Northeast

Property Managers Need a Holistic Approach to Prop Tech to Streamline Operations

by Channing Hamilton July 12, 2024

— By Mike Branam, director of multifamily, PointCentral Renters increasingly desire smart technology features and personalized automation that can save time, money and improve property security. A 2022 survey from Rent.com reported that a staggering 82 percent of renters wanted at least one smart device in their home. This has encouraged property owners and operators to invest in technology as part of a wider strategy to both attract and retain a resident base that is a good fit for their communities. Technological advancements such as artificial intelligence (AI), as well …

July 12, 2024

Investment Sales New York News Northeast

Cushman & Wakefield Arranges $56 Million Refinancing for 138-Unit Property in Brooklyn

by Channing Hamilton July 11, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit property located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group. The community offers one- and two-bedroom units. Amenities include a private park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations.

July 11, 2024

Connecticut Development Finance News Northeast

JLL Arranges $165 Million Construction Financing for Phase II of The Corbin District in Darien, Connecticut

by Channing Hamilton July 10, 2024

DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use development in downtown Darien. JLL Capital Markets represented the developer, locally based Baywater Properties, to secure a $102 million loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen led the JLL Capital Markets team that arranged the total financing package. Once complete, The Corbin District will comprise 11 buildings featuring 112 apartments, as well as 78,810 square feet of retail …

July 10, 2024

West Side Square in Jersey City, New Jersey

Development Finance New Jersey News Northeast

Partnership Secures $169 Million Construction Loan for 477-Unit Development in Jersey City, New Jersey

by Channing Hamilton July 9, 2024

JERSEY CITY, N.J. — West Side Square Development Fund, a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for West Side Square in the Journal Square neighborhood of Jersey City. Bravo Property Trust provided the debt. West Side Square will offer 477 units in studio, one- and two-bedroom floor plans. Amenities will include coworking space, an outdoor deck with a pool and grilling stations, fitness center, community room and dog run. The property will also feature 9,841 square …

July 9, 2024

Affordable Housing Development Finance New York News Northeast

Partnership to Undertake $275 Million Renovation of Affordable Sack Wern Houses in the Bronx

by Channing Hamilton July 8, 2024

NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …

July 8, 2024

Investment Sales New Jersey News Northeast

JLL Capital Markets Arranges $80 Million Sale of Mount Laurel Crossing in Mount Laurel, New Jersey

by Channing Hamilton July 3, 2024

MOUNT LAUREL, N.J. — JLL Capital Markets has arranged the sale of Mount Laurel Crossing, a 296-unit community in the Philadelphia suburb of Mount Laurel. Colony Hills Capital, an investment management firm based in Wilbraham, Massachusetts, purchased the asset for $80 million. JLL represented the undisclosed seller in the deal. Fran Coyne, Carl Fiebig, Jose Cruz, Mike Oliver, Samantha Kupersmith and Tyler Margraf led the JLL Capital Markets Investment Sales and Advisory team. Mount Laurel Crossing was built in 1999. The property offers one-, two- and three-bedroom units. The average unit …

July 3, 2024

Investment Sales New Jersey News Northeast

JLL Capital Markets Brokers Sale of 226-Unit Avalon Hackensack at Riverside in Hackensack, New Jersey

by Channing Hamilton July 2, 2024

HACKENSACK, N.J. — JLL Capital Markets has arranged the sale of Avalon Hackensack at Riverside, a 226-unit community located at 414 Hackensack Ave. in the New York City suburb of Hackensack. JLL worked on behalf of the undisclosed seller. The buyer and sale price were also not disclosed. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce led the JLL Capital Markets team. Avalon Hackensack at Riverside was built in 2013. The community offers studio, one-, two- and three- bedroom apartments. Select units feature balconies, patios, dens and …

July 2, 2024

Mount Penn Manor in Reading, Pennsylvania

Investment Sales News Northeast Pennsylvania

Morgan Properties Acquires Portfolio of 11 Communities in Pennsylvania

by Channing Hamilton July 2, 2024

KING OF PRUSSIA, PA. — Morgan Properties, a development and investment firm based in the Philadelphia suburb of King of Prussia, has acquired a portfolio comprising 3,434 units across 11 properties in Pennsylvania. Morgan purchased the communities from their original developer, DePaul Management Co. The sales price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The buyer plans to invest more than $80 million in capital improvements to the portfolio. Units throughout the portfolio will be renovated with updates to the …

July 2, 2024

Oxenfree at WeHo in Nashville, Tennessee

Build-to-Rent Features Midwest Northeast Southeast Texas Western

Strong Tenant, Investor Demand Ensures Build-to-Rent Model Is Here to Stay

by Channing Hamilton July 1, 2024

Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes. For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home. These properties provide more living space and privacy than a typical apartment and at a more …

July 1, 2024

Development Leasing & Marketing News Northeast Pennsylvania

Toll Brothers Apartment Living Opens $112 Million Broad + Noble in Philadelphia

by Channing Hamilton July 1, 2024

PHILADELPHIA — Toll Brothers Apartment Living has opened Broad + Noble, a $112 million high-rise development in Philadelphia’s Callowhill neighborhood. Broad + Noble comprises 326,000 square feet across 19 stories. The residential tower offers 344 units. According to the property website, units come in studio, one- and two-bedroom floor plans. Community amenities include a resident lounge, fitness center, two coffee bars, co-working studio, gaming lounge with billiards, media room, sky lounge, rooftop deck, pet spa, bike storage, package concierge system and community-wide Wi-Fi. The property also includes office and retail …

July 1, 2024

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