WESTFIELD, N.J. — Adoni Property Group has begun pre-leasing at The Franklin Westfield, a 40-unit building in the New York City suburb of Westfield. The Franklin Westfield offers flats, duplexes and penthouse duplex apartments. Units range from 750 to over 2650 square feet in size. Amenities include a pool and hot tub, putting green, pergola with grilling stations, lounge, dining/wine tasting room, fitness center, golf/multisport simulator, theatre, business center, library, dog park and pet wash. Monthly rents range from $4,300 to $8,000.
BETHESDA, MD. — Walker & Dunlop has added three new employees to its Midwest Investment Sales team in Bethesda. Steve LaMotte and Dane Wilson joined the firm as managing directors, while Ross Wettersten joined as an associate director. The new team joins Walker & Dunlop with over 50 years of combined experience. The team will represent institutional and private clients across the Midwest, specializing in the valuation and disposition of multifamily properties.
NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan. Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless …
NEW YORK CITY — Marcus & Millichap has arranged the sale of a portfolio of five buildings Manhattan’s East Village area. The portfolio totals 73 apartment units and six commercial spaces. The buildings primarily house market-rate units. Kushner Cos. was the seller. The buyer was not disclosed. Joe Koicim, Logan Markley, Matthew Berger and Zan Colin of Marcus & Millichap represented the seller in the deal.
NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit building in the Astoria neighborhood of Queens. The property was originally constructed in 1941 and offers studio and one-bedroom units. The building comprises 34,000 square feet across six stories. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a high-rise project located at 255 E. 39th St. in the Murray Hill neighborhood of Manhattan. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. The building will rise 20 stories and will include 157 units, as well as 4,687 square feet of commercial space and an affordable housing component. The project …
— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …
Merchants Capital Provides $348 Million for Rehabilitation of Affordable Housing Complex in Brooklyn
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing community in Brooklyn. The financing complements a $635.6 million Permanent Affordability Commitment Together initiative from the New York City Housing Authority. The sponsor, a partnership consisting of BRP Cos., Fairstead and Urbane, will use the funds to renovate Reid Park Rock and deliver enhanced social services programs to the community. The partnership will also handle property management responsibilities. Reid Park Rock currently houses approximately 3,500 people …
WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm headquartered near Boston, has arranged a $3.3 million bridge loan for a development project in Warwick. The site currently serves as a parking lot. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender. The borrower, Skydra Development, plans to construct a four-story, 210-unit community on the site. The property will offer one- and two-bedroom apartments.
BETHLEHEM, N.Y. — The NRP Group has begun constructing Selkirk Reserve, a 72-unit workforce housing project located just south of Albany in Bethlehem. The Cleveland-based developer is building the project in partnership with New York State Homes & Community Renewal and nonprofit organization Soldier On. Selkirk Reserve will consist of nine two-story residential buildings and a clubhouse building on a 15.6-acre site. Units will come in one-, two- and three-bedroom layouts. The community will be available to renters earning between 30 and 60 percent of the area median income. Construction …