Northeast

Watkins-Mill-Gaithersburg
Investment SalesMarylandNewsNortheast

RailField Partners Acquires 210-Unit Maryland Property from Elme Communities

by Lynn Peisner

GAITHERSBURG, MD. — RailField Partners has acquired Elme Watkins Mill, a 210-unit garden-style community in the Washington, D.C., suburb of Gaithersburg, from Elme Communities (NYSE: ELME). The property was purchased by RailField’s RG Value Add Fund, a joint venture with GCM Grosvenor (Nasdaq: GCMG), whose real estate business encompasses about $7 billion across 2,200 properties. The transaction comes as Elme Communities continues to wind down its portfolio under a shareholder-approved plan of sale and liquidation. Elme Watkins Mill was among the remaining assets. The REIT has announced it will sell …

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JFK-Blvd-Jersey-City
DevelopmentFinanceNew JerseyNewsNortheast

Madison Capital Provides $375M Construction Loan for Jersey City Development

by Lynn Peisner

JERSEY CITY, N.J. — Walker & Dunlop has arranged a $375 million construction loan to finance JFK Boulevard, a mixed-use project that will be built in Journal Square in Jersey City. The developer is Nasser Freres. The lender was Madison Realty Capital. The project includes 840 residences, including studios, one-, two- and three-bedroom units. Eighty-four units will be designated as affordable housing. Rent restrictions have not yet been disclosed. The development will also feature approximately 50,000 square feet of retail space anchored by a national organic grocer. An additional 36,522 square …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

TCB Opens Province Post, Bringing 65 Affordable Units to Provincetown, Massachusetts  

by Lynn Peisner

PROVINCETOWN, MASS. — The Community Builders (TCB) and the Town of Provincetown have opened Province Post, a 65-unit mixed-income community intended to serve the year-round workforce and residents of the Cape Cod resort town. Units are reserved for renters earning from 80 to 30 percent of area median income. Amenities include shared patios, a laundry room, seating areas, bike racks and direct access to a bike path. A variety of sources provided funding, including the Town of Provincetown, MassHousing, the Executive Office of Housing and Livable Communities, Community Economic Development …

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196-Bowery-NYC
Investment SalesNew YorkNewsNortheast

Javeri Capital Buys Manhattan Mixed-Use Property for $11.4M

by Lynn Peisner

NEW YORK CITY — Bowery Square Corp. has sold 196 Bowery, a mixed-use property in Manhattan’s NoLita neighborhood, to Javery Capital for $11.4 million. The eight-story, 13,000-square-foot building sits on about half an acre between Spring and Prince streets and includes ground-floor retail occupied by Genyth Tattoo with seven apartments, all with private terraces, above. Matt Fotis, Colton Traynham and Michael Weinstein of Marcus & Millichap represented the seller and procured the buyer, both headquartered in New York City.

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Affordable HousingDevelopmentFinanceNewsNortheast

PNC Bank Closes $251.4M Fund to Support 16 Affordable Housing Projects

by Lynn Peisner

PITTSBURGH — PNC Bank has closed the Low-Income Housing Tax Credit (LIHTC) Fund 104, a $251.4 million fund focused on the development and preservation of affordable rental housing across the United States. The fund includes investments from nine financial services and insurance companies, as well as PNC. Fund 104 is expected to support 16 multifamily properties nationwide, providing over 1,700 affordable units for families and seniors. The portfolio includes a mix of new construction and rehabilitation developments in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and …

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1740-Broadway-NYC
DevelopmentFinanceNew YorkNewsNortheast

Madison Realty Capital Originates $480M Loan for Midtown Manhattan Office-to-Residential Project

by Lynn Peisner

NEW YORK CITY — Madison Realty Capital has originated a $480 million loan for the office-to-residential conversion of 1740 Broadway in Midtown Manhattan. Yellowstone Real Estate Investments was the borrower, while Ackman-Ziff’s Jason Krane, Russ Schildkraut and Simon Ziff arranged the financing. The 523,051-square-foot, 27-story office building will be converted to a residential community consisting of 238 multifamily units and 182 condos. Amenities will include a resort-style lap pool, hot tub, a speakeasy bar in the building’s original bank vault and lounge and deck spaces. The property also includes 18,055 …

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Two-Clinton-Park-New-Rochelle
BerkadiaFinanceNew YorkNewsNortheast

Berkadia Arranges $126.4M ReFi for Two Clinton Park in New Rochelle, New York

by Lynn Peisner

NEW ROCHELLE, N.Y. — Berkadia has arranged a $126.4 million refinancing loan for Two Clinton Park, a 28-story, 390-unit luxury tower in New Rochelle that was completed in 2024. The Westchester County community is 93 percent occupied. RXR and Bridge Investment Group were the borrowers for the Fannie Mae near-stabilization loan. Located at 50 Clinton Place, Two Clinton Park features studios and one- and two-bedroom units ranging from 461 to 1,197 square feet as well as penthouse residences. Amenities include coworking lounges, a fitness center, hot tub and sauna, screening …

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100-jane-street-West-Village
Affordable HousingFinanceNew YorkNewsNortheast

Rockrose Obtains $69.5M Refinancing for West Village Asset

by Lynn Peisner

NEW YORK CITY — JLL Capital Markets has arranged a $69.5 million Freddie Mac refinancing loan for 100 Jane, a 148-unit property in Manhattan’s West Village neighborhood. The borrower was Rockrose Development Corp. Located at 100 Jane St. and built in 1996, the property includes 117 market-rate units, 30 affordable units and one superintendent unit. Rent restrictions were not disclosed. Amenities include a landscaped rooftop terrace, fitness center and laundry facilities. The JLL team representing the borrower was led by Geoff Goldstein, Steven Klein and Michael Shmuely.

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Greenwich-Oaks-Greenwich
ConnecticutInvestment SalesNewsNortheast

RMR Buys Connecticut Properties for $365M

by Lynn Peisner

GREENWICH, CONN. — RMR Residential, a subsidiary of RMR Group, has acquired a two-property portfolio known as The Greenwich Collective for $365 million. Greenwich Oaks and Greenwich Place will be managed by ARIUM, RMR’s residential brand. The seller was not disclosed. Situated on the New York-Connecticut border, ARIUM at Greenwich Oaks at 255 Weaver St. features 134 two- and three-bedroom garden-style units. Amenities include a heated, resort-style pool, basketball and pickleball courts and a playground. ARIUM at Greenwich Place at 9 1/2 Putnam Green offers 272 one-, two- and three-bedroom …

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95-Everett-Boston
Affordable HousingDevelopmentMassachusettsNewsNortheast

Pennrose Breaks Ground on $51.9M Mixed-Income Boston TOD

by Lynn Peisner

BOSTON — Pennrose has begun construction of 95 Everett Street, an 88-unit, transit-oriented, mixed-income development in the Allston-Brighton neighborhood of Boston. The approximate project cost, according to the City of Boston, is $51.9 million. The property is across the street from the Boston Landing MBTA commuter rail station. Units offered as studios or with one, two or three bedrooms will come with rent restrictions ranging from 30 up to 120 percent of area median income. Residents will have access to a clubhouse, rooftop terrace and a fitness center. Pennrose Management …

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