Northeast

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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Museum Parc
DevelopmentFinanceNew JerseyNewsNortheast

Co-Developers Secure $120 Million in Construction Financing for New Jersey Mixed-Income Project

by Channing Hamilton

NEWARK, N.J. — Co-developers LMXD and MCI Collective have received $120 million in construction financing for Museum Parc, a 250-unit mixed-income, mixed-use development located in downtown Newark. Merchants Capital arranged the financing, which consists of a $58 million Freddie Mac nine percent low-income housing tax credit forward permanent loan and a $62 million construction loan from Merchants Bank. Museum Parc will consist of a six-story building and a 12-story structure. Twenty percent of the residences at Museum Parc will be income-restricted. Forty-five units will be reserved for households earning at …

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Sharon Géno
FeaturesNortheastOperationsWashington, D.C.

NMHC: High Insurance Costs Worsen U.S. Housing Affordability Crisis

by Channing Hamilton

WASHINGTON, D.C. — Rising insurance costs are standing in the way of building more affordable housing. According to a survey from the National Multifamily Housing Council (NMHC), about 77 percent of owner/developer firms reported rate increases of up to 20 percent or more compared with 2023 costs. NMHC’s 2024 State of Multifamily Risk Report attributes the high costs to a variety of factors, including increased cost valuation, limited capacity within the reinsurance market, shrinking underwriting capacity and restricted availability of guaranteed cost/zero deductible programs.  Previous NMHC research, such as the 2023 State of …

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Hub in New York City
FinanceInvestment SalesNew YorkNewsNortheast

Walker & Dunlop Arranges Recapitalization for $420 Million Apartment Tower in Brooklyn

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story rental tower in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise asset from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not disclosed, but Walker & Dunlop stated that the transaction was done at a valuation of $420 million for the tower. Located at 333 Schermerhorn St., Hub comprises 750 units in studio, one- and two-bedroom layouts. The building was …

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Investment SalesNew JerseyNewsNortheast

The Kislak Co. Brokers $4 Million Sale of Complex in Millburn, New Jersey

by Channing Hamilton

MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit asset in Millburn, 10 miles west of Newark, New Jersey. Located at 357 Millburn Ave., the three-story building was originally built in 1927. The unit mix includes 11 one-bedroom and four two-bedroom units, which were fully occupied at the time of sale. The property also includes four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, and procured the buyer, an entity doing business as Walton Millburn …

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Residences at Mazza in Washington, D.C.
DevelopmentLeasing & MarketingNewsNortheastWashington, D.C.

Tishman Speyer Begins Pre-Leasing 321-Unit Community in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Tishman Speyer, along with property management firm Bozzuto, has launched pre-leasing at Residences at Mazza, a 321-unit mixed-use project located at 5300 Wisconsin Ave. NW within the Friendship Heights neighborhood of Washington, D.C. The site is situated within a block from the Friendship Heights Metro station. Residences at Mazza will offer 321 apartments, townhomes and penthouses. Amenities will include a coworking lounge, rooftop lounge, fitness center, central courtyard with a lap pool and media room. The property will also include a 70,000-square-foot retail concourse. The design team …

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The Larkspur in Victor, Idaho
Company NewsNew YorkNewsNortheastTexas

Franklin BSP Realty Trust to Acquire Mortgage Originator NewPoint Holdings

by Channing Hamilton

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator based in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties across the nation. The company operates as both a direct lender and third-party …

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Affordable HousingDevelopmentNewsNortheastWashington, D.C.

HUD Cuts Contracts for Affordable Housing Developers Under DOGE Directive

by Channing Hamilton

WASHINGTON, D.C. — The Trump administration has halted at least $60 million in financing intended for affordable housing developments across the nation, according to the Associated Press. At the direction of the Department of Government Efficiency (DOGE), the U.S. Department of Housing and Urban Development (HUD) has terminated contracts for at least two of the three organizations in its Section 4 program, which the Associated Press states could stall the development of hundreds of affordable housing projects across the United States. The Section 4 program, also known as the Capacity Building for …

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Affordable HousingDevelopmentNew JerseyNewsNortheast

Walters Underway on Affordable Housing Development in Hainesport, New Jersey

by Channing Hamilton

HAINESPORT, N.J. — New Jersey-based developer Walters is underway on the development of Cornerstone at Hainesport, a 73-unit affordable housing project in Hainesport, roughly 23 miles east of Philadelphia. The property will consist of six buildings. Units will come in one-, two- and three-bedroom layouts. The community will be available to households earning 60 percent or less of the area median income. Amenities include a basketball court, children’s play area and a clubhouse with computer workstations. The first apartments are expected to be available for occupancy by December.

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