Northeast

Keys-Pointe-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Second Phase of Baltimore Public Housing Redevelopment Underway

by Lynn Peisner

BALTIMORE — Construction is underway on Phase II of Keys Pointe, a $36 million affordable housing development in Baltimore. Stakeholders include the Housing Authority of Baltimore City (HABC) and developers The Michaels Organization and Affordable Homes and Communities of Greater Baltimore (AHC). The multi-phase project is a redevelopment of the O’Donnell Heights public housing community that was constructed in 1942 in East Baltimore. This newest complex will offer 60 affordable apartments, with floor plans that range from one- to four-bedroom apartments within townhouse-style buildings. Residents will have access to Keys …

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615-River-Road-Edgewater
DevelopmentFinanceNew JerseyNewsNortheast

Maxal Group Secures First-Phase Financing for $1 Billion Riverfront Development in New Jersey

by Lynn Peisner

EDGEWATER, N.J. — S3 Capital has originated a $255 million construction loan for The Maxal Group’s 615 River Road, a multifamily project that will comprise the first phase of construction of a $1 billion redevelopment along the Hudson River in Edgewater. The 25-story community will include 381 units, ground-floor retail space and parking for approximately 500 vehicles. Amenities include a fitness center, indoor pool and hot tub, a sauna, golf simulator, sports court, workspaces and a stadium-style screening room. FXCollaborative is the architect, and CetraRuddy is the interior designer. Galaxy …

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Edgewater-Towne-Center-New-Jersey
Investment SalesNew JerseyNewsNortheast

Site Centers Corp. Sells New Jersey Mixed-Use Project for $53.2 Million

by Lynn Peisner

EDGEWATER, N.J. — JLL Capital Markets has arranged the $53.2 million sale of Edgewater Towne Center, a mixed-use property directly across the Hudson River from Upper Manhattan. The asset features 76,525 square feet of retail, anchored by Whole Foods Market, and 64 apartments located above the retail. JLL represented the seller, Site Centers Corp., and procured the local private buyer. The project was developed in 2000 and is set on 14 acres. The apartments were 94 percent occupied at the time of sale. JLL’s team was led by Jose Cruz, …

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Michael-OLeary-TRITEC
Company NewsNew YorkNewsNortheastPeople News

Michael O’Leary Named CFO of TRITEC

by Lynn Peisner

RONKONKOMA, N.Y. — TRITEC Real Estate has appointed Michael O’Leary as chief financial officer. O’Leary will oversee TRITEC’s financial strategy, planning and operations. He joins the company from RXR Realty, a New York City-based multi-sector owner, operator and investor, where he was executive vice president and chief financial officer. TRITEC Real Estate was founded in 1986 by brothers Robert and James Coughlan. The company consists of TRITEC Development Group, TRITEC Building Co. and TRITEC Asset Management, Inc. TRITEC acquires, develops, builds, finances, leases and property manages commercial real estate projects, …

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The-Arbors-at-Brighton-Park-Bloomfield
ConnecticutInvestment SalesNewsNortheast

Paredim Communities Sells Arbors at Brighton Park in Connecticut

by Lynn Peisner

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA) has arranged the sale of The Arbors at Brighton Park, a 132-unit community in Bloomfield, about six miles northwest of Hartford, Connecticut. IPA’s Victor Nolletti, Eric Pentore and Wes Klockner, represented the seller, Paredim Communities, and procured the buyer, Beachwold Residential LLC. The Arbors at Brighton Park was completed in 2017 and features controlled access, a clubhouse with a coffee bar, grills and verandas. The unit mix includes one-, two- and three-bedroom floor plans, all of which have full-size washers and dryers, walk-in …

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Langston-on-Seventh-DC
DevelopmentNewsNortheastWashington, D.C.

The Langston on Seventh Opens Near Howard University

by Lynn Peisner

WASHINGTON, D.C. — The Langston on Seventh, a 204-unit apartment community, has opened at the corner of 7th and S streets in Washington, D.C. The developers were Quadrangle Development and Capstone Development. Cooper Carry was the architect, and SK&A and PDI provided engineering services. Built on the former site of a Howard University research building, the eight-story, 280,000-square-foot community features 14,554 square feet of ground-floor retail, a 74-space, below-grade parking deck, a lobby, a pool deck, outdoor grills and dining areas, coworking spaces, a chef’s kitchen, sports simulator, a conference …

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White-Houses-Harlem
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

New York City Housing Authority Locks in $272.6 Million in Redevelopment Funds for Harlem Properties

by Lynn Peisner

NEW YORK CITY — The New York City Housing Authority (NYCHA) has closed on the financing for a $272.6 million renovation of Metro North Plaza and Gaylord White Houses, two public housing communities in East Harlem. The properties were selected to be part of the Permanent Affordability Commitment Together (PACT) program, created by the City as part of a larger plan to modernize public housing. NYCHA needs more than $78 billion to fully restore and renovate all its buildings, but, according to the City’s website, the federal government has only …

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Teachers-Square-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Baltimore Unveils $6 Billion Housing Redevelopment Program to Restore Vacant Buildings

by Lynn Peisner

BALTIMORE — Baltimore has launched a 15-year housing redevelopment program aiming to restore vacant buildings throughout the city. The plan is backed by $1.2 billion in public-fund commitments and an anticipated $5 billion in private financing. City leaders say the plan will revitalize more than 65,000 properties across Baltimore. The redeveloped homes will be a mix of rental and for-sale housing. The City of Baltimore has approved the plan and public funding, while the Greater Baltimore Committee (GBC), a nonprofit, private-sector business advocacy group, is helping to coordinate private sector …

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EDE-Frederick
DevelopmentFinanceMarylandNewsNortheast

The Goldstar Group Secures Pre-Stabilization Refinancing

by Lynn Peisner

FREDERICK, MD. — Newmark has arranged a fixed-rate, Fannie Mae loan for The Goldstar Group to refinance EDE in Frederick. The loan was provided through Fannie Mae’s Near Stabilization Program, which allows the borrower to pay off a construction loan prior to stabilization. Qualifications depend on several factors, including the company’s financial health and development track record. The amount of the loan was not disclosed. Newmark’s team was led by Adam Randall, John Westby-Gibson and Drake Blodgett. Bethesda, Maryland-based The Goldstar Group developed EDE in 2024. JAG Management Co. is …

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The-Raye-at-Vermella-New-Brunswick
DevelopmentFinanceNewsNortheast

JLL Arranges $162 Million Loan for Russo Development’s Raye by Vermella

by Lynn Peisner

NEW BRUNSWICK, N.J. — Russo Development has secured permanent financing for The Raye by Vermella, a 534-unit community in New Brunswick. JLL Capital Markets arranged the $162 million loan, which was funded by Wells Fargo. The first phase of construction includes 262 units and is 65 percent leased, with full stabilization expected by the fourth quarter of this year. In Phase II, the developer will build 262 additional units. A construction timeline wasn’t disclosed, but Russo expects Phase II will be stabilized by the third quarter of 2027. JLL Capital …

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