Northeast

Brooklyn Crossing in New York City
FinanceNew YorkNewsNortheast

MT&T Realty Capital Provides $414.8 Million Refinancing for 51-Story Tower in Brooklyn

by Channing Hamilton

NEW YORK CITY — M&T Realty Capital Corp. has provided a $414.8 million Freddie Mac conventional loan to refinance debt on Brooklyn Crossing, a 51-story high-rise community in Brooklyn. M&T Realty Capital is a wholly owned subsidiary of M&T Bank (NYSE: MTB). The borrower was The Brodsky Organization. Brooklyn Crossing features 858 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 258 are dedicated as affordable. Income restrictions for these units were not disclosed. Community amenities include a screening room, rooftop terrace and lounge, fitness center …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Beacon Communities Completes Renovation of Affordable Lenox Apartments in Boston

by Channing Hamilton

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing in Boston dedicated to serving African Americans. The renovation was funded through State and Federal housing and historic tax credits, as well as public and private loans.

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Investment SalesNew JerseyNewsNortheast

Hudson Atlantic Arranges $3.6 Million Sale of The Highlander in Wood-Ridge, New Jersey

by Channing Hamilton

WOOD-RIDGE, N.J. — Hudson Atlantic has arranged the $3.6 million sale of The Highlander, a 19-unit community in the northern New Jersey borough of Wood-Ridge. Adam Zweibel and Dante Fusaro of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed. The seller originally developed The Highlander in 1977. According to Apartments.com, the property exclusively offers one-bedroom floor plans.

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Caro Tuscan Village in Salem, New Hampshire
DevelopmentNew HampshireNewsNortheast

Dolben Co. Completes 260-Unit Caro Tuscan Village in Salem, New Hampshire

by Channing Hamilton

SALEM, N.H. — The Dolben Co. has completed Caro Tuscan Village, a 260-unit development in Salem. Caro Tuscan Village is situated on a 7.7-acre site within Tuscan Village, a mixed-use project that is a redevelopment of the former Rockingham Park horseracing complex. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, conference room, clubroom and outdoor grilling and dining stations. HDS Architecture designed the project. Pilot Construction was the general contractor.

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Unnamed Development in Long Branch, New Jersey
DevelopmentNew JerseyNewsNortheast

Kushner Breaks Ground on $130 Million Development in Long Branch, New Jersey

by Channing Hamilton

LONG BRANCH, N.J. — Kushner has begun constructing a $130 million development in Long Branch, a beachside city in northern New Jersey. Minno + Wasko Architects & Planners designed the property. The first units are expected to be available for occupancy in late 2025. The community will offer 299 units across two four-story buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a pool, fitness center, co-working lounge, golf simulator, rooftop terraces, social lounges, pet spa, a children’s playroom and outdoor grilling and dining …

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NewsNortheastOperationsWashington, D.C.

Biden Administration Plans Rent Control Cap for LIHTC Properties

by Channing Hamilton

WASHINGTON, D.C. — The Biden Administration has planned an announcement to impose a limit on annual rent hikes at properties that have received support from the Low-Income Housing Tax Credit (LIHTC) program, according to a senior administration official. The new regulation would cap annual rent increases for these properties at ten percent. The Mortgage Banking Association (MBA) criticized the policy in a prepared statement on March 29.  “Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of …

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Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Brokers $3.1 Million Sale of 17-Unit Property in Lowell, Massachusetts

by Channing Hamilton

LOWELL, MASS. — Marcus & Millichap has brokered the sale of a 17-unit building located at 887 Varnum Avenue in the northwestern Boston suburb of Lowell. The community offers five studios and 12 two-bedroom units. Amenities include onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties requested anonymity.

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Affordable HousingFinanceMassachusettsNewsNortheast

MassDevelopment Provides $17 Million in Financing for Affordable Wamsutta Apartments in New Bedford, Massachusetts

by Channing Hamilton

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford. The borrower, an affiliate of HallKeen Management, plans to use the proceeds to fund capital improvements and preserve the property’s affordability status. The historic property was constructed in the 1870s and includes 29 buildings. The buildings primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income.

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Investment SalesNew YorkNewsNortheast

Ariel Property Advisors Brokers $25.3 Million Refinance for 82-Unit Building in Manhattan

by Channing Hamilton

NEW YORK CITY — Ariel Property Advisors has negotiated a $25.3 million loan for the refinancing of an 82-unit building on Manhattan’s Upper West Side. The property is situated at 120-125 Riverside Drive. An undisclosed, out-of-state bank provided the five-year, fixed-rate loan, which was structured with two years of interest-only payments and a 60 percent loan-to-cost ratio. The borrower plans to use the proceeds to fund capital improvements to the property. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors led the transaction.

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DevelopmentFinanceNew YorkNewsNortheast

Cushman & Wakefield Arranges $135 Million in Construction Financing for 328-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit project located at 975 Nostrand Avenue in Brooklyn. The loan was provided by Santander and Related Cos. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield represented the borrower. The nine-story building will offer amenities such as a roof terrace, courtyard, fitness center and yoga room, karaoke room and a pet spa. The property will also include a 21,000-square-foot FRESH supermarket, 4,200 square feet of traditional retail space and 193 below-grade …

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