Northeast

Walker & Dunlop Arranges $137 Million Acquisition Financing for LUKA on the Common in Downtown Boston

by Channing Hamilton September 26, 2024

BOSTON — Walker & Dunlop has arranged a $137 million Fannie Mae acquisition loan for LUKA on the Common, a 30-story high-rise community in Boston. San Francisco-based investor Carmel Partners purchased the asset, which was formerly known as AVA Theater District. The seller was Virginia-based AvalonBay Communities. LUKA on the Common is situated on a 21,344-square-foot site in the city’s downtown area. The 398-unit community was built at 45 Stuart St. in 2016, and situated in proximity to Boston Common Park, the Charles River, Boston Harbor and the city’s theater …

September 26, 2024

Affordable Housing Development News Northeast Pennsylvania

Greystar, ECHO Realty Break Ground on Mixed-Use Development in Pittsburgh

by Channing Hamilton September 25, 2024

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center …

September 25, 2024

Barbara Jean Wright Court Apartments in Chicago

Development Industry Voices New York Northeast

How to Pull Off a Large-Scale Rehab of an Occupied Property

by Channing Hamilton September 25, 2024

When New York-based developer Jonathan Rose Cos. (JRC) acquired the Barbara Jean Wright Court Apartments in 2021, the 272-unit, low-rise, 40 percent Section 8 community in Chicago’s University Village neighborhood was in need of some serious repair. Originally built in the 1970s and remodeled in 1999, the complex’s HVAC systems, flooring, kitchens, bathrooms and boilers were long past the point of needing a complete overhaul. The issue? The building was nearly fully occupied, which made this a tricker project than normal. To pull off this occupied restoration, JRC needed a construction …

September 25, 2024

Development New Jersey News Northeast

The Community Builders Completes 92-Unit Mixed-Income Project in Jersey City, New Jersey

by Channing Hamilton September 24, 2024

JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income community in the McGinley Square neighborhood of Jersey City. The property offers studio, one-, two- and three-bedroom apartments. Fifty units are subject to income restrictions. Amenities include a community lounge with a kitchenette and screening area, children’s playroom, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed Fairview Heights. Sisca Northeast Associates served as the general contractor.

September 24, 2024

The Nolan Thomas Portfolio in Greenwich, Connecticut

Connecticut Investment Sales News Northeast

Marcus & Millichap Brokers $19 Million Sale of Mixed-Use Portfolio in Greenwich, Connecticut

by Channing Hamilton September 24, 2024

GREENWICH, CONN. — Marcus & Millichap (NYSE: MMI) has arranged the sale of the Nolan Thomas Portfolio, a four-building, mixed-use portfolio in the southwestern Connecticut city of Greenwich. The 47,256-square-foot portfolio traded hands for $19 million. The portfolio consists of four buildings housing 10 apartments, 17 retail storefronts, 17 office suites and an 11,226-square-foot warehouse. Stephen Westerberg of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the deal. The buyer was also not disclosed.

September 24, 2024

Development Leasing & Marketing New Jersey News Northeast

KRE Group Begins Leasing 239-Unit Valley View Park in East Hanover, New Jersey

by Channing Hamilton September 23, 2024

EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit community in East Hanover, approximately 30 miles west of Manhattan. The property was named after a golf course that occupied the site from 1937 to 1973. The project team broke ground on the community in April 2023. The property consists of five four-story buildings, which house one- and two-bedroom units. Of the total unit count, 34 residences are subject to income restrictions. Amenities include a pool, fitness center, indoor and outdoor children’s play …

September 23, 2024

Development Finance Investment Sales New York News Northeast

IPA Capital Markets Arranges $75 Million Acquisition Financing for Manhattan Office-to-Multifamily Conversion Project

by Channing Hamilton September 23, 2024

NEW YORK CITY — David Werner Real Estate Investments and Metro Loft Management have secured $75 million in acquisition financing for the former Pfizer headquarters in Midtown Manhattan. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), arranged the financing through Northwind Group. The new ownership will convert the 10-story office building, which is situated at 219 E 42nd St., into an apartment community by combining it with the adjacent property at 235 E 42nd St. Once completed, …

September 23, 2024

Finance New York News Northeast

Affinius Capital Originates $68 Million Loan to Refinance Astor on Third II in Queens

by Channing Hamilton September 20, 2024

NEW YORK CITY — Affinius Capital LLC has originated a $68 million loan to refinance Astor on Third II, a 137-unit community located in the Astoria neighborhood of Queens. New York-based developer Goose Property Management was the borrower. The financing will be used to lease the property to stabilization. Henry Bodek of Galaxy Capital arranged the loan. Astor on Third II offers studio, one- and two-bedroom floor plans. Amenities include a 69-car parking garage, roof deck overlooking the city and the Kennedy Bridge, children’s playroom, fitness center, screening room, package …

September 20, 2024

Affordable Housing Industry Voices New York Northeast Operations

A Developer’s Thoughts on Recent Changes to New York Laws Regarding Rent-Stabilized Apartments

by Channing Hamilton September 20, 2024

The recent changes to New York laws regarding rent-stabilized apartments, included in the 2024 budget legislation and signed into law by Gov. Kathy Hochul, are a step in the right direction. Unfortunately, the step is so small that the effect will be the same as standing still. Much of the initial commentary on 2024 housing law updates was about the so-called “good cause eviction” provisions, which have little to do with eviction but are instead a rebranding of rent control. In 2019, the legislature made significant changes to the rules …

September 20, 2024

261 Grand Concourse and 315 Grand Concourse in New York City

Development Finance New York News Northeast

SCALE Lending Provides $135 Million Construction Loan for Two Projects in The Bronx

by Channing Hamilton September 18, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent buildings currently underway in the Mott Haven neighborhood of The Bronx. Both sites have been vested into New York’s 421a tax abatment program. Once completed in late 2025, the two buildings will rise 14 stories and comprise 405 units altogether. Apartments will come in studio, one- and two-bedroom layouts. The property will also feature 136 parking spaces and a …

September 18, 2024

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