Northeast

39 High Street in Jersey City, New Jersey
FinanceNewsNortheast

JLL Arranges $18.6 Million Loan to Refinance 83-Unit Property in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — JLL has negotiated an $18.6 million loan to refinance an 83-unit complex in the Journal Square neighborhood of Jersey City. JLL’s Matthew Pizzolato, Max Custer and John Cumming arranged the fixed-rate loan through a life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group. The six-story complex was built earlier this year at 39 High Street. Units come in studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace.

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West Side Square in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

West Side Square Development Fund Breaks Ground on 447-Unit Mixed-Use Development in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — West Side Square Development Fund has begun constructing West Side Square, a mixed-use development located at 66 Broadway in Jersey City. West Side Square will offer 477 apartments, as well as 9,814 square feet of ground-floor retail space. Units will come in studio, one, two and three-bedroom floor plans. Planned amenities include a deck with a swimming pool, grilling stations, outdoor lounge areas, a dog run, fitness center, co-working spaces and a community room for private events. West Side Square Development Fund will oversee the construction …

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Sullivan Parke in Forks Township, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Ashley Development Corp., Black Bear Asset Management Sell Sullivan Parke in Forks Township, Pennsylvania for $35.5 Million

by Channing Hamilton

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit property in the Lehigh Valley community of Forks Township, for $35.5 million. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer. Sullivan Parke consists of four buildings on a seven-acre site. Amenities include multiple fitness centers, lounges and outdoor recreation areas.

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224 W. 124th St. in New York City
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $100 Million in Bridge Financing for 168-Unit Building in New York City

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $100 million in bridge financing for a property located at 224 W. 124th St. in New York City’s West Harlem neighborhood. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures. The 19-story building was completed earlier this year and comprises 168 units. The community offers one-, two- and three-bedroom apartments, as well as townhomes and penthouse suites. …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Negotiates $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $48 million sale of Fannwood Estates, a 312-unit community in the New York City borough of Queens. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. Fannwood Estates rises six stories within the borough’s Rego Park neighborhood. The rent-stabilized building occupies a full city block.

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42 West Broad Street in Mount Vernon, New York
FinanceNew YorkNewsNortheast

JLL Arranges $93 Million Loan to Refinance 42 West Broad Street in Mount Vernon, New York

by Channing Hamilton

MOUNT VERNON, N.Y. — JLL Capital Markets has arranged a 93 million loan to refinance 42 West Broad Street, a high-rise community in Mount Vernon. The borrower was a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. Kellogg Gaines and Geoff Goldstein led the JLL Debt Advisory team. Canadian institutional lender Otera Capital provided the loan. Situated in Mount Vernon’s Fleetwood neighborhood, 42 West Broad Street comprises 249 units across 16 stories. Units come in studio, one-, two- and three-bedroom …

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Woodmont Way at West Windsor in West Windsor, New Jersey
FinanceNew JerseyNewsNortheast

JLL Brokers Refinancing for 443-Unit Woodmont Way at West Windsor Near Trenton, New Jersey

by Channing Hamilton

WEST WINDSOR, N.J. — JLL Capital Markets has arranged permanent financing for Woodmont Way at West Windsor, a garden-style community in West Windsor, 12 miles northeast of Trenton, New Jersey. The borrower, Woodmont Properties, will use the funds to refinance the property. Thomas Didio, Thomas Didio Jr., Salvatore Buzzerio and Benjamin Morgenthal led the JLL Capital Markets Debt Advisory team, which represented Woodmont Properties in the transaction. Woodmont Way at West Windsor was built in 2022. The property comprises 443 units across 13 buildings. Units come in one-, two- and three-bedroom …

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Randolph Perimeter in Sandy Springs, Georgia
DevelopmentFeaturesFinanceNewsNortheastOperationsWashington, D.C.

Legislation to Establish Workforce Housing Tax Credit Introduced in U.S. Congress

by Channing Hamilton

WASHINGTON, D.C. — Senate Finance Committee Chair Ronald Wyden (D-Ore.), Sen. Daniel Sullivan (R-Alaska) and U.S. Representatives James Panetta (D-Calif.) and Michael Carey (R-Ohio) have introduced the Workforce Housing Tax Credit Act into the U.S. House and Senate. The bipartisan proposal would establish a Workforce Housing Tax Credit (WHTC) that would complement the Low-Income Housing Tax Credit (LIHTC). The Workforce Housing Tax Credit Act would establish a public-private partnership that allows state housing agencies to issue credit allocations to developers through a competitive process. These credit allocations would then subsequently …

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Investment SalesNew JerseyNewsNortheast

The Kislak Co. Brokers $3 Million Sale of Riverbank Commons Apartments in Trenton, New Jersey

by Channing Hamilton

TRENTON, N.J. — The Kislak Co. Inc. has arranged the sale of Riverbank Commons in Trenton. Barry Waisbrod of Kislak represented the seller, River Bank Rentals LLC, in the transaction. The buyer was an entity doing business as NJ Mercer Investments Realty LLC. The building comprises 30 units across three stories. The unit mix includes three efficiency apartments, 12 one-bedroom units and 15 two-bedroom units.

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Fannwood Estates in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the sale of Fannwood Estates, a rent-stabilized property located in the Rego Park neighborhood of Queens in New York City. Fannwood Estates offers 312 units across six stories. The asset traded hands for $48 million. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.

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