Northeast

Highlands-Morris-Plains
Investment SalesNew JerseyNewsNortheast

CBRE Negotiates Morris Plains, New Jersey, Sale

by Lynn Peisner

MORRIS PLAINS, N.J. — CBRE has arranged the value-add sale of The Highlands at Morris Plains, representing the undisclosed seller and procuring the buyer, a partnership between Shamah Properties and Sagard Real Estate. The asset price was not disclosed. CBRE’s team was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer. The Highlands at Morris Plains was built in 2003 and includes 116 units and such amenities as a clubhouse with a fitness center, a dog run, a courtyard with grills, package lockers and a 175-space parking deck.

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30-25-Queens-Blvd
DevelopmentFinanceNew YorkNewsNortheast

BPG, LargaVista Secure $388.5 Million Loan, Resume Construction of Long Island City Tower

by Lynn Peisner

QUEENS, N.Y. — New York and Miami-based real estate developers Baron Property Group (BPG) and LargaVista Cos. have secured a $388.5 million construction loan for 30-25 Queens Boulevard, a 46-story mixed-use high-rise in Long Island City. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing. Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, and Anthony Ledesma, principal and founding partner of real estate advisory firm DIA Capital Group, arranged the loan. Construction, currently underway, on 30-25 Queens Boulevard …

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ReNew-Danbury
ConnecticutInvestment SalesNewsNortheast

Jones Street Investment Partners Buys ReNew Danbury

by Lynn Peisner

DANBURY, CONN. — FPA Multifamily has sold ReNew Danbury to Jones Street Investment Partners for an undisclosed sum. JLL represented FPA in the transaction. ReNew Danbury is a 192-unit property developed in 1971 in Danbury, known as Hat City for its hat-making history. It is about 70 miles northeast of New York City. The garden-style community features studios and one-, two- and three-bedroom units and amenities like a clubhouse with a theater, game room, coffee bar and fitness center as well as a pool, a playground and bike storage. JLL …

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1709-Surf-Ave-Coney-Island
Affordable HousingDevelopmentNew YorkNewsNortheast

BFC Partners Secures $250 Million for Third Phase of Coney Island Affordable Housing Project

by Lynn Peisner

BROOKLYN, N.Y. — BFC Partners has closed on a $250 million construction loan to build the third and final phase of a three-building affordable-housing project along Surf Avenue in Coney Island. Loan specifics were not disclosed. The total project cost is approximately $700 million. This final phase, known as 1709 Surf Avenue, will include 420 new affordable units, bringing the total across all phases to 1,242 affordable homes. Project partners include the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corp. (HDC) …

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Chase-Knolls-Sherman-Oaks
CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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Connecticut-Portfolio-FPA
ConnecticutInvestment SalesNewsNortheast

IPA Arranges $121 Million Connecticut Portfolio Sale

by Lynn Peisner

NEW HAVEN, CONN. — Institutional Property Advisors (IPA) has arranged the sale of the Central & Southeast Connecticut Portfolio, which consists of four-properties totaling 693 units. Sun Equity Partners sold the portfolio to FPA Multifamily for $121 million. IPA’s Victor Nolletti, Eric Pentore and Wes Klockner represented the seller and procured the buyer. The assets include the 208-unit New Cambridge, built in 1969 and located in Bristol; the 180-unit Silvertree, constructed in 1976 in Wallingford; the 205-unit Peppertree, built in 1975 in Groton; and Huntington Ridge in Norwich, which was …

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Putnam-Green
ConnecticutInvestment SalesNewsNortheast

CBRE Arranges $20.7 Million Sale on Connecticut-New York Border

by Lynn Peisner

GREENWICH, CONN. — PIC Associates has sold Putnam Green in Greenwich to Beford Realty Executives for $20.7 million. CBRE’s Jeffrey Dunne, Eric Apfel and Travis Langer represented the seller and procured the buyer. Part of the sale included the buy-out of a ground lease. A neighboring property had owned Putnam Green land through a lease agreement set to expire in September. Putnam Green was built in 1976. The unit mix contains 28 studios and 38 one-bedroom apartments, 34 of which are two-story, duplex-style units. The property has 62 surface parking …

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MSMX-new-york-city
Affordable HousingDevelopmentNew YorkNewsNortheast

NYC Planning Commission Approves Midtown Manhattan Rezoning Proposal to Add Thousands of New Residences

by Lynn Peisner

NEW YORK CITY — The New York City Planning Commission has approved the Midtown South Mixed-Use Plan (MSMX), a rezoning initiative that could ultimately facilitate the creation of as many as 9,700 new residences across a 42-block section of Midtown Manhattan. The MSMX plan covers four areas centered around Herald and Greeley Square, located between West 23rd and West 40th streets, as well as Fifth and Eighth avenues. The area today is largely defined by commercial and industrial uses, with current land-use rules restricting new housing development. Midtown South is …

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582-Kelley
DevelopmentMassachusettsNewsNortheast

Marcus Partners Breaks Ground Near Providence

by Lynn Peisner

NORTH ATTLEBORO, MASS. — Marcus Partners has broken ground on 582 Kelley, a 304-unit community on Kelley Boulevard in North Attleboro, 15 miles north of Providence, Rhode Island. The project includes a mix of one- to three-bedroom units, a clubhouse, fitness center, coworking space, dog park, community gardens, outdoor fire pits and grills, park space and a pool area. The first homes are expected to be ready in 2026. Marcus Partners has secured an undisclosed amount of infrastructure grants from the state and towns of North Attleboro and Plainville. The …

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Agora
FinanceNewsNortheastWashington, D.C.

Walker & Dunlop Arranges $106.3 Million Refinancing for WC Smith

by Lynn Peisner

WASHINGTON, D.C. — Walker & Dunlop has arranged a $106.3 million Fannie Mae loan for WC Smith to refinance construction debt on Agora, a 334-unit property developed in 2018 in Washington, D.C.’s Capital Riverfront area. Walker & Dunlop’s team was led by Brendan Coleman and Connor Locke. WC Smith developed Agora as the second phase of The Collective, which is home to two other multifamily properties: Park Chelsea with 429 units and The Garrett with 373 apartments and 5,000 square feet of coworking space. Amenities for the three communities include …

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