Northeast

Unnamed Development in Long Branch, New Jersey
DevelopmentNew JerseyNewsNortheast

Kushner Breaks Ground on $130 Million Development in Long Branch, New Jersey

by Channing Hamilton

LONG BRANCH, N.J. — Kushner has begun constructing a $130 million development in Long Branch, a beachside city in northern New Jersey. Minno + Wasko Architects & Planners designed the property. The first units are expected to be available for occupancy in late 2025. The community will offer 299 units across two four-story buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a pool, fitness center, co-working lounge, golf simulator, rooftop terraces, social lounges, pet spa, a children’s playroom and outdoor grilling and dining …

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NewsNortheastOperationsWashington, D.C.

Biden Administration Plans Rent Control Cap for LIHTC Properties

by Channing Hamilton

WASHINGTON, D.C. — The Biden Administration has planned an announcement to impose a limit on annual rent hikes at properties that have received support from the Low-Income Housing Tax Credit (LIHTC) program, according to a senior administration official. The new regulation would cap annual rent increases for these properties at ten percent. The Mortgage Banking Association (MBA) criticized the policy in a prepared statement on March 29.  “Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of …

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Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Brokers $3.1 Million Sale of 17-Unit Property in Lowell, Massachusetts

by Channing Hamilton

LOWELL, MASS. — Marcus & Millichap has brokered the sale of a 17-unit building located at 887 Varnum Avenue in the northwestern Boston suburb of Lowell. The community offers five studios and 12 two-bedroom units. Amenities include onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties requested anonymity.

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Affordable HousingFinanceMassachusettsNewsNortheast

MassDevelopment Provides $17 Million in Financing for Affordable Wamsutta Apartments in New Bedford, Massachusetts

by Channing Hamilton

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford. The borrower, an affiliate of HallKeen Management, plans to use the proceeds to fund capital improvements and preserve the property’s affordability status. The historic property was constructed in the 1870s and includes 29 buildings. The buildings primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income.

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Investment SalesNew YorkNewsNortheast

Ariel Property Advisors Brokers $25.3 Million Refinance for 82-Unit Building in Manhattan

by Channing Hamilton

NEW YORK CITY — Ariel Property Advisors has negotiated a $25.3 million loan for the refinancing of an 82-unit building on Manhattan’s Upper West Side. The property is situated at 120-125 Riverside Drive. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The borrower plans to use the proceeds to fund capital improvements to the property. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors led the transaction.

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DevelopmentFinanceNew YorkNewsNortheast

Cushman & Wakefield Arranges $135 Million in Construction Financing for 328-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit project located at 975 Nostrand Avenue in Brooklyn. The loan was provided by Santander and Related Cos. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield represented the borrower. The nine-story building will offer amenities such as a roof terrace, courtyard, fitness center and yoga room, karaoke room and a pet spa. The property will also include a 21,000-square-foot FRESH supermarket, 4,200 square feet of traditional retail space and 193 below-grade …

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The Westcott in Swampscott, Massachusetts
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsMassachusettsNortheast

Boston Investors in Holding Pattern

by Channing Hamilton

Boston is a famously difficult place to build or buy new apartments. Developers often spend years searching for a suitable site and gaining approvals from municipalities prior to construction.  In the development boom that peaked in 2022, just on the heels of the coronavirus pandemic, developers started construction on hundreds of thousands of new apartments across the country — the largest amount of new construction in decades. In Boston, developers started tens of thousands of new apartments. It’s a lot of new construction, but it’s still less than Boston developers …

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Courtney Wilson Multifamily NOI TheGuarantors quote
Affordable HousingContent PartnerFeaturesIndustry ContentLeasing & MarketingMidwestNortheastOperationsSoutheastTechnologyWestern

Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures

by Sarah Daniels

Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …

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Investment SalesNew YorkNewsNortheast

Rosewood Realty Arranges $2 Million Sale of 29-Unit Building in Manhattan

by Channing Hamilton

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of a 29-unit property located at 407 W. 205th Street in Manhattan’s Inwood neighborhood. Gilman Management purchased the building from family office Ramer & Saperstein for $2 million. Ben Khakshoor, Aaron Jungreis and Alex Fuchs of Rosewood represented both the buyer and the seller in the deal. The asset traded at a cap rate of 7.8 percent. The building rises five stories and was originally built in 1911.

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DevelopmentNewsNortheastPennsylvania

Milhaus, BAM Capital to Develop 272-Unit Nox Living in Pittsburgh Suburb

by Channing Hamilton

ROBINSON TOWNSHIP, PA. — A partnership consisting of developer Milhaus and investment firm BAM Capital will develop Nox Living, a 272-unit community in the western Pittsburgh suburb of Robinson Township. The property will offer studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to break ground on the community by July, with the first units slated to deliver by late 2025. 

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