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.
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.
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 …
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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Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures
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 …
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.
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.
CHELSEA, MASS. — Fairfield has finished the construction of V2 Apartments, a 256-unit asset in the Boston suburb of Chelsea. The property is located near the MBTA commuter rail and Chelsea’s downtown area. V2 Apartments features studio, one- and two-bedroom floor plans. Amenities include a fitness center with personal e-trainer, pool, co-working lounge with complimentary Wi-Fi, dog park, three courtyards and electric vehicle charging stations.
NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit project located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. The borrower was EMP Capital Group. The development will consist of two adjourning buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. The unit mix will include 56 studios, 139 one-bedroom apartments …
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a development located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Leah Paskus of Landstone Capital Group negotiated the loan on behalf of the borrower and developer, Clipper Equity. The community will comprise 354 units across seven stories. The property will also include ground-floor retail space and on-site parking. Planned include a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. S. Wieder Architect PC …