Northeast

Williamsburg Wharf in New York City
DevelopmentNew YorkNewsNortheast

Naftali Group, Access Industries Underway on 850-Unit Williamsburg Wharf in Brooklyn

by Channing Hamilton

NEW YORK CITY — A partnership between locally based developer Naftali Group and holding company Access Industries is underway on the construction of Williamsburg Wharf, an 850-unit project in Brooklyn. The development is situated on 3.8 acres off Kent Avenue, adjacent to the Brooklyn Navy Yard. Williamsburg Wharf will comprise five 22-story buildings that will also include retail and commercial space. The waterfront community will also feature an open lawn, walking and biking paths, a public park and dog run.

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FinanceInvestment SalesNew JerseyNewsNortheast

BridgeInvest Provides $34.5 Million Acquisition Financing for The Pennington in Passaic, New Jersey

by Channing Hamilton

PASSAIC, N.J. — BridgeInvest has provided a $34.5 million loan to The Birch Group to finance the acquisition of The Pennington, a 147-unit property in the New York City suburb of Passaic. The Pennington is situated on 3.6 acres at 119-231 Pennington Ave. Amenities include a community room, children’s playroom and male and female gyms. According to the property website, units come in studio, one-, two- and three-bedroom layouts.

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ConnecticutInvestment SalesNewsNortheast

NEPCG Brokers $5.2 Million Sale of Willow Park Apartments in Danbury, Connecticut

by Channing Hamilton

DANBURY, CONN. — Northeast Private Client Group (NEPCG) has negotiated the sale of Willow Park Apartments, a 21-unit property in Danbury, 50 miles northeast of New York City. The asset traded hands for $5.2 million. Jeff Wright and Rich Edwards of NEPCG represented the seller and procured the buyer in the deal. Both parties requested anonymity. According to Apartments.com, Willow Park Apartments offers one-bedroom units that span 575 square feet.

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2-20 and 2-21 Malt Drive in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

TF Cornerstone Nears Completion on 1.4 Million-Square-Foot Development in Queens

by Channing Hamilton

NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot high-rise community in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The …

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Investment SalesMassachusettsNewsNortheast

Adirondack Capital Partners Brokers $102.5 Million Sale of Abbot Mill Near Boston

by Channing Hamilton

WESTFORD, MASS. — Adirondack Capital Partners has negotiated the sale of Abbot Mill, a 234-unit property in the northwestern Boston suburb of Westford. Aker purchased the asset from an undisclosed local developer for $102.5 million. Michael Hunter Coghill and David Johnson of Adirondack Capital Partners brokered the deal. Abbot Mill is the first phase of the redevelopment of a historic mill, which was originally built in the 1870’s, according to Apartments.com. The community offers one- and two-bedroom apartments. Amenities include a fitness center, business center, clubhouse and a lounge.

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194 East 2nd Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $43 Million Sale of 62-Unit Property in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the sale of 194 East 2nd Street, a 62-unit community in the East Village neighborhood of Manhattan. Skyline Developers sold the asset to Benchmark Real Estate Group for $43 million. Skyline Developers originally bought the community in 2000. Joe Koicim, Logan Markley and Matt Berger of Marcus & Millichap represented the seller and procured the buyer in the deal. 194 East 2nd Street comprises 77,000 square feet, including 10,000 square feet of ground floor retail space. The unit mix includes four …

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Investment SalesNew JerseyNewsNortheast

Marcus & Millichap Arranges $6.1 Million Sale of 13-Unit Property in Hoboken, New Jersey

by Channing Hamilton

HOBOKEN, N.J. — Marcus & Millichap has brokered the $6.1 million sale of a building located at 202-204 Hudson Street in Hoboken’s downtown area. Devin Perez, Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, a private investor, in the deal. Both parties requested anonymity. The property offers 13 apartments, as well as two ground-floor retail spaces. The retail spaces are currently leased to Jersey Mike’s Subs and J & J Body Works.

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Affordable HousingFinanceMassachusettsNewsNortheast

MassHousing Provides $9.6 Million in Financing for Affordable Housing Community in Worcester, Massachusetts

by Channing Hamilton

WORCESTER, MASS. — MassHousing has provided $9.6 million in financing for The Aurora, an affordable housing complex in the central Massachusetts city of Worcester. The borrower, The Community Builders, plans to use the proceeds to fund renovations and preserve the property’s affordability status for the next 20 years. The Aurora comprises 85 units across five stories. The building originally opened in 1898 as a hotel and was converted to residential use in the 1980s. The community is affordable to households earning up to 30, 50 and 60 percent of the …

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John Williams
Affordable HousingDevelopmentFinanceIndustry VoicesMidwestNortheastSoutheastTexasWestern

Public-Private Partnerships: A Creative Approach to Increasing Affordable Housing Supply

by Channing Hamilton

— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …

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200 Quannapowitt in Wakefield, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

JLL Capital Markets Arranges Development Capitalization of 200 Quannapowitt Near Boston

by Channing Hamilton

WAKEFIELD, MASS. — JLL Capital Markets has arranged a capitalization for the development of 200 Quannapowitt, a 440-unit project in the Boston suburb of Wakefield. The borrower and developer was Cabot, Cabot & Forbes. JLL worked on behalf of the developer to secure the joint venture equity with Equity Residential (NYSE: EQR). Brett Paulsrud, Andrew Gray and Mike Shepard led the JLL Capital Markets Advisory team. Situated on Lake Quannapowitt, the community will include one-, two- and three-bedroom apartments. Eighteen percent of units will be designated as affordable. Income restrictions …

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