Northeast

A 3D render of the Italic, a contemporary style high-rise building.

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

by Channing Hamilton May 5, 2023

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 …

May 5, 2023

Affordable Housing Development New York News Northeast

Durst Organization Opens New Public Housing in Queens

by Channing Hamilton May 4, 2023

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 …

May 4, 2023

Affordable Housing News Northeast People News Washington, D.C.

National Housing Conference President States Federal Reserve’s Rate Increases Risk Stagflation

by Channing Hamilton May 4, 2023

WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …

May 4, 2023

Development Massachusetts News Northeast

Jonathan Cozzens Secures Financing for Massachusetts Historic Mill Redevelopment

by Lynn Peisner May 1, 2023

ATTLEBORO, MASS. — MassDevelopment has partnered with HarborOne Bank to provide $11.3 Million in loan financing to developer Jonathan Cozzens doing business as 54 Union Street LLC. Cozzens will use the funds to renovate a former mill and manufacturing facility at 54 Union St. in Attleboro, located about 12 miles north of Providence, Rhode Island. The mill, constructed in 1908, is the former home of Pcraft Jewelry, a business founded in 1931. Attleboro was once known as the jewelry capital of the United States. The new market-rate community will consist …

May 1, 2023

Development New Jersey News Northeast

The NRP Group Breaks Ground on 401-Unit Jersey City Project

by Lynn Peisner April 25, 2023

JERSEY CITY, N.J. —The NRP Group has broken ground on an unnamed 401-unit development in the Port Liberté neighborhood of Jersey City. Joint venture equity investment for the project was provided by Rockwood Capital. G&S Investors is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans. Located at 190 Chapel Ave., the development is south of downtown Jersey City and adjacent to Liberty National Golf Course. The community, which is scheduled to open in summer 2025, will be NRP’s second development in Jersey City. …

April 25, 2023

A 3D render of Ltd. Med Center, a contemporary-style community in Houston.

Features Investment Sales Northeast Operations Washington, D.C.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton April 24, 2023

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

April 24, 2023

Town Hall Terrace, a brick federal-style multifamily property.

Investment Sales New York News Northeast Seniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton April 17, 2023

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

April 17, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

Affordable Housing Development Massachusetts News Northeast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner April 6, 2023

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

April 6, 2023

A white single-family home with black accents.

Build-to-Rent Industry Voices Midwest Northeast Southeast Texas Western

Why Build-to-Rent is a Win-Win Situation for Renters, Investors

by Channing Hamilton April 3, 2023

— By Adam Wolfson, CEO and CIO, Wolfson Development Co. — The nation’s decades-long housing shortage and the recent rise of the build-to-rent (BTR) sector are inextricably linked. Although some may debate that one is caused by the other — or at least made worse — the important point is that the BTR industry was born out of the housing crisis. The socioeconomic implication of homebuying versus renting may inspire an interesting debate, but it’s not germane to the essential fact that the United States does not have enough housing to …

April 3, 2023

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