Northeast

The Westcott in Swampscott, Massachusetts

Boston Investors in Holding Pattern

by Channing Hamilton March 25, 2024

Boston is a famously difficult place to build or buy new apartments. Developers often spend years searching for a suitable site and gaining approvals from municipalities prior to construction. In the development boom that peaked in 2022, just on the heels of the coronavirus pandemic, developers started construction on hundreds of thousands of new apartments across the country — the largest amount of new construction in decades. In Boston, developers started tens of thousands of new apartments. It’s a lot of new construction, but it’s still less than Boston developers …

March 25, 2024

Courtney Wilson Multifamily NOI TheGuarantors quote

Affordable Housing Content Partner Features Industry Content Leasing & Marketing Midwest Northeast Operations Southeast Technology Western

Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures

by Sarah Daniels March 25, 2024

Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …

March 25, 2024

Investment Sales New York News Northeast

Rosewood Realty Arranges $2 Million Sale of 29-Unit Building in Manhattan

by Channing Hamilton March 22, 2024

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of a 29-unit property located at 407 W. 205th Street in Manhattan’s Inwood neighborhood. Gilman Management purchased the building from family office Ramer & Saperstein for $2 million. Ben Khakshoor, Aaron Jungreis and Alex Fuchs of Rosewood represented both the buyer and the seller in the deal. The asset traded at a cap rate of 7.8 percent. The building rises five stories and was originally built in 1911.

March 22, 2024

Development News Northeast Pennsylvania

Milhaus, BAM Capital to Develop 272-Unit Nox Living in Pittsburgh Suburb

by Channing Hamilton March 22, 2024

ROBINSON TOWNSHIP, PA. — A partnership consisting of developer Milhaus and investment firm BAM Capital will develop Nox Living, a 272-unit community in the western Pittsburgh suburb of Robinson Township. The property will offer studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to break ground on the community by July, with the first units slated to deliver by late 2025.

March 22, 2024

Development Massachusetts News Northeast

Fairfield Completes 256-Unit V2 Apartments in Boston Suburb

by Channing Hamilton March 21, 2024

CHELSEA, MASS. — Fairfield has finished the construction of V2 Apartments, a 256-unit asset in the Boston suburb of Chelsea. The property is located near the MBTA commuter rail and Chelsea’s downtown area. V2 Apartments features studio, one- and two-bedroom floor plans. Amenities include a fitness center with personal e-trainer, pool, co-working lounge with complimentary Wi-Fi, dog park, three courtyards and electric vehicle charging stations.

March 21, 2024

Investment Sales New York News Northeast

Walker & Dunlop Arranges $109 Million Construction Loan for 247-Unit Community in Brooklyn

by Channing Hamilton March 20, 2024

NEW YORK CITY — Walker & Dunlop has arranged a $109 million construction loan for a 247-unit project located at 1034-1042 Atlantic Ave. in Brooklyn’s Prospect Heights neighborhood. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the five-year, interest-only loan through QuadReal Property Group. The borrower was EMP Capital Group. The development will consist of two adjourning buildings that will create a cross-block lot between Atlantic Avenue and Pacific Street. The unit mix will include 56 studios, 139 one-bedroom apartments …

March 20, 2024

Development New York News Northeast

SCALE Lending Provides $140 Million to Construct 354-Unit Project in Brooklyn

by Channing Hamilton March 19, 2024

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a development located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Leah Paskus of Landstone Capital Group negotiated the loan on behalf of the borrower and developer, Clipper Equity. The community will comprise 354 units across seven stories. The property will also include ground-floor retail space and on-site parking. Planned include a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. S. Wieder Architect PC …

March 19, 2024

Development Finance New York News Northeast

Dwight Mortgage Trust Provides $108.2 Million Bridge Loan for The Shoreline in Brooklyn

by Channing Hamilton March 18, 2024

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $108.2 million in bridge financing for The Shoreline, a mixed-use community in Brooklyn. The borrowers, Solomon Rubin and Chesky Rosen, will use the funds to refinance existing debt and complete the construction and lease-up of the project. The 31-story building includes 248 apartments, as well as 28,600 square feet of commercial space. Units come in studio, one- and two-bedroom floor plans. The Shoreline also features 25,000 square feet of amenities, including a pool, fitness center, game …

March 18, 2024

Affordable Housing Development Massachusetts News Northeast

Beacon Communities Completes 210-Unit Affordable Housing Redevelopment in Boston

by Channing Hamilton March 14, 2024

BOSTON — Beacon Communities has completed a 210-unit affordable housing redevelopment project located at 140 Clarendon Street in Boston’s Back Bay neighborhood. The site originally housed a historic YWCA building, which was originally constructed in 1929. The property now offers studio and one-bedroom units for low-income renters and formerly homeless individuals. Amenities include a fitness center, community room, library, computer learning center and a wellness office. The redevelopment preserved the spaces of Lyric Stage Co., the Snowden School and other nonprofits currently residing in the building.

March 14, 2024

Development Leasing & Marketing New Jersey News Northeast

Garden Communities Begins Leasing 147 Columbia in Florham Park, New Jersey

by Channing Hamilton March 13, 2024

FLORHAM PARK, N.J. — Garden Communities has begun leasing 147 Columbia, a 126-unit complex in the Northern New Jersey borough of Florham Park. The site is located at 147 Columbia Turnpike and formerly housed an office building. The redevelopment began last year. The community now offers one- and two-bedroom floor plans that range from 861 to 1,535 square feet in size. Units feature with stainless steel appliances, custom cabinetry and individual washers and dryers.

March 13, 2024

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