Northeast

20 Exchange Place in New York City
Investment SalesNew YorkNewsNortheast

The Dermot Co., PGGM Acquire 57-Story Residential Tower in Manhattan

by Channing Hamilton

NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story high-rise community in Manhattan’s Financial District, in an off-market transaction. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The property was originally built in 1931 as the headquarters of City Bank Farmers Trust Co., a national bank which later became Citibank. Approximately 20 years ago, the building was converted into …

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1201 Connecticut Ave. NW. in Washington, D.C.
DevelopmentInvestment SalesNewsNortheastWashington, D.C.

JLL Capital Markets Arranges $21.5 Million Sale of Office Building in Washington, D.C., for Multifamily Conversion

by Channing Hamilton

WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of an office building in the Dupont Circle neighborhood of Washington, D.C. Located at 1201 Connecticut Ave. NW., the 12-story building comprises 190,385 square feet of office space. An affiliate of Duball purchased the community for $21.5 million, with plans to convert the development to a 161-unit community. Once converted, the property will also offer ground-floor retail space and rooftop amenity space, including a pool. A development timeline for the project was not disclosed. Tom Hall, Matt Nicholson, Kevin Byrd, …

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FinanceInvestment SalesMarylandNewsNortheast

Greystone, Cushman & Wakefield Broker $73.5 Million Sale of Two-Property Portfolio in Baltimore

by Channing Hamilton

BALTIMORE — Greystone and Cushman & Wakefield have jointly arranged the sale of and acquisition financing for a two-property portfolio in the Columbia suburb of Baltimore, Maryland. Olivetree Management purchased the assets for $73.5 million. The communities, Columbia Apartments and Town Center Apartments, comprise 344 units together. Both properties were 94 percent occupied at the time of sale. The transaction was financed with Fannie Mae loans totaling $57 million. Dan Sacks and Alex Basile of Greystone originated the Fannie Mae Delegated Underwriting & Servicing loans. Jorge Rosa and Anthony Liberto of Cushman & …

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The Monarch in Queens
DevelopmentNew YorkNewsNortheast

BRP Cos. Completes 605-Unit The Monarch in Queens

by Channing Hamilton

NEW YORK CITY — Locally based developer BRP Cos. has completed The Monarch, a 605-unit community in the Jamaica neighborhood of Queens. The project broke ground in January 2021. The building rises 25 stories and spans 542,000 square feet. The Monarch comprises 498 one-bedroom and 107 two-bedroom apartments. Of the total unit count, 182 are reserved for households earning between 80 and 130 percent of the area median income. Units feature individual washers and dryers, stainless steel appliances and floor-to-ceiling windows. The property also includes 14,000 square feet of retail …

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2868 Webster Ave. in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Douglaston Development Secures $190 Million Construction Financing for Affordable Housing Project in the Bronx

by Channing Hamilton

NEW YORK CITY — Douglaston Development has secured construction financing for a $190 million affordable housing project located in the Bedford Park neighborhood of the Bronx. Once completed, the 12-story building will offer 277 apartment units to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. Located at 2868 Webster Ave., the property will offer studio, one-, two- and three-bedroom floor plans. Community amenities will include laundry facilities, a fitness center, green roofs and on-site parking. The Jericho project …

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Boston East in Boston
Investment SalesMassachusettsNewsNortheast

CBRE Arranges Sale of 200-Unit Boston East in Boston

by Channing Hamilton

BOSTON — CBRE has arranged the sale of Boston East, a 200-unit community located in the East Boston neighborhood of Boston. Los Angeles-based American Realty Advisors sold the property to the real estate business at Goldman Sachs Alternatives for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE brokered the deal. Boston East was built in 2018. The building rises six stories. Community amenities include a clubroom with meeting space, sky lounge and terrace, fitness center, community arts space, outdoor firepit grilling stations and …

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Lorimer House in Brooklyn
FinanceNew YorkNewsNortheast

JLL Capital Markets Arranges $173 Million Bridge Financing for Lorimer House in Brooklyn

by Channing Hamilton

NEW YORK CITY — JLL Capital Markets has negotiated $173 million in bridge financing for Lorimer House, a 270-unit community in the South Williamsburg neighborhood of Brooklyn. JLL worked on behalf of the borrowers — a joint venture between The Loketch Group, The Joyland Group and Meral Property Group — to secure the financing through TPG Real Estate Credit. Aaron Niedermayer and Ethan Stanton led the JLL Capital Markets team. Lorimer House rises eight stories at 28 Boerum St. The property offers studio, one- and two-bedroom units. Select units feature …

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Jonathan Treble, Founder and CEO of WithMe Inc.
Industry VoicesMidwestNortheastOperationsSoutheastTechnologyTexasWestern

Amenities Anchor Communities, Foster Live-Work-Play Environment

by Channing Hamilton

— By Jonathan Treble, Founder and CEO of WithMe Inc. In today’s multifamily landscape, amenities play a pivotal role that goes beyond attracting and retaining prospective residents. The right amenity package can enhance residents’ daily experience, nurture a thriving sense of community and ultimately increase the asset’s overall value. By thoughtfully outfitting an asset with the right amenities, property owners and operators can cater to today’s renters’ live-work-play and remote-work lifestyles. Modern Renters Desire “Third Spaces” Post-pandemic, the traditional boundaries between home, office and social spaces have blurred. Remote and …

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The Bold in Queens
DevelopmentNew YorkNewsNortheast

American Lions Begins Leasing 164-Unit The Bold in Queens

by Channing Hamilton

NEW YORK CITY — American Lions, a joint venture between locally based developers Fetner Properties and Lions Group, has begun leasing The Bold. The building rises 28 stories and is located at 2701 Jackson Ave. in the Long Island City area of Queens. The Bold comprises 164 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 50 have been set aside as affordable housing. Income restrictions for these units were not disclosed. Amenities include a coworking lounge, gym with a climbing wall, party room with a …

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3ELEVEN in New York City
FinanceNew YorkNewsNortheast

Newmark, Greystone Arrange $560 Million Refinancing for 60-Story 3ELEVEN in Manhattan

by Channing Hamilton

NEW YORK CITY — Newmark Group Inc. and Greystone Capital Advisors have arranged $560 million in floating-rate debt for the refinancing of 3ELEVEN, a 60-story high-rise community located just south of Manhattan’s Hudson Yards district. Ares Management and Douglaston Development were the borrowers. Jordan Roeschlaub and Nick Scribani of Newmark, in collaboration with Jonathan Firestone, Drew Fletcher, Paul Fried and Bryan Grover of Greystone Capital Advisors, arranged the debt. The financing will repay the HSBC construction loan. 3ELEVEN comprises 938 apartments in studio through three-bedroom layouts. Community amenities include a pool with cabanas, …

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