Four significant cultural shifts are driving the evolution of multifamily design. Today, developers and architects must create spaces that serve the remote work trend, meet the demand for wellness amenities, keep up with changing sustainability and technology standards and create communities that socially engage their residents. How Hybrid Work Schedules Have Changed Design The shift to remote and hybrid work has profoundly influenced design offerings and space planning at an unprecedented pace in multifamily developments. Before the shift to full-time or partial work from home, the average size of most …
Northeast
NEW YORK CITY — A partnership consisting of BEB Capital, Totem / Ailanthus and SK Development has topped out 737 4th Ave, a $143 million mixed-income development in the Sunset Park neighborhood of Brooklyn. Once completed, the building will comprise 193,000 square feet across 14 stories. The property will comprise 187 units. Of the total unit count, 46 units will be permanently affordable at an average of 48 percent of the area median income. Amenities will include a coworking lounge, fitness center, private dining and entertainment areas, a game and …
WESTPORT, CONN. — Marcus & Millichap has arranged the sale of The Westporter, a mixed-use asset in Westport, 48 miles northeast of New York City. The community was built in 2019. The Westporter includes 28 townhomes and apartments, along with four ground-floor retail units. Eric Pentore, Victor Nolletti, Wes Klockner and Ross Friedel of Marcus & Millichap’s New Haven, Connecticut office marketed the asset on behalf of the seller and procured the buyer. Neither party’s identity was disclosed.
LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formerly homeless adults between the ages of 18 and 24 who earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal low-income housing tax credits to finance …
ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit property in Atlantic City. The asset traded hands for $5.8 million. Joni Sweetwood of Kislak represented the seller and procured the buyer in the deal. Both parties requested anonymity. The community consists of 11 buildings, which were recently renovated. The unit mix includes 10 one-bedroom apartments, six two-bedroom apartments and 28 two-bedroom townhouses.
NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has brokered the sale of a 48-unit asset located at 7920 19th Ave. in Brooklyn. John Brennan and Bryan Ellis of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were limited liability companies. The building features one- and two-bedroom units. The property traded hands for $6 million.
JERSEY CITY, N.J. — Marcus & Millichap (NYSE: MMI) has brokered the $2.3 million sale of a 15-unit property located at 19 Hopkins Ave. in Jersey City. Built in 1910, the property features studio, one- and two-bedroom units. Jonathan Zamora of Marcus & Millichap marketed the property on behalf of the seller, a local private investor, and procured the buyer, 19 Hopkins Ave LLC.
BOSTON — Chestnut Hill Realty has delivered Franklin at Hancock Village, a 250-unit project in the Brookline neighborhood of Boston. The building rises eight stories and houses one-, two- and three-bedroom apartments. Of the total unit count, 20 percent have been set aside as affordable housing. Rent restrictions for the Franklin at Hancock Village units were not available, but Chestnut Hill reserves units for renters who make at or below 50 percent of area median income at the adjacent John Adams property. Amenities include an outdoor putting green, grilling and …
NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit complex located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management. The borrower will use the funds to complete construction of The Northern and to fund costs of lease-up. Northern I is a nine-story property comprising 64 units. Northern II rises 10 stories and offers 129 apartments. Both properties offer a …
BETHLEHEM, PA. — Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio consisting of two undisclosed garden-style communities in Bethlehem. The direct lender was not disclosed. The borrower, Larken Associates, will use the funds to cash out and allocate equity toward other projects. The borrower has made capital improvements to both assets during its ownership period, including the construction of 16 new townhomes at one property.