MALVERNE, N.Y. — Bayport Funding has provided $3.2 million in financing for a development in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The borrower, who was not disclosed, plans to use the proceeds to acquire and complete the project. The development is currently underway, with completion slated for summer of 2024.
CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners. Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property …
RANDOLPH, N.J. — Locally based CrownPoint Group has acquired a 14.5-acre site in Randolph, a city in northern New Jersey. The developer plans to build a 125-unit complex called Liberty Village on the site. Liberty Village will comprise 11 buildings. Of the total unit count, 20 percent will be subject to income restrictions. Apartments will come in two- and three-bedroom floor plans. Planned amenities include a fitness center, golf simulator and a dog park. CrownPoint Group expects to break ground on the project during the third quarter of 2024.
ASHFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $6.1 million sale of Ashford Hills Apartments in Ashford, 34 miles east of Hartford, Connecticut. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer in the deal. Both parties requested anonymity. According to Apartments.com, Ashford Hills Apartments was built in 1969 and offers one-, two- and three-bedroom units. Units range from 625 to 1,014 square feet in size.
NEW YORK CITY — Soloviev Group plans to build two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to …
EAST GREENWICH, R.I. — Pennrose has begun constructing Frenchtown Road Apartments, a 63-unit affordable housing community in East Greenwich. The building will rise four stories and offer one- and two-bedroom floor plans. Units will be affordable to residents earning at or below 30 percent and up to 120 percent of the area median income. Construction is scheduled the complete in fall of 2024. Cove Homes Inc. will oversee management and support services at the property. Support services at the community will include resources such as case management, free and low-cost …
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Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften
Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …
NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset. The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the …
1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …
FRAMINGHAM, MASS. — Marcus & Millichap Capital Corp. has arranged a $5 million Freddie Mac acquisition loan for The Grant Street Complex, a 26-unit community in the Boston suburb of Framingham. Robert Bhat of Marcus & Millichap originated the financing. The borrower and direct lender were not disclosed. The Grant Street Complex offers one-, two- and three-bedroom apartments.