Northeast

Walker & Dunlop Arranges $148 Million Refinancing for The Victoria in Harlem

by Channing Hamilton July 24, 2024

NEW YORK CITY — Walker & Dunlop (NYSE: WD) has arranged the $148 million refinancing of The Victoria, a mixed-use property in the Harlem neighborhood of Upper Manhattan. The project was constructed around the neighborhood’s historic Victoria Theater. According to Walker & Dunlop, The Victoria is the tallest building in Harlem. The Victoria comprises 191 apartments, as well as 23,000 square feet of retail space, a 211-room Marriott-branded hotel and 52 below-grade parking spaces. The 30-story building was completed in the third quarter of 2023. Aaron Appel, Keith Kurland, Jonathan …

July 24, 2024

Connecticut Investment Sales News Northeast

Chozick Realty Arranges $12.9 Million Sale of 176-Unit Portfolio in Hartford, Connecticut

by Channing Hamilton July 23, 2024

HARTFORD, CONN. — Locally based Chozick Realty has brokered the $12.9 million sale of a portfolio of eight buildings totaling 176 units in Hartford. The properties are all located near the Aetna Insurance campus in Hartford’s downtown area. Approximately half of the units were recently renovated. Steve Pappas and Jordan Pinto of Chozick Realty represented the seller and procured the buyer in the deal. Both parties were regional investment firms.

July 23, 2024

Investment Sales New York News Northeast

Redwood Realty Advisors Brokers $2.6 Million Sale of 18-Unit Portfolio in Yonkers, New York

by Channing Hamilton July 22, 2024

YONKERS, N.Y. — Redwood Realty Advisors has arranged the $2.6 million sale of an 18-unit portfolio in Yonkers. The portfolio comprises eighteen units across multiple buildings at 53 & 74-76 Glenwood Ave. Michael Scrima and Thomas Gorman of Redwood Realty Advisors represented both the buyer and seller in the deal. Neither party’s name was disclosed.

July 22, 2024

Development Finance New Jersey News Northeast

JLL Capital Markets Arranges $13.1 Million in Construction Financing for Vroom Street Apartments in Jersey City, New Jersey

by Channing Hamilton July 18, 2024

JERSEY CITY, N.J. — JLL Capital Markets has arranged $13.1 million in construction financing for the development of Vroom Street Apartments, a 42-unit project in the Journal Square neighborhood of Jersey City. JLL worked on behalf of the borrower, Urban Square Properties, to secure the two-year loan through First Bank. Max Custer and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. The unit mix at Vroom Street Apartments will include five studio units, 14 one-bedroom units and 23 two-bedroom units. The average unit size will be 913 square feet. …

July 18, 2024

Affordable Housing Development New York News Northeast

Partnership Receives $332.3 Million in Financing for Redevelopment of West Brighton I and II on Staten Island

by Channing Hamilton July 18, 2024

NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …

July 18, 2024

Investment Sales New York News Northeast

Marcus & Millichap Arranges $29 Million Sale of Three-Property Portfolio in Manhattan

by Channing Hamilton July 17, 2024

NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of three properties in Manhattan’s East Village neighborhood. Located at 129 Second Ave. and 36 Saint Marks Place, the buildings all rise six stories. The portfolio totals 59 apartments, as well as 10 retail units. Ryco Capital sold the portfolio to Jonis Realty for $29 million. Both parties are locally based. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller and procured the buyer.

July 17, 2024

Investment Sales New Jersey News Northeast

CBRE Arranges $221.5 Million Sale of Two Properties in Jersey City, New Jersey

by Channing Hamilton July 17, 2024

JERSEY CITY, N.J. — CBRE has arranged the sale of Lenox and Quinn, two adjacent properties totaling 408 units located in the Paulus Hook neighborhood of Jersey City. Houston-based investment manager Hines Interests purchased both assets from institutional investors advised by J.P. Morgan Asset Management for $221.5 million. Lenox was built in 2017 and comprises 255 units. The property also includes a 257-space automated parking garage. Built in 2018, Quinn totals 153 units. Both communities feature amenities such as a rooftop with BBQ gas grills and a pool, resident lounge, …

July 17, 2024

Affordable Housing Development Features Finance Midwest Nevada Northeast Southeast Texas Western

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton July 16, 2024

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

July 16, 2024

Industry Voices Midwest Northeast Operations Southeast Texas Western

Property Managers Need a Holistic Approach to Prop Tech to Streamline Operations

by Channing Hamilton July 12, 2024

— By Mike Branam, director of multifamily, PointCentral Renters increasingly desire smart technology features and personalized automation that can save time, money and improve property security. A 2022 survey from Rent.com reported that a staggering 82 percent of renters wanted at least one smart device in their home. This has encouraged property owners and operators to invest in technology as part of a wider strategy to both attract and retain a resident base that is a good fit for their communities. Technological advancements such as artificial intelligence (AI), as well …

July 12, 2024

Investment Sales New York News Northeast

Cushman & Wakefield Arranges $56 Million Refinancing for 138-Unit Property in Brooklyn

by Channing Hamilton July 11, 2024

NEW YORK CITY — Cushman & Wakefield has arranged a $56 million loan for the refinancing of a 138-unit property located at 230 Classon Ave. in Brooklyn’s Clinton Hill neighborhood. Gideon Gil, Zach Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the fixed-rate loan through QuadReal Property Group on behalf of the borrower, Quinlan Development Group. The community offers one- and two-bedroom units. Amenities include a private park, coworking lounge, gaming terrace, fitness center and outdoor grilling and dining stations.

July 11, 2024

Newer Posts

Older Posts