Northeast

Newmark Arranges $143 Million Refinancing for One of Makor Capital’s New Hampshire Assets

by Lynn Peisner July 18, 2025

DERRY, N.H. — Newmark has arranged a $143.1 million Fannie Mae loan for Makor Capital’s refinancing of The Fairways in Derry, about 43 miles north of Boston. Newmark Vice Chairman Ed Belz arranged the deal. Makor acquired the asset, located at 1 Forest Ridge Road, in 2016. Fairways is a garden-style community constructed in 1984 that features 849 units across a variety of two-, three- and four-story buildings. “By refinancing, we take some chips off the table while we continue to own and further improve the property over the long …

July 18, 2025

Affordable Housing Development Finance New York News Northeast

Vanbarton Group Secures $250 Million Loan for Manhattan Multifamily Conversion Project

by Lynn Peisner July 17, 2025

NEW YORK — Vanbarton Group has received $250 million in financing to convert the former Roman Catholic Archdiocese of New York headquarters into 420 multifamily units. Eldridge Real Estate Capital Management provided the acquisition and construction loan. The financing included the $103 million acquisition cost. CBRE’s Doug Middleton and Pierre Hills advised the archdiocese on the sale of the property, and Greenberg Traurig represented Vanbarton Group. The 20-story, approximately 400,000-square-foot building in the Sutton Place neighborhood had been the headquarters for the archdiocese since 1973 and was known as the …

July 17, 2025

Development New Jersey News Northeast

Marcus, Sterling and Danbro Close Deal for $104 Million New Jersey Development

by Lynn Peisner July 16, 2025

WATCHUNG, N.J. — Boston-based real estate investment and development firm Marcus Partners has joined the team constructing Blue Hill at Watchung, a 230-unit property in Watchung. Sterling Properties and Danbro Properties started the project, and completion is slated for December 2026. Blue Hill at Watchung, located 33 miles southwest of Manhattan, is set on about 42 acres. The property will feature six buildings and an amenity clubhouse with a resort-style pool, fitness center, coworking spaces, indoor-outdoor lounges, a dog park and a golf simulator. Approximately 20 acres of the site …

July 16, 2025

Investment Sales New Jersey News Northeast

Woodmont Properties Sells New Jersey Community for $43 Million

by Lynn Peisner July 16, 2025

INDEPENDENCE TOWNSHIP, N.J. — Sage Investment Real Estate Advisors has arranged the $43 million sale of Woodmont Liberty Apartments in Independence Township 60 miles west of New York City. Sage’s co-founding Partners Steve Tragash and Greg Pine represented the seller, Woodmont Properties, and procured the unnamed buyer. Woodmont Properties developed the property in 2023. The 120-unit community is comprised of one- and two-bedroom floor plans. Amenities include smart-home technology, private patios or balconies in select units, a fitness center, pool, clubhouse, coworking spaces, resident lounge, dog park and an outdoor …

July 16, 2025

Investment Sales New York News Northeast

HVT Realty Sells Westchester County Asset for $15.8 Million

by Lynn Peisner July 16, 2025

YORKTOWN HEIGHTS, N.Y. — Marcus & Millichap has arranged the trade of York Farm Estates between seller, HVT Realty, and buyer, Westchester Management LLC. Marcus & Millichap’s Matthew Gault, Seth Glasser, Michael Turkiewicz and Michael Fusco marketed the property on behalf of the seller and procured the buyer. Built in 1996, York Farm Estates is fully occupied and sits on 8 acres. Units are a mix of one-, two- and three-bedroom apartments. The property is located in Yorktown Heights, a city in Westchester County, 42 miles north of Manhattan.

July 16, 2025

Affordable Housing Finance New York News Northeast People News

John Burckin Named Senior Business Development Banker for KeyBank CDLI

by Lynn Peisner July 15, 2025

NEW YORK — KeyBank Community Development Lending and Investment (CDLI) has appointed Jon Burckin to senior business development banker on the equity distribution team. He is based in the firm’s New York City office and reports to Stacie Nekus, team leader for an equity growth initiative within CDLI. In this role, Burckin is responsible for raising capital and bringing in new investors for CDLI’s affordable housing equity syndication platform across the United States.

July 15, 2025

Investment Sales Massachusetts News Northeast

Marcus & Millichap Arranges Sale of Nine-Unit Boston Property

by Lynn Peisner July 15, 2025

CAMBRIDGE, MASS. — Marcus & Millichap has arranged the $5 million, off-market sale of a nine-unit property at 323-327 Columbia St. in Cambridge. Senior managing directors Evan Griffith and Tony Pepdjonovic represented the seller and procured the buyer. The three-story building was constructed in 1920 and is within walking distance of Harvard University and the Massachusetts Institute of Technology.

July 15, 2025

Development Leasing & Marketing New Jersey News Northeast

JAG Opens J Centra Near Philadelphia

by Lynn Peisner July 14, 2025

BURLINGTON TOWNSHIP, N.J. — Jefferson Apartment Group (JAG) has begun leasing J Centra in Burlington Township, about 23 miles east of Philadelphia. The 500-unit property includes 100 units designated as affordable. Income restrictions were not disclosed. Individual buildings are opening gradually, about once per month starting in July, and the property will be fully complete in 2026. J Centra is operated by JAG’s property management division. SpringHarbor Financial Group and H.I.G. Realty Partners are joint venture and equity partners, respectively, with financing provided by United Bank. This development marks JAG’s …

July 14, 2025

Affordable Housing Development New York News Northeast

Gilbane Developing $254 Million Brooklyn Affordable Housing Anchored by Arts Center

by Lynn Peisner July 11, 2025

NEW YORK — Gilbane Development, in partnership with Blue Sea Development, Artspace and the City and State of New York, has secured $254 million to finance the development of a mixed-use, affordable housing property in Brooklyn’s Brownsville neighborhood. Brownsville Arts Center & Apartments (BACA) will include about 263,000 square feet of residential space and a 28,000-square-foot arts center, the centerpiece of which is a 3,440-square-foot multi-purpose performance, rehearsal and studio space for community arts groups. The 283-unit BACA development will include a mix of studios and one-, two- and three-bedroom …

July 11, 2025

Affordable Housing News Northeast Washington, D.C.

One Big Beautiful Bill Act Expands LIHTC, Resurrects Opportunity Zones

by Lynn Peisner July 11, 2025

WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …

July 11, 2025

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