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.
WINTHROP, MASS. — Marcus & Millichap has brokered the $10.7 million sale of Shore Drive Apartments, a 71-unit community in Winthrop, roughly six miles east of Boston. The property offers a mix of studio, one- and two-bedroom units. Plans are underway for the addition of another 27 units as part of a reconstruction effort following a fire at the property last year. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap Boston represented the seller and procured the buyer, both of which requested anonymity, in the deal.
UNION, N.J. — An affiliate of The Inland Real Estate Group of Cos. Inc. has acquired Summit Court, a 393-unit property located at 450 Clermont Terrace in Union, approximately 20 miles southwest of New York City. A joint venture between Fidelco Realty Group and Diversified Properties sold the community for $131.5 million. Built in 2018 and 2023, Summit Court offers a mix of 351 market-rate apartments and 42 affordable housing units. However, income restrictions for the affordable residences were not disclosed. Apartments come in one-, two- and three-bedroom floor plans. The property was …
CAMBRIDGE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.4 million loan for the refinancing of an apartment building located at 891 Massachusetts Ave. in Cambridge. Robert Damigella of MMCC arranged the nonrecourse loan, which carries a fixed interest rate of 7.12 percent and a 65 percent loan-to-value ratio, through a local credit union. The sponsor was not disclosed. Situated across the Charles River from Boston, the property comprises 16 units. According to Apartments.com, the building was completed in 1880 and rises four stories.
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 …
PHILADELPHIA — Pennrose, a Philadelphia-based developer and operator of affordable and mixed-income housing, has appointed Timothy Henkel as CEO. Henkel, who formerly served as president, will oversee the company’s development and property management activities across 17 states, the District of Columbia and the Caribbean. As part of the succession plan, Executive Chairman of the Board Richard Barnhart and CEO Mark Dambly have transitioned from day-to-day responsibilities with the organization to active members of the Pennrose board. Additionally, Pennrose has named Charlie Adams as president of development. In this role, Adams will …
LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, approximately 27 miles northeast of Philadelphia. The property was completed in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations. The name of the asset was not disclosed. The buyer was an affiliate of New Jersey-based owner-operator Silverstein Properties. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer. Zach Schwartz of Brook …
BOSTON — Randolph, Massachusetts-based NEI General Contracting has completed the renovation of Carol Avenue Apartments, a 33-unit community located in the Allston-Brighton neighborhood of Boston. According to the City of Boston, 29 of the units are affordable rental units. Income restrictions for these residences were not disclosed. The project involved the top-to-bottom renovation of three buildings totaling 16,196 square feet. The community received new windows, roofs, wall insulation and solar energy panels. Additionally, the project team restored and reused the building’s historic brick façade. Financing sources for the project included …
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) is forecasting that total commercial and multifamily mortgage borrowing and lending will rise to $583 billion in 2025, which is a 16 percent increase from 2024’s estimated total of $503 billion. The Washington, D.C.-based organization made the announcement at its 2025 Commercial/Multifamily Finance Convention and Expo (CREF) event taking place in San Diego. Multifamily lending, which is calculated into the total figure, is expected to rise to $361 billion in 2025 — also a 16 percent increase from last year’s estimate of …
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 …