Northeast

An unnamed community in Dover, New Jersey
DevelopmentNew JerseyNewsNortheast

Crossroads Cos., CrownPoint Group Break Ground on 90-Unit Development in Dover, New Jersey

by Channing Hamilton

DOVER, N.J. — A joint venture between Crossroads Cos. and CrownPoint Group Inc. has broken ground on a 90-unit development located at 80 East McFarlan St. in downtown Dover, 31 miles west of New York City. Columbia Bank provided construction financing for the project. Circle Squared Alternative Investments provided equity financing. L2i Construction is the general contractor, with Crossroads Companies serving as the project lead.  Minno & Wasko Architects and Planners designed the community. Once completed, the six-story building will house a mix of studio, one- and two-bedroom units. Nine units …

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Aeolian Building in Meriden, Connecticut
Affordable HousingConnecticutDevelopmentFinanceNewsNortheast

Trinity Financial Secures $51.5 Million in Financing for Conversion Project in Meriden, Connecticut

by Channing Hamilton

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a conversion project in Meriden, located about halfway between New Haven and Hartford. The sponsor, Trinity Financial, will use the funds to redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into a mixed-income community. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Once converted, the property will comprise 82 apartments. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. …

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The Westerly in Washington, D.C.
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

AHC, Hoffman & Associates Open 449-Unit Mixed-Income Community in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Affordable Homes & Communities (AHC) and Hoffman & Associates have opened The Westerly, a 449-unit mixed-income community in Washington, D.C. The asset is located approximately three blocks from The Wharf, a mixed-use development co-developed by Hoffman & Associates. The Westerly offers studio, one- and two-bedroom apartments, including 136 units that are evenly split with income restrictions set at 30 and 50 percent of the area median income. The property features 20,000 square feet of amenities such as a rooftop pool deck, courtyard with a fire pit, entertainment …

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340 Nevins Street in Brooklyn, New York
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital, Kennedy Wilson Originate $160 Million Construction Loan for 340 Nevins Street in Brooklyn, New York

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC and Kennedy Wilson have originated a $160 million senior construction loan for 340 Nevins Street, a 320-unit apartment project in Brooklyn’s Gowanus neighborhood. A joint venture between Tavros Holdings and Charney Cos. is undertaking the development project. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing. 340 Nevins Street will rise 22 stories. The community will offer studio, one-, two- and three-bedroom apartments. Twenty-five percent of the units will be set aside as affordable housing. Income restrictions for these units have not …

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Mason Gray in New York City
DevelopmentFinanceNew YorkNewsNortheast

Invictus Real Estate Partners Provides $69 Million Bridge Loan for Mason Gray in Brooklyn

by Channing Hamilton

NEW YORK CITY — New York-based Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit property in Brooklyn’s Crown Heights neighborhood. The developer, Hope Street Capital, will use the funds to support minor construction work required to complete the seven-story building. Once completed, Mason Gray will feature 110 market-rate apartments, as well as 48 units designated for New York City’s 421-a Affordable Housing Program. Units will primarily come in one-bedroom floor plans. The community will offer amenities such as a fitness center, a …

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Elements at Saratoga Lake in Saratoga Springs, New York
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $67.5 Million Refinancing for Elements at Saratoga Lake in Saratoga Springs, New York

by Channing Hamilton

SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake in Saratoga Springs, approximately 35 miles north of Albany, New York. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development. Elements at Saratoga Lake consists of 26 residential buildings and a clubhouse. The property offers 260 units in one- and two-bedroom floor plans. Amenities include indoor and outdoor pools, a …

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An unnamed development in Harrison, New York
Affordable HousingDevelopmentNew YorkNewsNortheast

The NRP Group, RPW Group Break Ground on 200-Unit Development in Harrison, New York

by Channing Hamilton

HARRISON, N.Y. — A partnership between NRP Group and RPW Group has broken ground on a 200-unit project in the New York City suburb of Harrison. Once completed, the community will offer 30 studios, 86 one-bedroom and 84 two-bedroom units. Five percent of units will be designated for residents earning 80 percent of the area median income. The property will also feature five acres of open space including an outdoor walking trail system that will be open to the public, a dog park and a community garden operated by West …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

TCB Breaks Ground on 65-Unit Mixed-Income Community in Provincetown, Massachusetts

by Channing Hamilton

PROVINCETOWN, MASS. — The Community Builders (TCB) has broken ground on Province Post, a 65-unit mixed-income community in Provincetown, at the northern tip of Cape Cod. Province Post will offer 18 studio, 32 one-bedroom, 10 two-bedroom and five three-bedroom apartments. The property’s affordable component will apply to households earning between 30 and 80 percent of the area median income. Construction is slated to complete in spring 2026.

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Investment SalesNewsNortheastPennsylvania

Hudson Atlantic Brokers $6 Million Sale of Garrett House Apartments Near Philadelphia

by Channing Hamilton

DREXEL HILL, PA. — Matawan, New Jersey-based regional brokerage firm Hudson Atlantic has arranged the sale of Garrett House Apartments in the Philadelphia suburb of Drexel Hill. The property was built in 1960 and comprises 57 units. Apartments come in one-bedroom layouts. The original owner of the asset sold the property for $6 million. Neither party’s identity was disclosed. Adam Zweibel led the Hudson Atlantic team that brokered the deal.

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Bisby in Newport, New Jersey
Leasing & MarketingNew JerseyNewsNortheast

The LeFrak Organization Begins Leasing 34-Story Bisby in Newport, New Jersey

by Channing Hamilton

NEWPORT, N.J. — The LeFrak Organization has begun leasing Bisby, a 34-story high-rise community situated in Newport, which is situated across the Hudson River from Lower Manhattan. The property offers 385 units in studio, one-, two-, three- and four-bedroom floor plans. Monthly rates begin at $3,445 for a studio apartment. Amenities include a 33,000-square-foot rooftop terrace with a pickleball court, dog run and an outdoor kitchen, as well as a co-working center, golf simulator, content studio and dog spa. The project was designed by Minno & Wasko Architects & Planners. …

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