WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has selected Bernard Fulton as vice president for housing policy and regulation, Latoya Lovick as vice president of membership and Ryan Hecker as a Research Assistant. Fulton comes to NMHC from the Housing Policy Council, where he served as Vice President for Government Relations. Prior to joining the Housing Policy Council, he served as legislative director for Congresswoman Jan Schakowsky, legislative representative for the City of New York and head of Congressional relations for HUD Secretaries Shaun Donovan and Julián Castro. As vice …
State of New York to Provide $406 Million in Financing to Build Five Affordable Housing Developments
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) provided financing for the five developments, which comprised $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. Hochul’s announcement came during …
BROOKLYN, N.Y. — Canyon Partners Real Estate LLC, Tavros and Charney Cos. have formed a joint venture to develop 251 Douglass Street, a mixed-use development in the Gowanus neighborhood of Brooklyn. The project is being capitalized with $64.4 million in equity and a $119.9 million senior construction loan through Barings. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark led the team that arranged the financing. The development will comprise 260 units across 15 stories, as well as ground floor retail space and parking. The project is also planned to offer …
PROVIDENCE, R.I. — A partnership comprising developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income project in Providence’s Fox Point neighborhood. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt. The first phase of development will deliver 66 affordable and market-rate units, as well as retail space and a childcare facility. Income-restricted units will be affordable to households earning between …
NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …
MORRISTOWN, N.J. — JLL Capital Markets has promoted Elizabeth DeVesty to the role of director with the company’s New Jersey investment sales team. DeVesty will be based in Morristown and will primarily focus on multifamily investment sales transactions within the suburban tristate area. She will report to Senior Manging Directors Jose Cruz, Michael Oliver and Steve Simonelli. Prior to this role, DeVesty spent 13 years working with JLL and was most recently an associate at the firm. She earned her degree from Marist College in 2008.
SPRINGFIELD, MASS. — MassHousing has arranged $13.3 million in affordable housing financing for the acquisition and renovation of Van der Heyden Apartments in Springfield. The borrower, a partnership comprising Van der Heyden Apartments Limited Partnership and Paul Oldenburg, secured $9.9 million in construction financing and $3.4 million in construction and permanent financing. MBL Housing and Development was the project consultant. The general contractor is N.L Construction. The architect is Studio One. The management agent is Valley Real Estate. Additionally, the Massachusetts Executive Office of Housing and Livable Communities provided $8.5 million in equity financing, …
PLAINSBORO, N.J. — JLL Capital Markets arranged the sale of Addison at Princeton Meadows, a garden-style community in Plainsboro. Jose Cruz, Steve Simonelli, Michael Oliver and Elizabeth DeVesty represented the seller, a joint venture between Goldman Sachs Asset Management and Kushner Real Estate Group. Addison at Princeton Meadows was built in 1979 and consists of 440 units across 28 buildings. Units come in of studio, one- and two-bedroom floor plans. Amenities include a pool with a fire pit, tennis and basketball courts, a dog park, fitness center children’s playground and …
In the New York metropolitan area, more apartments are under construction, more renters are looking for apartments and renters are paying higher rents than almost any other apartment market in the U.S. But the cost to build a new apartment or renovate an old one is also higher, development sites are more expensive and regulations like rent stabilization are tougher than almost anywhere else. And New York City has some of the highest property taxes in the U.S. In June 2022, the Affordable Housing NY Program — also known as …
Kristi Nootens, managing director and co-head at CP Capital US, a real estate manager specializing in multifamily investments, sat down with Multifamily Affordable Housing Business (MAHB) to discuss the role of women in the industry and how the market may develop as we progress into the second half of 2023. On Women in Real Estate MAHB: Tell us about yourself and your journey. Nootens: My journey to commercial real estate started in large part because both of my parents worked in the industry. My dad was a mechanical engineer who spent a lot …