Northeast

Edgemere Commons A2
DevelopmentNew YorkNewsNortheast

Tishman Speyer to Break Ground on $166 Million Project in Queens

by Channing Hamilton

NEW YORK CITY — TS Communities, the affordable housing platform of Tishman Speyer, is set to break ground on Edgemere Commons A2, a 244-unit affordable housing development in Queens. The community will rise 18 stories at 337 Beach 52nd St. Units will come in studio, one-, two- and three-bedroom floor plans. Edgemere Commons A2 will be affordable for households earning between 40 to 80 percent of the area median income. Additionally, 73 units will be set aside as supportive housing. Social service provider Breaking Ground will operate the supportive housing units. Residents will …

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Average effective rent in northern New Jersey
From the MagazinesMarket ReportsNew JerseyNortheast

Why North Jersey is More Than NYC’s Affordable Neighbor

by Channing Hamilton

Stability is a defining characteristic of the Northern New Jersey multifamily market. Unlike some markets that are prone to dramatic booms and busts, the region has long benefited from a diverse economy, proximity to New York City, an educated workforce and a steady flow of young professionals and families seeking high-paying jobs.  These fundamentals have allowed North Jersey to thrive over the past few years, with immigration fueling population growth and new industry clusters producing new jobs. These trends will drive demand for rental housing and allow investors to find …

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Mark Biancucci
New JerseyNewsNortheastPeople News

The Michaels Organization Adds New Deputy Chief Financial Officer

by Channing Hamilton

CAMDEN, N.J. — Camden-based owner, operator and developer The Michaels Organization has hired Mark Biancucci to the newly created position of deputy chief financial officer. Most recently, Biancucci was the chief financial officer at Lendlease, where he oversaw financial strategies for the company’s investment management, development, construction and military housing portfolio. Prior to joining Lendlease, he held senior finance roles at a private real estate firm.

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6208 Eighth Ave.
DevelopmentFinanceNew YorkNewsNortheast

S3 Capital Provides $210 Million Construction Loan for Mixed-Use Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is …

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Astoria Cove
DevelopmentFinanceNew YorkNewsNortheast

S3 Capital Provides $300 Million Construction Loan for Mixed-Use Development in Queens

by Channing Hamilton

NEW YORK CITY — S3 Capital has provided $300 million in construction financing for the development of a mixed-use project located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan on behalf of KS Group and Alma Realty Corp., two developers based in Newark and Long Island City, respectively.  Upon completion, the development will comprise 731 apartments across one 26-story tower and three mid-rise buildings. The project will offer affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real …

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FinanceNew YorkNewsNortheast

Wells Fargo Provides $231 Million in Bond Financing for Manhattan Apartment Building

by Channing Hamilton

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story residential tower located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building features 339 units, 271 of which are rented at market rates and 68 of which have been set aside as affordable for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014. The property offers studio apartments with an average size of 500 square feet. Amenities …

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The Italic
Affordable HousingDevelopmentNew YorkNewsNortheast

Partnership Begins Leasing 50-Story Apartment Building in Queens

by Channing Hamilton

NEW YORK CITY — A partnership between two locally based developers, Fetner Properties and Lions Group, has begun leasing The Italic, a 50-story building located at 26-32 Jackson Ave. in the Long Island City area of Queens. The building offers 363 units in studio, one-, two- and three-bedroom configurations, with 109 residences designated as affordable housing. Income restrictions for these units were not disclosed. Rents start at approximately $3,800 per month for a studio. Shared amenities include a communal lounge, fitness center, golf simulators, a basketball court, coworking spaces and …

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32-34 Walker St. in New York City
FinanceNew YorkNewsNortheast

Partnership Receives $32 Million in Financing for Manhattan Adaptive Reuse Project

by Channing Hamilton

NEW YORK CITY — A partnership between Urban Capital Group and Prosper Property Group has secured $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. Units will come in three- and floor-bedroom floor plans and will average 3,500 square feet. Local lender and private equity firm Kriss Capital provided the financing. Andy Iadeluca of New Development Capital arranged the debt. The design team …

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Holly Oaks
Investment SalesMarylandNewsNortheast

Kislak Brokers $15.9 Million Sale of Property in Aberdeen, Maryland

by Channing Hamilton

ABERDEEN, MD. — The Kislak Co. Inc., a Woodbridge, New Jersey-based brokerage firm, has arranged the sale of Holly Oaks in Aberdeen, about 31 miles northeast of Baltimore. Built in 2023, the garden-style community consists of five buildings with 12 units in each building. Holly Oaks offers two- and three-bedroom apartments that range from 1,100 to 1,400 square feet. All units feature a patio or balcony, washers and dryers and walk-in closets. Barry Waisbrod and Matt Wolf of Kislak marketed the property. Robert Holland procured the undisclosed New Jersey-based buyer, …

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Mi-Place at Vineyards
DelawareFinanceNewsNortheast

Lument Arranges $14 Million Loan for Refinancing of Mixed-Use Asset in Lewes, Delaware

by Channing Hamilton

LEWES, DEL. — Lument has arranged a $14 million commercial mortgage-backed security (CMBS) loan for the refinancing of Mi-Place at Vineyards, a 41-unit mixed-use asset situated along the Delaware Bay in Lewes. The developer and borrower is Fernmoor. The CMBS loan has a fixed interest rate and five-year term. It replaces existing debt from a local bank. Ben Retter of Lument negotiated the financing. Mi-Place at Vineyards is part of a master-planned community that includes apartments, condominiums, for-sale carriage homes and townhouses. The property also includes 65,000 square feet of …

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