BOUND BROOK, N.J. — Denholtz Properties and RWC have completed The Rail at Bound Brook, about 45 miles south of Manhattan. Construction of the 143-unit property, located at 100 Hamilton St., began in 2023. The six-story building offers studios and one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas.
FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million. Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth. The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income. …
No matter how drastically the national economy fluctuates, Boston’s multifamily market, supported by an educated workforce, hardly wavers. Supply and demand are rarely that far from equilibrium, given the tightness of the residential housing market and the hurdles facing multifamily developers. Consequently, rent growth is dependable, and modest vacancy rates are the norm. Never as flashy as New York City or San Francisco — or such relative newcomers as Austin and San Jose — Boston is sometimes overlooked, but it has long been one of the top multifamily markets in …
PLAINFIELD, N.J. — The Housing Authority of Plainfield has selected WinnDevelopment to redevelop Richmond Towers and Joanne Hollis Gardens, two affordable housing properties in Plainfield. The project will modernize the communities. Richmond Towers was built in 1972 and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor Joanne Hollis, a longtime resident who served as a Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 …
NEW YORK CITY — IPA Capital Markets has closed a $720 million construction loan for a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. According to media outlets, Metro Loft and David Werner also secured a $135 million acquisition loan earlier this year. The buildings are located at 219 and 235 East 42nd St. in the Midtown East neighborhood of Manhattan. Upon completion, the property will include 1,602 …
PARAMUS, N.J. — Urban Edge Properties, a publicly traded REIT, has sold a land site to Russo Development and KRE Group for $25 million. JLL Capital Markets arranged the transaction. The parcel is adjacent to Bergen Town Center in Paramus. The new community will be developed in two phases. The first phase includes 166 units. The second will include 260 units. In each phase, developers will deliver four floors of residential space over two or three levels of parking. The development will also include an amenity package and two retail suites …
BROOKLYN, N.Y — Property Markets Group (PMG) opened Society Brooklyn in the Gowanus neighborhood on May 15. The two-tower, 21-story, mixed-use, mixed-income property spans 594,000 square feet and features 517 residential units, 25 percent of which are allocated as affordable housing. Society Brooklyn at Degraw’s affordable units are reserved for tenants earning between 40 and 100 percent of area median income (AMI). Units in the second tower, called Society Brooklyn at Sackett, are for tenants earning between 40 and 130 percent of AMI. MNS Real Estate is handling leasing. The exact …
JERSEY CITY, NJ — Bayfront Development Partners, a joint venture between Pennrose and Paths Development, has broken ground on Bayfront Promenade, the first building in the mixed-use, mixed-income Bayfront redevelopment project in Jersey City. The six-story Bayfront Promenade will feature 210 units, 167 of which are set aside for low- and moderate-income households. These include 74 units designated for families earning up to 60 percent of area median income (AMI) and 93 units for families earning up to 120 percent of AMI. A construction timeline for Promenade was not released, …
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.
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.
