Northeast

Arthaus in Philadelphia
DevelopmentFinanceInvestment SalesMarket ReportsNortheastPennsylvania

Philadelphia’s Development Fever Starts to Break

by Channing Hamilton

New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …

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Renters TheGuarantors
Content PartnerFeaturesIndustry ContentMidwestNortheastOperationsSoutheastStudent HousingTechnologyTexasWestern

Tech-Driven Renters Insurance Model Ramps Up Efficiency, Reduces Risk

by Sarah Daniels

The failure of residents to meet coverage requirements or letting policies lapse can cost owners and operators significantly, according to TheGuarantors, a fintech company serving the multifamily industry. For some operators, this can mean up to hundreds of thousands of dollars in liability costs. It can be months before operators become aware that residents have changed or canceled their policy. Property technology (proptech) innovations have helped digitize every facet of the leasing, management, maintenance, rent collection and revenue management processes. However, most proptech improvements have traditionally been renter focused, rather …

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30 Morningside in New York City
Architecture & DesignDevelopmentNew YorkNewsNortheast

CetraRuddy Redevelops Historic Hospital in New York City into 204-Unit Community

by Channing Hamilton

NEW YORK CITY — Locally-based architecture and interior design firm CentraRuddy is converting the historic St. Luke’s Hospital complex in New York City into a 204-unit community called 30 Morningside. The campus includes five buildings that were originally designed by Ernest Flagg and built between 1896 and 1928. According to CentraRuddy, the redevelopment project aims to restore the French Renaissance Revival-style buildings while taking advantage of Flagg’s original designs to maximize access to light and air. A development timeline for the project was not disclosed, but a tour of the …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

Paramount Assets Opens Frontier Flats in Plainfield, New Jersey

by Channing Hamilton

PLAINFIELD, N.J. — Paramount Assets, a Newark-based property ownership, management and development firm that specializes in restoring historic buildings and urban redevelopment projects, has opened Frontier Flats in downtown Plainfield. The building is the redevelopment of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.

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Falkland Chase in Silver Spring, Maryland
Affordable HousingDevelopmentMarylandNewsNortheast

APAH Plans $39.6 Million Redevelopment of Affordable Community in Silver Spring, Maryland

by Channing Hamilton

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has purchased Falkland Chase, a garden-style community in Silver Spring, from JBG Smith. The property currently offers 170 units that are affordable to households earning between 60 and 65 percent of the area median income (AMI). APAH plans to redevelop the Falkland Chase in phases, with the first phase slated to break ground in 2026. At full build-out, the redevelopment will add 1,250 new units to the property. Units will come in one-, two- and three-bedroom layouts. Montgomery County provided …

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600 Bond St. in Bridgeport, Connecticut
ConnecticutDevelopmentFinanceNewsNortheast

Eastern Union Arranges $19.6 Million For Conversion Project in Bridgeport, Connecticut

by Channing Hamilton

BRIDGEPORT, CONN. — Eastern Union has arranged a $19.3 million construction loan to facilitate the conversion of a former healthcare facility in Bridgeport into a 150-unit community. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union brokered the loan, which covers a 24-month period on an interest-only basis. Dov Bakon served as underwriter for the transaction. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a …

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DevelopmentNew YorkNewsNortheast

New Empire Corp. Breaks Ground on 12-Story Building in Queens

by Channing Hamilton

NEW YORK CITY — New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. in the New York City borough of Queens. The building was designed by Tang Studio Architect and Whitehall Interiors. The property will offer amenities such as a children’s playroom, lounge, outdoor terrace and a fitness center. A construction timeline for the project was not disclosed.

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Madison Farms in Charlotte, North Carolina
DevelopmentFinanceLeasing & MarketingMidwestNorth CarolinaNortheastOperationsSoutheastTexasWestern

How to Serve the Middle-Class Market

by Channing Hamilton

­— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …

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FinanceNewsNortheastPennsylvania

SCOPE Capital Group Secures Arranges $16 Million in Financing for The Washington Apartments in Philadelphia

by Channing Hamilton

PHILADELPHIA — SCOPE Capital Group has arranged $16 million in bridge-to-HUD financing for The Washington Apartments, a 72-unit complex in Philadelphia’s Kensington neighborhood. An undisclosed regional bank provided the three-year, interest-only loan to the borrower and developer, Philadelphia-based Trinity Realty Cos. Units come in one- and two-bedroom layouts with an average size of 881 square feet. Amenities will include a fitness center, business center and a rooftop deck, as well as ground-floor commercial space.

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Affordable HousingDevelopmentLeasing & MarketingMassachusettsNewsNortheast

Capstone Communities, MPZ Development Open $28.9 Million The McElwain School Apartments in Bridgewater, Massachusetts

by Channing Hamilton

BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have opened The McElwain School Apartments, a 57-unit mixed-income community in Bridgewater, 27 miles south of Boston. Of the total unit count, 51 are affordable to households earning at or below 60 percent of the annual median income. Amenities include on-site management and maintenance, a dog park, playground, community room and a wildflower bee meadow. The $28.9 million project is the redevelopment of a historic former school building, which sat vacant for over 20 years. The development was funded through a mix of state, local, and …

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