Northeast

Dwight Mortgage Provides $148 Million Construction Loan for Project in Jamaica, New York

by Channing Hamilton February 10, 2025

JAMAICA, N.Y. — Dwight Mortgage Trust has provided a $148 million loan for the construction of Sutphin II, a 524-unit mixed-income project in Jamaica, roughly 15 miles east of New York City. Steven Hersko of the SHB Group arranged the financing on behalf of the developer, a partnership led by Moshe Braver. The 24-story building will offer 366 market-rate residences and 158 affordable housing units. Income restrictions for the affordable units were not disclosed. Upon completion, however, Sutphin II will quality for a 35-year 421-a tax abatement and Brownfield Redevelopment Tax …

February 10, 2025

Development New York News Northeast

Slate, Avenue Realty Capital Deliver 19-Story Brooklyn Community

by Channing Hamilton February 7, 2025

NEW YORK CITY — A joint venture between Slate Property Group and Avenue Realty Capital has completed The Welz, a 19-story, 162-unit community in the Williamsburg neighborhood of Brooklyn. Located at 159 Boerum St., the property offers a mix of studio, one- and two-bedroom units. Monthly rates start at $3,175 for a studio. Additionally, 49 residences have been set aside as affordable housing for residents earning between 60 to 130 percent of the area median income. Each unit features washers and dryers, a dishwasher, microwave, quartz countertops and stainless steel …

February 7, 2025

188 South Essex Ave. in Orange, New Jersey

Affordable Housing Development New Jersey News Northeast

Gateway Receives Site Plan Approval for $350 Million Project in Orange, New Jersey

by Channing Hamilton February 6, 2025

ORANGE, N.J. — Gateway Merchant Banking has secured site plan approval from the City of Orange Township Planning Board for the redevelopment of 188 South Essex Ave. The $350 million phased redevelopment project will convert the former Orange Memorial Hospital into a mixed-use development with 1,005 apartment units. Apartments will come in one-, two- and three-bedroom layouts. Up to 20 percent of the units will be set aside as affordable housing units. Additionally, Gateway states that it is pursuing partnerships in order to bring senior and student housing to the …

February 6, 2025

Affordable Housing Development New York News Northeast

Douglaston Development Breaks Ground on Affordable Housing Project in the Bronx

by Channing Hamilton February 5, 2025

NEW YORK CITY — Douglaston Development has broken ground on an affordable housing development located at 2868 Webster Ave. in the Bedford Park neighborhood of the Bronx. The 12 story building will consist of 277 units in studio, one-, two- and three-bedroom floor plans. The community will be available to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development, which also includes a 188-unit seniors housing complex that opened …

February 5, 2025

The Forge at Glassworks in Aberdeen, New Jersey

Investment Sales New Jersey News Northeast

Beachwold Residential Acquires Property in Aberdeen, New Jersey, for $57 Million

by Channing Hamilton February 4, 2025

ABERDEEN, N.J. — Beachwold Residential has purchased The Forge at Glassworks, a 170-unit community located at 118 Glassworks Blvd. in Aberdeen, roughly 40 miles south of New York City. Ingerman Group sold the property for $57 million. Built in 2017, The Forge at Glassworks offers a mix of one- and two-bedroom apartments, as well as three-bedroom townhome units. The average unit size is 1,077 square feet. Amenities include a lobby and clubroom, pool, fitness center with a sauna and yoga studios, game room and multiple outdoor spaces, such as a …

February 4, 2025

J Veridian at Upper Dublin in Fort Washington, Pennsylvania

Development News Northeast Pennsylvania

JAG Delivers 310-Unit Community in Fort Washington, Pennsylvania

by Channing Hamilton February 3, 2025

FORT WASHINGTON, PENN. — Jefferson Apartment Group (JAG), along with equity partner CP Capital, has delivered J Veridian at Upper Dublin in Fort Washington, about 25 miles north of Philadelphia. Situated on a 14 acre-site at 1125 Virginia Drive, the community spans 310 units across three five-story buildings. Units range from one- to three-bedroom floor plans. The complex also offers 12,000 square feet of indoor amenities anchored by a clubroom and bar. Other features include a game area with billiards, shuffleboard and arcade gaming, lounge, poker room, fitness center, resident movie …

February 3, 2025

Development New York News Northeast

Twining Properties to Break Ground on 850,000-Square-Foot Mixed-Use Project in New Rochelle, New York

by Channing Hamilton January 31, 2025

NEW ROCHELLE, N.Y. — Twining Properties has received site approval for the construction of Pratt Landing, an 850,000-square foot mixed-use development, from the City of New Rochelle’s Planning Board. The approval, which concludes the entitlement phase of the project, allows for pre-construction demolition, environmental and other site work to begin. Located about 25 miles north of New York City along the Long Island Sound, Pratt Landing will consist of 383 rental apartments, as well as 99 condominiums, a 150-room hotel, 40,000 square feet of restaurant and retail space, 845 parking …

January 31, 2025

The Eastwalk in Braintree, Massachusetts

Affordable Housing Development Finance Massachusetts News Northeast

WinnDevelopment Breaks Ground on $47 Million Mixed-Income Project in Braintree, Massachusetts

by Channing Hamilton January 30, 2025

BRAINTREE, MASS. — WinnDevelopment and development partner Arch Communities have broken ground on The Eastwalk, a $47-million mixed-income project in Braintree, roughly 12 miles south of Boston. The five-story community will be built on the former location of the Braintree Electric Light Department. The project also includes the creation of a pedestrian riverwalk along the Monatiquot River, which will provide public access to the river. The Eastwalk will feature a mix of one-, two- and three-bedroom apartments. Of the total 56 units, 30 will be set aside for households earning …

January 30, 2025

Development Finance New York News Northeast

Merchants Capital Provides $129.1 Million for Renovation of NYCHA Projects in East Bronx

by Channing Hamilton January 29, 2025

NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the New York City Housing Authority’s $419.6 million renovation of Boston Road Plaza, Boston Secor and Middletown Plaza (BBM) in the East Bronx. The three communities total 952 apartments across six residential buildings. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading the renovations. The project is currently underway and is slated for completion in 2026. Units will receive improvements to bathrooms and kitchens, as well …

January 29, 2025

Three Bridges affordable housing development

Affordable Housing Berkadia Development New Jersey News Northeast

Berkadia Arranges $11.9 Million in LIHTC Equity for New Jersey Development

by Lynn Peisner January 29, 2025

READINGTON, N.J. — Berkadia has arranged $11.9 million in low-income housing tax credit equity for Apartments at Three Bridges, an affordable housing development in Readington. Conifer Realty is the developer. Senior Vice President and Head of Acquisitions Chris McGraw of Berkadia Tax Credit Solutions led the financing effort. Apartments at Three Bridges will consist of 80 townhome units across seven buildings. The homes are reserved for tenants earning between 20 and 60 percent of the area median income. Additional financing for the project will include a construction loan through Fulton …

January 29, 2025

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