Northeast

Westminster Village Arms in Lowell, Massachusetts

MassHousing Provides $94 Million in Financing for 432-Unit Affordable Housing Community in Lowell, Massachusetts

by Channing Hamilton April 17, 2024

LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …

April 17, 2024

Development New Jersey News Northeast

The Community Builders Breaks Ground on 53-Unit Affordable Housing Development in New Brunswick, New Jersey

by Channing Hamilton April 11, 2024

NEW BRUNSWICK, N.J. — The Community Builders has broken ground on Stirlingside Residences, a 53-unit affordable housing project in New Brunswick. The property will offer 13 three-bedroom, 30 two-bedroom and 10 one-bedroom apartments. Of the total unit count, 47 will be reserved for households earning 60 percent or less of the area median income. Six units will be set aside for families and individuals who previously experienced homelessness. Amenities will include a community room, fitness room and onsite laundry facilities. The project is slated to deliver in mid-2025.

April 11, 2024

Investment Sales New York News Northeast

Marcus & Millichap Arranges $13.2 Million Sale of 76-Unit Property in Queens

by Channing Hamilton April 10, 2024

NEW YORK CITY — Marcus & Millichap has negotiated the sale of a 76-unit property at 34-50 28th Street in the Astoria neighborhood of Queens. The asset traded hands for $13.2 million. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity. The property was originally built in 1930 and rises six stories, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans.

April 10, 2024

Colorado Investment Sales New York News Northeast Western

Blackstone to Acquire AIR Communities for $10 Billion, Take Company Private

by Channing Hamilton April 10, 2024

NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …

April 10, 2024

Development New York News Northeast

Developer Nears Completion of 44 Springside in Poughkeepsie, New York

by Channing Hamilton April 9, 2024

POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is approaching completion of 44 Springside, a 28-unit property in Poughkeepsie, about 80 miles north of Manhattan. The building rises five stories in the Arlington neighborhood of the city. Amenities include an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The property will also feature approximately 7,000 square feet of commercial space. Tinkelman Architecture designed the community, which is slated to deliver this summer.

April 9, 2024

Finance New York News Northeast

SCALE Lending Provides $150 Million Construction Loan for Residential Tower in the Bronx

by Channing Hamilton April 8, 2024

NEW YORK CITY — SCALE Lending has provided a $150 million construction loan for a 13-story development located at 120 East 144th Street in the Mott Haven neighborhood of the Bronx. The borrower, The Beitel Group, will use the funds to complete the construction of the building. Leah Paskus of Landstone Capital Group arranged the loan. Prestige Construction NY will serve as the general contractor for the project. S. Wieder Architect PC is the architect. The Beitel Group originally purchased the site in 2022. The existing building on the property was …

April 8, 2024

Finance Massachusetts News Northeast

Mesa West Capital Provides $81 Million Refinancing for Emblem 120 in Boston Suburb

by Channing Hamilton April 5, 2024

WOBURN, MASS. — Mesa West Capital has provided an $81 million loan to refinance Emblem 120, a 289-unit property in the Boston suburb of Woburn. The borrower was a joint venture between affiliates of Toll Brothers Inc. and Carlyle. Newmark’s Boston Debt & Structured Finance team of David Douvadjian, Timothy O’Donnell and David Douvadjian arranged the financing. Emblem 120 was developed by Toll Brothers Apartment Living. The property was completed in 2022. Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central …

April 5, 2024

Development New York News Northeast

LeCesse Development Completes 189-Unit GrandeVille at Malta in Malta, New York

by Channing Hamilton April 4, 2024

MALTA, N.Y. — LeCesse Development Corp. has completed GrandeVille at Malta, a 189-unit community in Malta, 30 miles north of Albany, New York. The property offers one-, two- and three-bedroom apartments spread across three buildings. Amenities include a pool, fitness center, clubhouse, game room, business lounge and a spa. GrandeVille at Malta marks the second phase of a larger development. Phase I comprised 292 units. Partners on the development included James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank.

April 4, 2024

Finance New York News Northeast

MT&T Realty Capital Provides $414.8 Million Refinancing for 51-Story Tower in Brooklyn

by Channing Hamilton April 4, 2024

NEW YORK CITY — M&T Realty Capital Corp. has provided a $414.8 million Freddie Mac conventional loan to refinance debt on Brooklyn Crossing, a 51-story high-rise community in Brooklyn. M&T Realty Capital is a wholly owned subsidiary of M&T Bank (NYSE: MTB). The borrower was The Brodsky Organization. Brooklyn Crossing features 858 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 258 are dedicated as affordable. Income restrictions for these units were not disclosed. Community amenities include a screening room, rooftop terrace and lounge, fitness center …

April 4, 2024

Affordable Housing Development Massachusetts News Northeast

Beacon Communities Completes Renovation of Affordable Lenox Apartments in Boston

by Channing Hamilton April 3, 2024

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing in Boston dedicated to serving African Americans. The renovation was funded through State and Federal housing and historic tax credits, as well as public and private loans.

April 3, 2024

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