Northeast

An apartment community in Glen Mills, Pennsylvania

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton January 24, 2024

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

January 24, 2024

Finance Investment Sales New York News Northeast

Derby Copeland Provides $20.8 Million in Acquisition Loans for Two Buildings in Manhattan

by Channing Hamilton January 22, 2024

NEW YORK CITY — Locally-based lending and investment company Derby Copeland Capital has provided two acquisition loans totaling $20.8 million for a pair of buildings in the New York City borough of Manhattan. The undisclosed borrower plans to use portions of the proceeds to fund capital improvements. In the first transaction, Derby Capital provided $17 million for a building comprising 31 units and ground-floor retail space in the East Village. In the second deal, the firm provided $3.8 million for a 20-unit building in Manhattan’s Rose Hill neighborhood.

January 22, 2024

Company News Development Leasing & Marketing New York News Northeast Operations

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

by Channing Hamilton January 22, 2024

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 …

January 22, 2024

Investment Sales New Jersey News Northeast

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

by Channing Hamilton January 19, 2024

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.

January 19, 2024

Investment Sales New Jersey News Northeast

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

by Channing Hamilton January 17, 2024

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 …

January 17, 2024

The Pointe at Hills Farm in Shrewsbury, Massachusetts

Affordable Housing Development Finance Massachusetts News Northeast

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

by Channing Hamilton January 16, 2024

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 …

January 16, 2024

Affordable Housing Development Finance Investment Sales Market Reports New York Northeast

NYC Investors Hunt for Distressed Deals

by Channing Hamilton January 15, 2024

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 …

January 15, 2024

Development Investment Sales New Jersey News Northeast

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

by Channing Hamilton January 15, 2024

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.

January 15, 2024

Development New Hampshire News Northeast

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

by Channing Hamilton January 12, 2024

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.

January 12, 2024

Investment Sales New Jersey News Northeast

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

by Channing Hamilton January 12, 2024

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.

January 12, 2024

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