Northeast

95-Challenger-Road-Ridgefield-Park
Affordable HousingDevelopmentNew YorkNewsNortheast

KABR Group, Hornrock Properties Break Ground on Six-Story Community in Northern New Jersey

by Lynn Peisner

RIDGEFIELD PARK, N.J. — KABR Group and Hornrock Properties have broken ground on a six-story, 216-unit community at 95 Challenger Road that is set within Ridgefield Park’s Overpeck Corporate Center, a 60-acre mixed use development in Ridgefield Park, located five miles west of Manhattan. Designed by Minno & Wasko Architects and Planners, the building will feature a mix of studio, one- and two-bedroom residences, 22 of which will be set aside as affordable housing. Rent caps were not disclosed. Amenities will include an outdoor pool, a lounge and café, coworking …

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The-Meadowlands-Madison
Affordable HousingColoradoGeorgiaMarylandMidwestNew YorkNewsNortheastOhioOperationsSouth CarolinaSoutheastTexasVirginiaWesternWisconsin

WinnResidential Tapped to Manage 28-Property Affordable Housing Portfolio

by Lynn Peisner

INDIANAPOLIS — WinnResidential has been retained by KCG Cos. to operate 28 of the Indianapolis-based developer’s properties. Winn assumed leadership of operations and property management of 4,147 units in July and is expected to be selected to manage future communities over the coming year. KCG-owned workforce and affordable housing communities are located in Colorado, Georgia, Maryland, New York, Ohio, South Carolina, Texas, Virginia and Wisconsin. The company’s portfolio is comprised of approximately 34 communities. WinnResidential is the property management division of Boston-based WinnCompanies.

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NOX-Pittsburgh
Leasing & MarketingNewsNortheastPennsylvania

Milhaus, BAM Capital Open NOX in Pittsburgh

by Lynn Peisner

PITTSBURGH — Milhaus and BAM Capital, the private equity division of BAM Cos., have launched leasing at NOX, a 272-unit property located at 2551 Frontier Drive in Pittsburgh, less than a mile from the Mall at Robinson. NOX offers 10 floor plans in studio, one-, two- and three-bedroom configurations. Units feature quartz countertops, stainless steel appliances, full-size washers and dryers, patios and balconies, oversized windows and Bluetooth entry systems. Amenities include a resident lounge, coworking space, a pool and deck with dual grilling stations and a fire pit area, a …

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Sherry-Freitas-Cushman-and-Wakefield
Company NewsNew YorkNewsNortheastPeople News

Cushman & Wakefield Hires Sherry Freitas to Manage Multifamily Operations

by Lynn Peisner

NEW YORK CITY — Cushman & Wakefield has hired Sherry Freitas as president of asset services in the multifamily division. In this role, Freitas will oversee operations across the country, managing a workforce of more than 4,000 people who serve residential property management clients. Freitas was a member of the board of directors for the Atlanta Apartment Association for 10 years, serving as board chair in 2021.

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The-Morgan-Jersey-City
FinanceInvestment SalesNew JerseyNewsNortheast

Toll Brothers Sells Jersey City High-Rise

by Lynn Peisner

JERSEY CITY, N.J. — A joint venture that includes Toll Brothers Apartment Living has sold The Morgan at Provost Square to Rockpoint. JLL represented the seller and secured acquisition financing for Rockpoint. Terms of the sale were not disclosed. The Morgan at Provost Square is a 38-story high-rise built in 2016 that includes 417 units in studios and one-, two- and three-bedroom floor plans as well as penthouse units on the top floor. The Morgan at Provost Square is 97 percent occupied. Amenities include a rooftop pool with Manhattan-skyline views, …

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GoodHomes-Detroit
Affordable HousingConnecticutFinanceMichiganMidwestNewsNorth CarolinaNortheastRhode IslandSoutheast

Joint Venture Lands $76 Million Bridge Financing for Hotel-to-Multifamily Portfolio

by Lynn Peisner

BALTIMORE — M&T Realty Capital Corp. has provided a $76.2 million bridge loan for the GoodHomes portfolio owned by GoodHomes Communities and PILOT Real Estate Group. The portfolio consists of five former hotel properties that have been converted to workforce housing, totaling 886 units. The properties are located in Detroit, Fayetteville, North Carolina, Groton, Connecticut, and Warwick, Rhode Island. The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization. Four of the five properties benefit from …

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The-Clayborn-Medford-Mass
Affordable HousingDevelopmentMassachusettsNewsNortheast

The Davis Cos. Breaks Ground on Industrial Conversion Project in Greater Boston

by Lynn Peisner

MEDFORD, MASS. — Boston-based developer The Davis Cos. broke ground in August on The Clayborn, an industrial-to-multifamily conversion project at 970 Fellsway in Medford, seven miles northwest of Boston. The company bought the 7.9-acre site, which was home to a self-storage facility, in 2019 for $25 million. According to a LinkedIn post quoting Davis, the project cost is approximately $78 million. The development team includes Plumb House as general contractor, Bohler as civil engineer, WSP as mechanical engineer and H+O as the structural engineer. Cube 3 is the project architect, …

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Ballston-Rendering-Arlington
DevelopmentFinanceNewsNortheastWashington, D.C.

FCP Contributes $47.1 Million to Joint Venture Development in D.C. Metro

by Lynn Peisner

ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards. Brian Crivella, Bill …

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Meridian-at-Eisenhower-Alexandria
BerkadiaFinanceNewsNortheastWashington, D.C.

Berkadia Arranges $84.1 Million Refinancing for Paradigm Development Co.

by Lynn Peisner

ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million refinancing for Meridian Eisenhower Station, a 369-unit high-rise in the Washington, D.C., suburb of Alexandria. The lender was not disclosed. The sponsor was Paradigm Development Co. Patrick McGlohn and Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Brian Gould, Hunter Wood and Natalie Hershey. The property was 93 percent occupied at the time of closing. The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the borrower for reinvestment …

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Piazza-Alta-Phase-II-Philly
DevelopmentFinanceNewsNortheastPennsylvania

Post Brothers Receives $170 Million in Construction Financing for Second Phase of Philadelphia Piazza Project

by Lynn Peisner

PHILADELPHIA — Affinius Capital has originated a $170 million construction loan to finance development of Piazza Alta Phase II, a 431-unit project in Philadelphia’s Northern Liberties neighborhood. Locally based Post Brothers is the developer, and Ackman-Ziff arranged the loan. The community will feature two buildings, one eight and one 16 stories, containing studios and one-, two- and three-bedroom floor plans. Amenities will include a rooftop lap and lounge pool, grilling stations, fire pits, a fitness and yoga center, dry saunas, steam rooms, coworking spaces and bike storage. Post Brothers completed …

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