Northeast

829-Garfield
FinanceNew JerseyNortheast

Tay Investments Secures Fannie Mae Loan to Refinance Jersey City Asset

by Lynn Peisner

JERSEY CITY, N.J. — Berkadia has arranged a fixed-rate, five-year Fannie Mae loan for $35.8 million for Tay Investments to refinance 829 Garfield in Jersey City. The 110-unit property, with ground-floor retail space including a daycare center, was built in 2022. Ten percent of the units are designated as affordable, but rent restrictions were not disclosed. The property offers two- and three-bedroom units with stainless-steel appliances, quartz countertops, heated bathroom flooring and private patios. Some units have direct views of New York City.

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DevelopmentNew JerseyNewsNortheast

Joint Venture Underway on 50-Unit Development in Guttenberg, New Jersey

by Channing Hamilton

GUTTENBERG, N.J. — A joint venture consisting of Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction for a 50-unit development in Guttenberg, located across the Hudson River from Manhattan. The site is located at 416 69th St. Once completed, the asset will rise seven stories. Planned amenities include a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for 2028.

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Investment SalesNew HampshireNewsNortheast

Seabrook Real Estate Partners Buys Complex in Hampton, New Hampshire, for $31.5 Million

by Channing Hamilton

HAMPTON, N.H. — Seabrook Real Estate Partners has purchased Appleton Oaks, a 113-unit complex in Hampton, situated near the Maine-New Hampshire border, for $31.5 million. The two-building complex was constructed in phases between 2004 and 2005. Units come in one- and two-bedroom configurations, according to the property website. David Berman, James Stubblebine, David Stubblebine and Zack Hardy of The Stubblebine Co. represented the undisclosed seller in the transaction and procured the buyer.

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Unnamed community
Investment SalesNew JerseyNewsNortheast

JLL Capital Markets Arranges $50 Million for Asset in Westampton, New Jersey

by Channing Hamilton

WESTAMPTON, N.J. — JLL Capital Markets has arranged $50 million in financing for a 275-unit community in Westampton. The unnamed community is situated roughly 25 miles east of downtown Philadelphia. Michael Klein and Gerard Quinn of JLL Capital Markets worked on behalf of the undisclosed borrower to secure the five-year, fixed-rate loan. An undisclosed life insurance company provided the financing. 

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Kristi Nootens, Waterton (Courtesy of Waterton)
New YorkNewsNortheastPeople News

Waterton Adds Kristi Nootens as Senior Vice President

by Channing Hamilton

NEW YORK CITY — Waterton, an investor and operator headquartered in Chicago, has hired Kristi Nootens as senior vice president of development. In this role, Nootens will originate and structure both mezzanine/preferred equity and joint ventures in development deals. She will be based in New York City. Nootens will work with the company’s acquisition, construction management and research teams. She will also be responsible for Waterton’s development investment strategy. She will work with the firm’s Capital Markets team in order to originate multifamily debt investments, including senior loans and mezzanine …

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Jacobs Woods
Investment SalesNewsNortheastPennsylvania

Equus Capital Partners Buys Complex in Lansdale, Pennsylvania, for $73.1 Million

by Channing Hamilton

LANSDALE, PA. — Locally based investment firm Equus Capital Partners has bought Jacobs Woods, a 230-unit community in Lansdale, located roughly 35 miles north of Philadelphia. Erin Miller led the Newmark team that brokered the $73.1 million sale. The seller was not disclosed. Built on 37 acres in 1996, the garden-style community offers one-, two- and three-bedroom units across 33 townhome-style buildings. The property was 98 percent occupied at the time of sale. The new ownership plans to upgrade unit interiors and amenity spaces.

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The Residences at Milestone
DevelopmentMarylandNewsNortheast

Partnership Breaks Ground on 182-Unit Project in Jessup, Maryland

by Channing Hamilton

JESSUP, MD. — Soto Architecture & Urban Design, in partnership with Varsity Investment Group, has broken ground on The Residences at Milestone, a 182-unit project in Jessup, just over 15 miles southwest of Baltimore. The project will feature two mid-rise buildings with 103 apartments and 79 three-bedroom townhomes on a 12.2-acre site. Apartments will come in studio and one-bedroom configurations. Townhomes will come in three-bedroom layouts and will feature private garages for added convenience.  The property will feature a 5,000-square-foot clubhouse with a gymnasium, multipurpose community room, pet spa and gathering …

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Ruby Square
DevelopmentLeasing & MarketingNew YorkNewsNortheast

BRP Cos. Begins Leasing 614-Unit Mixed-Income Development in Queens

by Channing Hamilton

NEW YORK CITY — Locally based owner-operator BRP Cos. has begun leasing Ruby Square, a 614-unit mixed-income development located in the Jamaica area of Queens. The property features a mix of seven studios, 454 one-bedroom units and 153 two-bedroom apartments. Of the total unit count, 185 have been set aside as affordable for residents earning between 80 and 130 percent of the area median income. The property also offers 50,000 square feet of amenity space, including a two-level private park, multiple rooftop lounges, a fitness center, coworking spaces, resident lounges, …

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Investment SalesNew YorkNewsNortheast

Adirondack Capital Partners Arranges Sale of 952-Unit Community in Ballston Spa, New York

by Channing Hamilton

BALLSTON SPA, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the sale of Northway Eleven Communities, a 952-unit community in Ballston Spa, 30 miles north of Albany, New York. The exact sales price was not disclosed, but Adirondack says that the property traded hands for more than $100 million. Northway Eleven Communities consists of 240 buildings on a 131-acre site. The community offers 1,027-square-foot, two-bedroom apartments and 1,385-square-foot, two-level townhomes, according to the property website. Michael Hunter Coghill of Adirondack Capital Partners represented the seller, an entity doing …

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La Central
FinanceNew YorkNewsNortheast

Partnership Receives $343 Million in Financing for Affordable Housing Project in South Bronx

by Channing Hamilton

NEW YORK CITY — A partnership between The Hudson Cos. and BRP Cos. has received $343 million in financing for Phase II of La Central, a 420-unit affordable housing development in the South Bronx. The second phase of La Central will encompass Building C, which will consist of 166 units across 13 stories, and Building E, a 26-story building that will feature 254 units. Development on Phase II is slated to complete in 2028. Apartments will come in one-, two, three- and four-bedroom floor plans. The buildings will be reserved …

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