NEW YORK CITY — Witkoff and Apollo Commercial Real Estate Finance Inc., a publicly traded mortgage REIT managed by an affiliate of Apollo Global Management, have topped out The Brook in downtown Brooklyn. The Brook will be the sixth tallest building in Brooklyn upon completion, according to the development team. The 52-story building will house 591 apartments, as well as 30,000 square feet of amenities and 21,000 square feet of retail space. Thirty percent of units will be set aside as affordable housing. Income restrictions for these units were not disclosed. …
CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing development at 52 New Street in Cambridge. The majority of the funds consists of a $15.4 million permanent loan, as well as $24.7 million in tax credit equity bridge financing. The borrower was locally based social services provider Just A Start. Once completed, the community will feature one-, two- and three-bedroom apartments for households earning 30, 60 and 80 percent of the area median income. The property will also include 3,500 square feet of commercial …
NEW YORK CITY — Marcus & Millichap has arranged the sale of The West, a 22-unit building located at 144 West Street in Brooklyn. The building was completed in 2021 and offers one- and two-unit floor plans. Amenities include a package room, urban garden, lounge with a bar and rooftop deck. Private investor Chesky Landau purchased the asset from an undisclosed seller for $9.3 million. Shaun Riney, Michael Salvatico and Samuel Leppo of Marcus & Millichap represented the seller and procured the buyer.
HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac agency loan for the refinancing of Pine Brook Place, a 240-unit complex located in the northern Boston suburb of Haverhill. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co. Pine Brook Place was built on nine acres in 1974. The property offers studio, one- and two-bedroom apartments across 10 buildings. Community amenities include a pool, courtyard and onsite laundry facilities.
NORTH KINGSTOWN, R.I. — CBRE has negotiated the sale of Mill Creek Townhomes, a 140-unit complex located in North Kingstown, 24 miles south of Providence. The property was built in 1968 a 47-acre site then expanded in 2006. The community offers two-, three- and four-bedroom units with an average size of 1,126 square feet. Landings Real Estate Group, a private investment group based in Newport, Rhode Island, acquired Mill Creek Townhomes from an affiliate of Massachusetts-based investment firm The Grossman Cos. CBRE’s Simon Butler, Biria St. John, John McLaughlin and …
Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.) Historically, investors also haven’t differentiated between suburban Philadelphia, namely …
NEW YORK CITY — First Citizens Bank has provided a $74 million loan for the refinancing of 160-unit property located at 310 Livingston Street in downtown Brooklyn. The borrower was Lonicera Partners, a locally based developer. The building rises 23 stories and offers one- and two-bedroom floor plans. Amenities include a fitness center, outdoor grilling and dining stations, a recreation room, speakeasy, library, private dining room and a sky lounge. The property also includes ground-level retail and restaurant space.
WESTFIELD, N.J. — Adoni Property Group has opened The Franklin Westfield, a 40-unit community in Westfield, 16 miles southwest of Manhattan. The community offers one-, two- and three-bedroom units ranging from 750 to over 2,650 square feet. Amenities include a rooftop deck, pool, putting green, lounge and dining/wine tasting room, fitness center, multi-sport simulator, business center, quiet room, pet wash and dog park.
NEW YORK CITY — Ariel Property Advisors (Ariel) has brokered the sale of a development site located at 60-14 Beach Channel Drive in the Far Rockaway neighborhood of Queens. According to Ariel, the site can support 74,000 square feet of buildable space and is subject to a 421a tax incentive for adding affordable housing. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the deal. The buyer was also not disclosed.
JERSEY CITY, N.J. — JLL Capital Markets has negotiated the sale of a 1.7-acre development site at 107 Morgan Street in the Waterfront neighborhood of Jersey City. Upon completion, 107 Morgan Street will offer approximately 650 apartments, as well as ground floor retail and amenity space. LCOR Inc. acquired the site from Veris Residential for $54 million. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL Capital Markets represented the seller and procured the buyer in the deal.