Northeast

Bacara in Wildomar, California
Company NewsDevelopmentLeasing & MarketingNew YorkNewsNortheastOperations

Blackstone to Acquire Tricon Residential for $3.5 Billion, Plans to Take Company Private

by Channing Hamilton

NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Canadian owner-operator Tricon Residential (NYSE: TCN) for $3.5 billion. The deal is expected to close in the second quarter and will take Tricon Residential private. Blackstone will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 …

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Investment SalesNew JerseyNewsNortheast

Kislak Negotiates $13.8 Million Sale of Wedgewood House in Orange, New Jersey

by Channing Hamilton

ORANGE, N.J. — The Kislak Co. Inc. has arranged the $13.8 million sale of Wedgewood House, an 80-unit community in the New York City suburb of Orange. Joni Sweetwood of Kislak represented the seller in the transaction. Daniel Lanni of Kislak represented the buyer. Both parties requested anonymity. The garden-style complex was built on 1.8 acres in 1968 and was recently renovated. Units come in studio, one- and two-bedroom floor plans.

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The Metropolitan Lofts in Morristown, New Jersey
Investment SalesNew JerseyNewsNortheast

Gebroe-Hammer Associates, Berkadia Arrange Sale of The Metropolitan Lofts in Morristown, New Jersey

by Channing Hamilton

MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit community located at 11 DeHart Street in Morristown’s downtown area. Veris Residential and Woodmont Properties sold the asset to an unnamed investor. Gebroe-Hammer Associates and Berkadia represented the sellers in the deal. The Metropolitan Lofts was built in 2018. The property offers one- and two-bedroom apartments ranging from 679 to 1,203 square feet in size. Amenities include a fitness center, yoga room, spin studio, golf simulator with lounge seating, bike storage and an …

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The Pointe at Hills Farm in Shrewsbury, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $21 Million for Mixed-Income Community in Shrewsbury, Massachusetts

by Channing Hamilton

SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income community in Shrewsbury. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. WinnCos. is the borrower and developer. The Pointe at Hills Farm will comprise two three-story buildings. Of the total unit count, 56 will be reserved for households earning 30 to 60 percent of the area median income, and 21 units will be designated as …

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504-508 E. 12th St. in New York City
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNew YorkNortheast

NYC Investors Hunt for Distressed Deals 

by Channing Hamilton

Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell.  New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …

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DevelopmentInvestment SalesNew JerseyNewsNortheast

Cushman & Wakefield Negotiates Sale of Development Site in Iselin, New Jersey

by Channing Hamilton

ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a development site located at 186 Wood Ave. S. in the northern New Jersey community of Iselin. The site is located within the Centra at Metropark office campus. The Hampshire Cos. sold the asset to Woodmont Properties for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Ryan Larkin of Cushman & Wakefield represented the seller in the deal. The buyer did not disclose specific plans for the project.

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DevelopmentNew HampshireNewsNortheast

North & South Construction Services Completes Signature on Elm in Manchester, New Hampshire

by Channing Hamilton

MANCHESTER, N.H. — North & South Construction Services has completed Signature on Elm, a 35-unit development in Manchester. The developer and general contractor developed the project in partnership with the Strafford Economic Development Corp. Signature on Elm offers studio, one- and two-bedroom units, as well as 8,000 square feet of retail space. Of the total unit count, 15 apartments are set aside as workforce housing. Income restrictions for these units were not disclosed. Rents for market-rate units start at $1,500 per month for a studio apartment.

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Investment SalesNew JerseyNewsNortheast

Kislak Negotiates $6.9 Million Sale of Sheridan Gardens Apartments in Roselle, New Jersey

by Channing Hamilton

ROSELLE, N.J. — The Kislak Co. has arranged the $6.9 million sale of Sheridan Garden Apartments, a 35-unit complex in the New York City suburb of Roselle. Sheridan Garden Apartments was originally built in 1928. Joni Sweetwood of Kislak represented the seller, an entity doing business as Sheridan Estate Urban Renewal LLC, in the deal. Sweetwood also procured the buyer, Harrison Grove Holdings LLC.

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365 Bond Street in New York City
FinanceNew YorkNewsNortheast

Lightstone Secures $165.5 Million Agency Loan to Refinance 430-Unit Community in Brooklyn

by Channing Hamilton

NEW YORK CITY — Lightstone has received a $165.5 million Freddie Mac loan for the refinancing of a property at 365 Bond Street in Brooklyn’s Gowanus neighborhood. Peter Rotchford, Michael Shmuely, Nicco Lupo, Jeffrey Julien, Rob Hinckley, Steven Rutman, Jonathan Hageman and Hall Oster of JLL originated the five-year, fixed-rate loan. The community was built in 2016 and offers 430 apartment units, as well as 40,000 square feet of amenity space and 30,000 square feet of open green space. Units come in studio, one- and two-bedroom floor plans.

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Hawaii Avenue Apartments in Washington, D.C.
Affordable HousingFinanceNewsNortheastWashington, D.C.

Red Oak Capital Provides $5.8 Million for Affordable Housing Community in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing community located in Washington, D.C.’s Brookland neighborhood. The interest-only loan features a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million. The borrower, an entity doing business as Legacy Lofts II & III, plans to use the funds to acquire and rehabilitate the property into 22 apartments that will …

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