey

by Lynn Peisner

MOORESTOWN, N.J. — Pennrose has opened Residences at Harper, a 76-unit affordable housing property in Moorestown, 14 miles east of Philadelphia. Units are reserved for tenants earning no more than 30 and 60 percent of area median income. The four-story building includes a mix of one-, two- and three-bedroom apartments. Five units will be set aside for formerly homeless individuals and families, four units will be accessible to residents with physical disabilities, and two units will be outfitted for residents with hearing and vision impairments. Amenities include a community room, …

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BerkadiaCompany NewsNew YorkNewsNortheast

Berkadia Forms New Strategic Capital Group

by Lynn Peisner

NEW YORK CITY — Berkadia has hired Gordon Reynolds and Brian Myers, both with the title of senior managing director, and Vice President Conner Adkins. The three new hires will establish the Berkadia Strategic Capital Group, an international advisory team that will serve clients across multiple asset classes. The group will focus on asset-level equity financing and recapitalizations, portfolio-level equity financing and recapitalizations, and programmatic joint ventures. Reynolds, Myers and Conner will collaborate with Jeffries, a New York-based investment banking and capital markets firm, and Knight Frank, a property consultancy …

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The-Mill
ConnecticutInvestment SalesNewsNortheast

CBRE Arranges $97.5 Million Sale of Greenwich Historic Mixed-Use Project

by Lynn Peisner

GREENWICH, CONN. — A Greenwich mixed-use development, which is an  adaptive reuse of an 1880s-era mill site, has been sold for $97.5 million. CBRE’s Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer represented the seller, The Mill Owners Co. LLC, which owned the asset for more than 40 years. The Mill is situated along the banks of the Byram River and was redeveloped in 2020 through 2021 by converting two office buildings — one dating back to 1881 and the other to 1981 — into apartments. Today, The Mill …

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50-70-Columbus
FinanceNew JerseyNewsNortheast

JLL Arranges $340 Million ReFi of New Jersey Transit-Oriented Development

by Lynn Peisner

JERSEY CITY, N.J. — JLL Capital Markets and BlueGate Partners have arranged a $340 million refinancing loan on behalf of Ironstate Development Co. and Panepinto Properties. Truist Financial Corp. funded the loans. The joint venture owners will use the financing for 50 & 70 Columbus, two high-rise towers constructed in 2007 and 2015 respectively. The properties are atop the Grove Street PATH station with direct access to Manhattan. JLL’s Debt Advisory team, representing the borrower, was led by Thomas Didio, Thomas E. Didio Jr., Gerard Quinn and Michael Mataras.

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250-W-85th
FinanceInvestment SalesNew YorkNewsNortheast

Benchmark Group Secures $40 Million in Equity for Manhattan Acquisition

by Lynn Peisner

NEW YORK CITY — Walker & Dunlop has arranged approximately $40 million in equity for Benchmark Real Estate Group, which will use the funds to buy and renovate a property on Manhattan’s Upper West Side. Located about three blocks from Central Park at 250 W. 85th St., the building contains 121 units and 4,400 of fully leased retail space. The W&D Capital Markets team was led by Mo Beler, Jonathan Paine, Aaron Appel, Jonathan Schwartz and Jackson Irwin. An unnamed institutional investor provided the capital.

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Shelly Peterson Smart Room Package management Multifamily quote
Content PartnerFeaturesFurniture, Fixtures & EquipmentIndustry ContentMidwestNortheastOperationsSoutheastStudent HousingTechnologyTexasWestern

Scalable Solutions for Multifamily’s Growing Package Problem

by Sarah Daniels

At too many multifamily communities today, managers spend much of their time receiving, safeguarding, retrieving and tripping over a rising tide of parcels awaiting pickup by residents. A range of cages, lockers and other systems promise to ease the package management burden, but most still require staff oversight and may not securely accommodate bulky items or seasonal surges in deliveries. “The sheer volume of packages residents are getting has increased, and that has driven a lot of frustration with package management,” says Shelly Peterson of Smart Package Room, which makes …

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Alloy-Block
Affordable HousingDevelopmentNew YorkNewsNortheast

Developers Secure $535 Million to Finance Second Phase of Brooklyn Project

by Lynn Peisner

NEW YORK CITY — Alloy Development and The Vistria Group have closed on $535 million in construction financing for the development of One Third Avenue, a 583-unit mixed-income high-rise that comprises Phase II of the Alloy Block development in Brooklyn. The 62-story community will join buildings developed in the first phase of the project — 505 State Street, a mixed-use community, and 489 State Street, a public elementary school. Once complete, the Alloy Block will be home to a total of 1,000 residences, including approximately 200 affordable housing units. Vistria …

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