Northeast

Aberdeen-Arms-Elizabeth
BerkadiaInvestment SalesNew JerseyNewsNortheast

Berkadia Arranges $8.8M Sale of Aberdeen Arms in Elizabeth, New Jersey

by Lynn Peisner

ELIZABETH, N.J. — Berkadia has arranged the sale of Aberdeen Arms Apartments, a 52-unit garden-style community in Elizabeth. The asset sold for approximately $8.8 million, trading between two unnamed, New Jersey-based entities. The seller owned the property for about 20 years. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia Morristown led the transaction on behalf of the seller. Aberdeen Arms is located at 730-734 North Broad St. and was built in 1965. The property features 10 one-bedroom and 42 two-bedroom units as well as surface parking and a common-area …

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Central-Pointe-Newark
DevelopmentFinanceNew JerseyNewsNortheast

Drew Capital Arranges $16.3M Construction Loan for Central Pointe in Newark

by Lynn Peisner

NEWARK, N.J. — Akiva Drew, founder of Drew Capital, has arranged a $16.3 million loan through Trevian Capital for the construction of Central Pointe, a 77-unit property in the University Heights neighborhood of Newark. Locally based Giga Holdings is the borrower and developer. The six-story structure will be located at 380 Central Ave. between First Street and Morris Avenue. Floor plans will consist of one- and two-bedroom layouts, and 16 units will be set aside as affordable. Rent restrictions were not disclosed. Amenities include a fitness center and coworking and …

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1333-broadway-Brooklyn
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

JLL Arranges $58M Loan to Refinance Newly Completed Property in Brooklyn

by Lynn Peisner

NEW YORK CITY — JLL has arranged a $58 million refinancing loan provided by Barings for 1333 Broadway, a 106-unit mixed-use property in Brooklyn’s Bushwick neighborhood. Ekstein Development Group and Standard Real Estate Investments were the borrowers. The project was completed in April. The 20-story property is comprised of 74 market-rate units, 32 affordable units and 29,000 square feet of commercial space. Rent caps were not disclosed. Peter Rotchford, Rob Hinckley and Robert Tonnessen led JLL’s team.

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The-Vail-West-Caldwell
DevelopmentFinanceNew JerseyNewsNortheast

CBRE Arranges $30.7M in Construction Financing for The Vail in West Caldwell, New Jersey

by Lynn Peisner

WEST CALDWELL, N.J. — CBRE has arranged $30.7 million in construction financing for The Vail, a 92-unit, four-story community at 780 Passaic Ave. in West Caldwell. Twenty percent of the units will be designated as affordable. Rent restrictions were not disclosed. The borrower is Accordia Real Estate, and the lender is Principal Financial. CBRE’s Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Lauren Weinstein and Justin Helbling led the financing. The property will feature a fitness center, coworking areas, a dog park, grilling stations and covered parking. A …

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Albion-Lawrenceville-Pittsburgh
DevelopmentNewsNortheastPennsylvania

Albion Residential Completes Pittsburgh Development

by Lynn Peisner

PITTSBURGH — Albion Residential has completed and opened Albion Lawrenceville, a 267-unit community in Pittsburgh’s Upper Lawrenceville neighborhood. The six-story property is comprised of studios, one- and two-bedroom units and 5,700 square feet of retail space. Amenities include a fitness center with boxing equipment, weights and a yoga studio; an arcade-game room with a bar; a rooftop terrace with lounge seating, grills and a fire pit; and a courtyard. Initial resident move-ins began in March. The architect was Harthorne and Plunkard, and First National Bank along with First Commonwealth Bank …

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FinanceNewsNortheastWashington, D.C.

Meridian Arranges $50M Refinancing for Lanston Views in D.C.

by Lynn Peisner

WASHINGTON, D.C. — Meridian Capital Group has arranged a $50 million loan through NewBridge Lending for Langston Views, a 671-unit community in Washington, D.C. The borrower is Chicago-based Clear Investment Group, which acquired the property from foreclosure in 2024 and has since completed renovations to units, amenities and building systems. Langston Views was constructed in 1966 and consists of two 12-story residential towers and multiple garden-style buildings.

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76-E-Park St-East-Orange
Investment SalesNew JerseyNewsNortheast

ICON Real Estate Advisors Arranges Sale in East Orange, New Jersey

by Lynn Peisner

EAST ORANGE, N.J. — Locally based ICON Real Estate Advisors has arranged the sale of a 26-unit property at 76 E. Park St. in East Orange, N.J. The asset traded between two LLCs for approximately $2.6 million. The deal was completed by David Oropeza, who advised the seller on the purchase more than 20 years prior. The seller was also advised by attorney Khoren Bandazian of Giordano, Halleran & Ciesla. The property comprises a two-story, 26-unit garden style building.

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Garden-Court-Atlantic-City
Affordable HousingDevelopmentInvestment SalesNew JerseyNewsNortheast

WinnDevelopment Launches $33M Renovation of Atlantic City Affordable Housing Community

by Lynn Peisner

ATLANTIC CITY, N.J. — WinnDevelopment has begun a $33 million renovation at Garden Court Apartments in Atlantic City, a 177-unit, 20-building complex that has been housing much of the city’s workforce since it was constructed in 1985. WinnCos. secured Low-Income Housing Tax Credit equity through the New Jersey Housing and Mortgage Financing Agency, which will enable the units to remain affordable to renters earning no more than 80 percent of area median income for the next 45 years. Boston Financial Management purchased the tax credits. The scope of work includes …

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Modera-Paramus
DevelopmentNew JerseyNewsNortheast

Mill Creek Residential Breaks Ground on Westfield Mall Redevelopment in Paramus, New Jersey

by Lynn Peisner

PARAMUS, N.J. — Mill Creek Residential has broken ground on Modera Garden State Plaza, a mixed-use community in Paramus. Two separately branded residential buildings will contain a total of 575 units as well as 48,000 square feet of ground-floor retail space. The community will serve as a residential component of the redevelopment of Unibail-Rodamco-Westfield’s Garden State Plaza mall. Amenities will include a rooftop deck, resort-style pool, sauna, outdoor kitchen and dining space, grilling areas, fire pits, landscaped courtyards, resident clubhouse, coffee bar, game room, pool table and a fitness center …

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Affordable HousingCompany NewsNew YorkNewsNortheastPeople News

Enterprise Community Partners Hires Kim Darga to Lead New York Business

by Lynn Peisner

COLUMBIA, MD. — Enterprise Community Partners, a national nonprofit affordable housing developer, has hired Kim Darga as vice president and New York market leader. In this role, Darga will lead Enterprise’s work across New York State, including New York City. Prior to joining Enterprise, Darga most recently served as deputy commissioner for the Office of Development at the New York City Department of Housing and Preservation (HPD), the municipal housing agency serving the five boroughs of the New York City metro area. Darga worked for HPD for 18 years in …

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