ORADELL, N.J. — SAGE Investment Real Estate Advisors has arranged the sale of a 24-unit property in the New York City suburb of Oradell. The building was constructed in the 1960s and features units in one- and two-bedroom layouts. Greg Pine and Steve Tragash of SAGE represented the seller, an entity doing business as Oradell Associates LLC, in the deal. Pine and Tragash also procured the buyer, an undisclosed private investor.
ELIZABETH, N.J. — Berkadia has negotiated the $4.8 million sale of Marlaw Apartments, a 36-unit community in the New York City suburb of Elizabeth. Nat Gambuzza, Trevor Fiebel, Tim Blashford and Nick Balancia of Berkadia represented the seller and procured the buyer in the deal. Both parties requested anonymity. Marlaw Apartments comprises one studio, 17 one-bedroom and 18 two-bedroom units. The property was fully occupied at the time of sale.
NEW YORK CITY — JLL has brokered the $47 million sale of a development site located at 45-40 Vernon Blvd. in the Long Island City neighborhood of Queens. The site, which formerly housed the Paragon Paint factory, is approved for the development of a 192,000-square-foot community. Once completed, the complex will comprise 202 units across 21 stories. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL arranged the deal. The seller was a joint venture between Quadrum Global, Baron Property Group and Simon Development. …
BUFFALO, N.Y. — Largo Capital has brokered a $6 million bridge loan to convert the Atrium Building, a 272,000-square-foot former office complex in downtown Buffalo, into a residential community. The converted asset will house an undetermined number of units. Kevin Coscia and Ned Perlman of Largo Capital arranged the debt. The direct lender and borrower were not disclosed.
PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing. Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property …
HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in Hoboken that will convert a five-story industrial building into a 110-unit community. Once converted, the complex will rise nine stories. Units will come in one- through five-bedroom floor plans. Planned amenities include a pool, fitness center, clubroom, lounge and grilling areas. The property will also offer 50,000 square feet of retail space, as well as a 300-space parking garage. Construction is underway and is slated to complete in the third quarter of 2025. The …
NEW YORK CITY — Marcus & Millichap has brokered the $12.6 million sale of four properties totaling 113 units in the Harlem neighborhood of Manhattan. The buildings offer two-, three-, four- and five-bedroom apartments, as well as eight retail spaces. Seth Glasser, Michael Fusco and Benny Katz of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity.
BAYONNE, N.J. — Vida Capital is nearing completion of Prospect Crossing, a 44-unit project in the New York City suburb of Bayonne. The building rises five stories and offers studio, one- and two-bedroom apartments ranging from 459 to 1,210 square feet in size. Units feature stainless steel appliances, granite countertops and tile backsplashes. Amenities include a fitness center, lounge, clubrooms and co-working space. Leasing will begin later this month.
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 …
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.