Northeast

The Somerset in Winthrop, Massachusetts.
DevelopmentMarket ReportsMassachusettsNortheastOperations

Why Apartment Investors Remain So Bullish On Boston 

by Channing Hamilton

Commercial developers don’t receive the same sunny embrace in Boston compared with other booming multifamily markets to the south. NIMBYism exists everywhere, but developers face a litany of objections and roadblocks to new construction in Beantown. Labor unions, antiquated zoning practices and a scarcity of development sites are some of the barrier-to-entry culprits. In this challenging climate, Boston multifamily is typically summarized by one word: undersupplied. A modest amount of new development combined with strong renter demand ensures most properties will achieve rent growth and occupancy levels that investors like …

Continue Reading
0 FacebookTwitterLinkedinEmail
Luxor Lifestyle Apartments Lansdale in Lansdale, Pennsylvania.
DevelopmentNewsNortheastPennsylvania

Westrum Development Co. Opens $28 Million Luxor Lifestyle Apartments Lansdale in Lansdale, Pennsylvania

by Channing Hamilton

LANSDALE, PENN. — Westrum Development Co. has opened Luxor Lifestyle Apartments Lansdale, a $28 million community in Lansdale, 28 miles northwest of Philadelphia. Luxor Lifestyle Apartments Lansdale offers 211 units in studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, yoga studio, dog park and courtyard. Meyer provided design and architecture services for the project, which broke ground in March 2021. Mulhern & Kulp provided structural engineering. Berks Ridge Company Enterprises was the construction manager.

Continue Reading
0 FacebookTwitterLinkedinEmail
NewsNortheastPeople NewsWashington, D.C.

National Association of Home Builders Selects James Tobin as CEO

by Channing Hamilton

WASHINGTON, D.C. — The National Association of Home Builders (NAHB), a trade association representing the housing industry, has selected James Tobin as president and CEO. Tobin will work out of NAHB’s headquarters in Washington, D.C., and will assume the new post effective June 1. Tobin previously served as executive vice president and chief lobbyist at NAHB. Prior to joining NAHB in 1998, he worked as a senior legislative assistant to former U.S. Representative Frank Riggs of California and former U.S. Representative Gary Franks of Connecticut.

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNew JerseyNewsNortheast

The NRP Group, Adenah Bayoh Open Affordable 722 Chancellor Apartments in Irvington, New Jersey

by Channing Hamilton

IRVINGTON, N.J. — A partnership consisting of The NRP Group and Adenah Bayoh has opened 722 Chancellor Apartments, a 56-unit affordable community in Irvington, 3 miles west of Newark, New Jersey. Financing Partners for the project include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC. In addition, the Irvington Housing Authority provided five project-based vouchers. 722 Chancellor Apartments rises five stories and offers one-, two- and three-bedroom units to households earning at or below 60 percent of the …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingInvestment SalesNew YorkNewsNortheast

Nuveen Acquires 12,000-Unit Affordable Housing Portfolio from Omni Holding Co.

by Channing Hamilton

NEW YORK CITY — Chicago-based investment manager Nuveen has acquired a 12,000-unit affordable housing portfolio from Omni Holding Co. The deal increases the Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms were not disclosed. Omni Holding was advised by CBRE Affordable Housing and CBRE Capital Advisors. Paul Hastings and Nixon Peabody acted as transaction and regulatory counsel to Nuveen. The portfolio is largely focused in the New York city metropolitan area, including properties located in the Bronx, Brooklyn, Queens, Manhattan and Long Island. Nuveen’s affordable housing portfolio …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNew JerseyNewsNortheastPeople News

The Michaels Organization Selects Rosa Estrada as Regional Vice President

by Channing Hamilton

CAMDEN, N.J. — The Michaels Organization (Michaels), a property development, investment and management firm based in Camden, has selected Rosa Estrada as regional vice president. Estrada succeeds Larry Padilla, following his departure from Michaels. Estrada has 20 years of urban planning, placemaking and affordable housing development experience. She joined Michaels in March 2022 as a vice president in the Mid-Atlantic Region. In this role, Estrada will serve as lead developer for all Michaels’ development activities in Puerto Rico, including Los Alamos, a 365-unit affordable housing community in Guaynabo City. Michaels …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNew JerseyNewsNortheast

Klein Enterprises Breaks Ground on New Jersey Mixed-Income Development

by Lynn Peisner

METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …

Continue Reading
0 FacebookTwitterLinkedinEmail
Gindi Capital and Avery Hall's Brooklyn development
DevelopmentNew YorkNewsNortheast

Gindi Capital, Avery Hall Lock in $110 Million in Construction Financing For 193-Unit Development in Brooklyn

by Lynn Peisner

BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …

Continue Reading
0 FacebookTwitterLinkedinEmail
A 3D render of the Italic, a contemporary style high-rise building.
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

American Lions Secures $350 Million to Build The Italic In New York City

by Channing Hamilton

NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …

Continue Reading
0 FacebookTwitterLinkedinEmail
3-24 27th Avenue in Astoria, Queens.
Affordable HousingDevelopmentNew YorkNewsNortheast

Durst Organization Opens New Public Housing in Queens

by Channing Hamilton

QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants.  The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts
©2025 France Publications, dba France Media Inc.