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505 State Street in New York City
FinanceNew YorkNewsNortheast

Alloy Development Receives $290 Million Recapitalization for Brooklyn Residential Tower

by Channing Hamilton

NEW YORK CITY — Alloy Development has secured a $290 million recapitalization financing for 505 State Street, a 440-unit high-rise property in downtown Brooklyn. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL Capital Markets worked on behalf of the borrower in arranging the five-year, fixed-rate senior loan through New York Life. Completed in 2024, 505 State Street comprises 318,589 rentable square feet. The property offers studio, one-, two- and three-bedroom floor plans. The average unit size is 659 square feet. Amenities include a fitness center, yoga studio, pool, communal …

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900 Morrissey Blvd. in Boston
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

The Community Builders Secures Financing for Affordable Housing Redevelopment in Boston

by Channing Hamilton

BOSTON — The Community Builders has received an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Comfort Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit complex that is designed to support individuals previously experiencing homelessness. Units will be reserved for households earning 30 percent or less of the area median income. The property will include office and community spaces on the ground floor. The development is slated for completion in mid-summer 2025. MassHousing provided the financing. …

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The winning team from the University of Florida
Affordable HousingFeaturesNew YorkNortheast

University of Florida Wins Multifamily Investment Case Competition by NYU | Stern, Berkadia

by Channing Hamilton

NEW YORK CITY — The University of Florida has won the inaugural Multifamily Investment Case Competition, a contest organized by Berkadia and the New York University Stern School of Business (NYU | Stern) for the team’s presentation, which proposed a hybrid debt and equity fund that leveraged the benefits of Florida’s Live Local Act (102). The Florida team recommended a $300 million hybrid debt and equity fund, dubbed The Gator Capital Workforce Housing Hybrid Fund. Roughly 70 to 80 percent of the fund would go towards the debt strategy, while …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Genesis Cos., Lemor Development Receive $71 Million Acquisition Financing for 664-Unit Affordable Housing Community in Harlem

by Channing Hamilton

NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …

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46-10 Center Blvd. in New York City
FinanceNew YorkNewsNortheast

M&T Realty Capital Provides $204.9 Million Loan for Refinancing of Queens Apartment Tower

by Channing Hamilton

NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge …

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Village on the Green in River Vale, N.J.
Investment SalesNew JerseyNewsNortheast

Kushner Purchases Four-Property Portfolio in New Jersey for $80 Million

by Channing Hamilton

WESTWOOD AND RIVER VALE, N.J. — Kushner has purchased a portfolio of four properties totaling 276 units in Bergen County, located in the northeastern corner of New Jersey. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL Capital Markets represented the seller and procured the private buyer.  The portfolio includes Coventry Square, Stanford Court and The Madison Apartments, which are all located in Westwood, about 32 miles north of New York City. The fourth community, Village on the Green, is situated in the adjacent town of …

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288 East 88th Street in New York City
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital Provides $79 Million Construction Loan for Residential Tower in New York City

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC has originated a $79 million loan to Alchemy-ABR Investment Partners to finance the development of 288 East 88th Street, a 26-story project in New York’s Upper East Side neighborhood. Located on the southwest corner of 88th Street and 2nd Avenue, the building will include 45 units ranging from one to five bedrooms. Amenities will include a fitness center, sport court, children’s playroom, media/gaming room, coworking/conference space and a roof terrace. The project is slated for completion in late 2026. Aaron Appel, Keith Kurland, …

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Ivy & Green in Hackensack, New Jersey
FinanceNew JerseyNewsNortheast

Northwestern Mutual Provides $115 Million Loan for Refinancing of Ivy & Green in Hackensack, New Jersey

by Channing Hamilton

HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit community in Hackensack, about 20 miles north of New York City. The borrower was a partnership between Hornrock Properties and GTIS Partners. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan. Ivy & Green was developed in phases over the last several years. The first phase of the project delivered 221 units in March 2023. Phase II was completed …

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Forty-Six Fifty in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Arden Group Opens 22-Story Mixed-Use Community in Manhattan

by Channing Hamilton

NEW YORK CITY — Philadelphia-based development and investment firm Arden Group has opened Forty-Six Fifty, a 22-story mixed-use development situated at 4650 Broadway in the Inwood neighborhood of Manhattan. Handel Architects designed the building. Forty-Six Fifty consists of 222 apartments in studio, one- and two-bedroom floor plans. Thirty percent of units are subject to undisclosed income restrictions. Amenities include a fitness center, resident lounge, screening room and children’s play area. The property also includes 120,000 square feet of commercial space that is leased to a charter school and supermarket.

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The Current at Watershed in Laurel, Maryland
Build-to-RentInvestment SalesMarylandNewsNortheast

Berman Enterprises Purchases Build-to-Rent Community in Laurel, Maryland, for $54 Million

by Channing Hamilton

LAUREL, MD. — Rockville, Maryland-based Berman Enterprises has purchased The Current at Watershed, a build-to-rent asset located at 3101 Runnel Lane in Laurel, roughly midway between Baltimore and Washington, D.C. Bethesda, Maryland-based Couloir Ventures sold the community to Berman Enterprises for $54 million. Ari Azarbarzin, Chris Doerr, Jack Brocato, Will Harvey, Shack Stanwick, Wallace Halpert and Anthony Pino of Northmarq represented the seller in the deal. Built in 2023, The Current at Watershed offers 97 three-bedroom townhomes. The average unit size is 1,407 square feet. Each residence features quartz countertops, stainless …

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