Northeast

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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626 Newark Avenue in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

SCALE Lending Provides $243 Million for Two Buildings in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided two cross-collateralized loans totaling $243 million for two buildings in Jersey City’s Journal Square neighborhood. The borrower was Namdar Group. Drew Fletcher and Bryan Grover of Greystone Capital Advisors arranged the loans. Firstly, SCALE Lending issued a $160 million construction loan for a 27-story tower located at 626 Newark Avenue. The mixed-use development will offer 576 apartments, as well as 9,915 square feet of street-level retail and 17,747 square feet of office space. The project …

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90 Avenue E in Bayonne, New Jersey
Investment SalesNew JerseyNewsNortheast

CBRE Arranges $6.1 Million Sale of 70-Unit Community in Bayonne, New Jersey

by Channing Hamilton

BAYONNE, N.J. — CBRE has arranged the $6.1 million sale of a 70-unit property at 90 Avenue E in Bayonne, a city that is located on a peninsula between Newark Bay and New York Bay. The project is currently under development and is fully approved with a 20-year PILOT. EOM sold the site to a private developer based in Hudson County. CBRE’s Fahri Ozturk, Richard Gatto and Zach McHale marketed the site and represented EOM in the deal. Hudson Realty represented the buyer. 

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Arris Grand in New York City
FinanceNew YorkNewsNortheast

SCALE Lending Provides $46 Million Bridge Loan for 113-Unit Arris Grand in Brooklyn

by Channing Hamilton

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has arranged a $46 million bridge loan for Arris Grand, a nine-story apartment building in Brooklyn’s Clinton Hill neighborhood. The borrower will use the financing to pay off the existing construction loan and support the lease-up of the community. Arris Grand comprises 113 units in studio, one- and two-bedroom layouts. The property offers 10,000 square feet of amenities — including a fitness center, roof deck, terrace, and lounges — as well as 7,154 square feet of street-level …

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J Highlands at Hudson in Hudson, Massachusetts
Investment SalesMassachusettsNewsNortheast

TruAmerica Multifamily Acquires J Highlands at Hudson in Boston’s MetroWest Region

by Channing Hamilton

HUDSON, MASS. — TruAmerica Multifamily has acquired J Highlands at Hudson, a 158-unit community located at 307 Central Street in Hudson, a city in Boston’s MetroWest region. Walker & Dunlop’s Mike Coyne, Travis D’Amato, Maggie McFarland and Brendan Shields represented the seller in the deal. Russell Dey and Trevor Fase negotiated acquisition financing. The transaction price and seller were not disclosed. J Highlands at Hudson was originally built in 2005. Amenities include a pool, dog park, package lockers, fitness center, clubhouse and community kitchen. TruAmerica Multifamily plans to rebrand the …

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Investment SalesNew JerseyNewsNortheast

The Kislak Co. Brokers $6.8 Million Sale of Ridgedale Commons 

by Channing Hamilton

MORRISTOWN, N.J. ­— The Kislak Co. Inc. has arranged the sale of Ridgedale Commons, a 29-unit development in Morristown. The asset traded hands for $6.8 million. Kislak’s Joseph Keenan represented the seller and procured the buyer in the deal. Both parties requested anonymity. The property is currently under construction, and will ultimately offer a single one-bedroom unit, 27 two-bedroom units and one three-bedroom unit. Four units will be subject to income restrictions.

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Grand Gardens in Jersey City, New Jersey
Investment SalesNew JerseyNewsNortheast

Hudson Atlantic Brokers $2.4 Million Sale of Grand Gardens in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Hudson Atlantic has brokered the $2.4 million sale of Grand Gardens, a 16-unit building in the Bergen-Lafayette section of Jersey City. Grand Gardens was built in 1950. The property offers one- and two-bedroom apartments. Hudson Atlantic’s Ben Susskind marketed the asset on behalf of the undisclosed seller, with support from Adam Zweibel. The buyer was also not disclosed.

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533 Bergen Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $4.1 Million Sale of Eight-Unit Property in Brooklyn, New York

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $4.1 million sale of a community at 533 Bergen Street in New York City’s Brooklyn borough. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller. The buyer was an individual/personal trust. Built in 1930, the community comprises eight units across four stories and 7,000 square feet. Units come in two- and three-bedroom floor plans.

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Camelot at Toms River in Toms River, New Jersey
FinanceNew JerseyNewsNortheast

JLL Arranges $26.8 Million in Financing for Camelot at Toms River in Toms River, New Jersey

by Channing Hamilton

TOMS RIVER, N.J. — JLL Capital Markets has brokered $26.8 million in financing for Camelot at Toms River, a 128-unit community in Toms River, which is located along the Jersey Shore. JLL worked on behalf of the borrower, Kaplan Cos., to secure the five-year, fixed-rate loan through Nuveen Real Estate. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. Camelot at Toms River was built in 2023 and offers one- and two-bedroom units. Amenities include a 2,098-square-foot clubhouse, fitness center, yoga room, pool, barbeque …

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Cornerstone at Montvale in Montvale, New Jersey
DevelopmentNew JerseyNewsNortheast

Walters Completes Development of 25-Unit Cornerstone at Montvale in Montvale, New Jersey

by Channing Hamilton

MONTVALE, N.J. — Walters has finished constructing Cornerstone at Montvale, an income-restricted community in the New York City suburb of Montvale. Cornerstone at Montvale offers 25 units across two buildings. The community is available to households earning at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income. Amenities include a fitness room, playground and outdoor areas with seating and gas grills. Residents will also have access to 55 parking spaces and a bike shed to accommodate 18 bicycles.

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