NEW YORK CITY — Brisa Builders Development LLC and PMG Affordable have secured $51.7 million in financing for 19-19 Cornaga Ave., a 92-unit affordable housing project located in the Downtown Far Rockaway Special Purpose District in Queens. The financing package includes: Additionally, the developers are leveraging roughly $21.4 million in low-income housing tax credit (LIHTC) equity syndicated by Enterprise, $2.3 million in state LIHTC equity and $41,000 in solar tax credit equity. BWE is providing permanent financing through Freddie Mac. 19-19 Cornaga Ave. will offer a mix of studio, one- …
POHATCONG, N.J. — Larken Associates is nearing completion of Monte View at Pohatcong, a 120-unit complex located at 1001 Monte View Drive in Pohatcong, roughly 23 miles east of Allentown, Pennsylvania. The property consists of three garden-style buildings and one four-story elevatored building. Units come in one- and two-bedroom floor plans. Residents have access to amenities such as a clubhouse, pool, dog run, tot lot, fitness center, coworking center and game room. Monte View at Pohatcong is slated for full completion by April 2025. The property is currently approximately 50 …
NEW YORK CITY — Apollo Global Management has provided a $275 million loan for the refinancing of 63-67 Wall Street, an 816-unit complex consisting of two buildings in Lower Manhattan. Units come in studio, one and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and business center. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., while 63 Wall Street was completed …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have sent a letter to the White House requesting a review of 32 federal programs, rules and regulations at 10 different agencies. NMHC and NAA stated that some existing regulations stray from their intended purposes, stifling innovation and hampering housing production. The purpose of the proposed review would be to increase housing supply, lower costs and improve housing affordability. “This past autumn, voters across the country made clear that lowering the cost of housing was a …
JERSEY CITY, N.J. — Alpine Residential has received $81.2 million in financing for Atlas and Starling, two properties located in the Bergen-Lafayette section of Jersey City. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL Capital Markets originated the two five-year, interest only fixed-rate Freddie Mac loans. The proceeds will be used to take out the existing construction loans, which were also arranged by JLL. Located at 270 Johnston St., Atlas comprises 169 apartments, including 11 affordable units. The community was built in 2025. Starling is located at 66 Monitor St. and offers …
Late last summer, optimism ran steady across the multifamily investment sales market. Prior to the Federal Reserve’s initial rate cut in September 2024, interest rates had remained stable throughout the year. The outlook was positive. But that more ebullient market proved temporary. The Fed’s interest rate cut had a positive effect on the secured overnight financing rate (SOFR), which fell from 5.3 percent on Sept. 18, 2024, to 4.3 percent in early February 2025. The U.S. 10-year Treasury yield rose during the same period. On Sept. 18, 2024, the 10-year …
WASHINGTON, D.C. — The Trump administration is expected to terminate roughly half of all employees at the U.S. Department of Housing and Urban Development (HUD), according to a statement from the National Low Income Housing Coalition (NLIHC). In late January, the Trump administration directed all federal agencies to withhold federal assistance investments, including HUD funds such as grants and rental subsidies. After 48 hours, the administration rescinded its directive. President Trump signed an executive order on Feb. 11 implementing the Department of Government Efficiency (DOGE) workforce optimization initiative. The executive order …
BETHESDA, MD. — Fairfax, Virginia-based developer Peterson Cos. has purchased 8001 Woodmont, a 322-unit community in Bethesda, about seven miles north of Washington, D.C. JBG Smith Properties sold the property for $194 million. Robert Jenkins, Bret Thompson and Andrew Gemma of JLL Capital Markets represented the seller in the deal. Delivered in 2021, 8001 Woodmont offers a mix of one-, two- and three-bedroom floor plans. Residents have access to amenities such as a fitness center, rooftop terrace, outdoor pool and concierge services. The property also includes 19,452 square feet of …
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Webinar: Resident Retention at Risk — How to Prevent Quiet Leaving
The Feb. 25 webinar “Resident Retention at Risk — How to Prevent Quiet Leaving,” sponsored by Opiniion, brought together industry experts to discuss the most pressing challenges in multifamily and student housing and their strategies to improve resident satisfaction and retention. This one-hour discussion explored key factors influencing move-outs, including communication gaps, maintenance concerns and lease renewal hesitations. Speakers shared insights on effective property management strategies, community-building initiatives and engagement tactics that drive resident loyalty. The session highlighted best practices for feedback collection, strategic development and the role of online …
JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces. Thomas Didio, Thomas Didio Jr. and Michael Mataras …