MORRISTOWN, N.J. — The Kislak Co. Inc. has arranged the sale of Ridgedale Commons, a 29-unit development in Morristown. The asset traded hands for $6.8 million. Kislak’s Joseph Keenan represented the seller and procured the buyer in the deal. Both parties requested anonymity. The property is currently under construction, and will ultimately offer a single one-bedroom unit, 27 two-bedroom units and one three-bedroom unit. Four units will be subject to income restrictions.
JERSEY CITY, N.J. — Hudson Atlantic has brokered the $2.4 million sale of Grand Gardens, a 16-unit building in the Bergen-Lafayette section of Jersey City. Grand Gardens was built in 1950. The property offers one- and two-bedroom apartments. Hudson Atlantic’s Ben Susskind marketed the asset on behalf of the undisclosed seller, with support from Adam Zweibel. The buyer was also not disclosed.
NEW YORK CITY — Marcus & Millichap has arranged the $4.1 million sale of a community at 533 Bergen Street in New York City’s Brooklyn borough. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller. The buyer was an individual/personal trust. Built in 1930, the community comprises eight units across four stories and 7,000 square feet. Units come in two- and three-bedroom floor plans.
TOMS RIVER, N.J. — JLL Capital Markets has brokered $26.8 million in financing for Camelot at Toms River, a 128-unit community in Toms River, which is located along the Jersey Shore. JLL worked on behalf of the borrower, Kaplan Cos., to secure the five-year, fixed-rate loan through Nuveen Real Estate. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. Camelot at Toms River was built in 2023 and offers one- and two-bedroom units. Amenities include a 2,098-square-foot clubhouse, fitness center, yoga room, pool, barbeque …
MONTVALE, N.J. — Walters has finished constructing Cornerstone at Montvale, an income-restricted community in the New York City suburb of Montvale. Cornerstone at Montvale offers 25 units across two buildings. The community is available to households earning at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income. Amenities include a fitness room, playground and outdoor areas with seating and gas grills. Residents will also have access to 55 parking spaces and a bike shed to accommodate 18 bicycles.
MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, an affordable housing complex in the Pittsburgh suburb of Monroeville. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing. Robbie Lynn of KeyBank structured the tax-exempt bonds, …
POMPTON LAKES, N.J. — Hudson Atlantic Realty has sold Lakeside Residences, a 52-unit building in Pompton Lakes, approximately 20 miles northwest of Midtown Manhattan. The property was built in 2022 and sold for $20 million. Lakeside Residences offers amenities such as a fitness center, resident lounge, game room and storage space. According to the community’s website, units come in one- and two-bedroom floor plans. Units feature stainless steel appliances, quartz countertops, subway tile backsplashes and vinyl flooring.
NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …
NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …
PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …