Northeast

Rendering of The Alice in Princeton, New Jersey
Affordable HousingDevelopmentNew JerseyNewsNortheast

WinnCompanies Breaks Ground on $63 Million Mixed-Income Project in Princeton, New Jersey

by Lynn Peisner

PRINCETON, N.J. — WinnCompanies has started construction on The Alice, a $63 million, mixed-income project in Princeton. The Boston-based developer is also preparing to start work on a 1.5 acre public park with a playground, seating and a dog park adjacent to the 125-unit apartment property. The Alice is expected to be complete and ready for occupancy by the summer of 2024. Of the 125 apartments, 100 will be leased at market rates and 25 will be available in rent restrictions ranging from 30 to 80 percent of area median …

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Affordable HousingFinanceNewsNortheastWashington, D.C.

FHFA Confirms Disbursement of $545 Million for Affordable Housing Programs

by Kari Lloyd

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …

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Annapolis Junction, a six-story multifamily building with brick and slate exteriors.
DevelopmentInvestment SalesMarket ReportsNortheast

Mid-Atlantic Region Capitalizes on its Economic Strengths 

by Channing Hamilton

The Mid-Atlantic region comprises two major markets with heavy ties to the federal government: Washington, D.C., and Baltimore. The metros are located about 40 miles apart via I-95, and their combined metropolitan statistical area (MSA) house more than 9.2 million people, which is a nearly 10 percent increase from 2010, according to the latest U.S. Census data. The region’s surging population has helped drive demand for more market-rate multifamily and affordable housing development in recent years. Also supporting demand is its ubiquitous public sector, especially in the nation’s capital. “Washington, …

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A construction site for the redevelopment of a hotel building.
Architecture & DesignDevelopmentFeaturesNortheastWashington, D.C.

ULI Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Channing Hamilton

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for …

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DevelopmentNew YorkNewsNortheast

Cantor Fitzgerald and Silverstein Properties Close $165 Million Construction Loan for 345-Unit Property in New York City

by Kari Lloyd

NEW YORK CITY — Cantor Fitzgerald and Silverstein Properties have closed on $165 million in construction financing for the development of a 63,000-square-foot lot located at 44-01 Northern Blvd. in the Astoria neighborhood of Queens. The loan was provided by Banco Inbursa. Silverstein Properties commenced construction on the project in early 2022 and the property is expected to open in the spring of 2024.   The property is planned to deliver 345 units and 24,000 square feet of retail space. The development plans to allocate 25 percent of the rental …

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The front of Vero Apartments, a gray and white high rise building with orange and black accents.
Affordable HousingDevelopmentMassachusettsNewsNortheast

Fairfield Residential Completes First Phase of Vero Apartments Near Boston

by Channing Hamilton

CHELSEA, MASS. — Fairfield Residential has finished building the first phase of Vero Apartments in Chelsea, located about five miles north of Boston. The first phase consists of 436 units. The second phase, called V2, is underway and will deliver 250 additional apartments. A completion date for Phase II was not disclosed. The project is a redevelopment of the 126-year-old Chelsea Clock manufacturing building and a waste management transfer station. Vero Apartments offers studio, one- and two-bedroom units, with 14 units set aside as affordable housing. Rent restrictions on the …

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ConnecticutInvestment SalesNewsNortheast

Hamilton Zanze Sells Two-Property Portfolio Near Hartford, Connecticut

by Kari Lloyd

MIDDLETOWN, CONN. — San Francisco-based real estate investment firm Hamilton Zanze has sold Middletown Brooke and Middletown Ridge Apartments in Middletown, a submarket of Hartford. The firm purchased the two-property, 516-unit portfolio in March 2018. The buyer and sale price were undisclosed. The Middletown Brook property features 280 units and has had significant renovations since its purchase in 2018. Built in 1989, the property offers amenities such as a clubroom, fitness center, swimming pool, dog park, barbecue areas and a carport. Middletown Ridge Apartments was built in 1988 and features …

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Investment SalesMarylandNewsNortheast

Greysteel Arranges Sale of 14-Building Whittier Avenue Portfolio in Baltimore

by Kari Lloyd

BALTIMORE — Greysteel, a national commercial real estate investment services firm, has arranged the sale of a 14-building portfolio in Baltimore. The deal consisted of six multifamily properties and eight single-family homes.  Aaron Inman, Kyle Tangney and Herb Schwat of Greysteel negotiated the transaction on behalf of the seller, an undisclosed private investor from Prince George’s County, Maryland. The undisclosed buyer is a joint venture of a family office from the New York area and a private equity firm from North Carolina. The properties have been managed by a sole …

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Investment SalesNewsNortheastPennsylvania

Largo Capital Arranges $6.7 Million Acquisition Loan for 120-Unit Property in Carlisle, Pennsylvania

by Kari Lloyd

CARLISLE, PA. — Largo Capital has arranged a $6.7 million acquisition loan for a 120-unit property in Carlisle, a western suburb of Harrisburg. The property consists of 15 buildings that house 88 one-bedroom units with an average size of 598 square feet and 32 two-bedroom units with an average size of 828 square feet. Neal Colligan of Largo Capital originated the financing. The borrower and direct lender were not disclosed.

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DevelopmentNewsNortheastVirginiaWashington, D.C.

PRP Completes 212-Unit Office Conversion Project in Alexandria, Virginia

by Kari Lloyd

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower named the Sinclaire on Seminary. The high-rise features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational activities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates …

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