Northeast

Cambridge Square Apartments in Monroeville, Pennsylvania
Affordable HousingFinanceNewsNortheastPennsylvania

KeyBank Provides $90.7 Million for Affordable Cambridge Square Apartments Near Pittsburgh

by Channing Hamilton

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, an affordable housing complex in the Pittsburgh suburb of Monroeville. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing. Robbie Lynn of KeyBank structured the tax-exempt bonds, …

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Lakeside Residences in Pompton Lakes, New Jersey
Investment SalesNew JerseyNewsNortheast

Hudson Atlantic Realty Sells Lakeside Residences in Pompton Lakes, New Jersey, for $20 Million

by Channing Hamilton

POMPTON LAKES, N.J. — Hudson Atlantic Realty has sold Lakeside Residences, a 52-unit building in Pompton Lakes, approximately 20 miles northwest of Midtown Manhattan. The property was built in 2022 and sold for $20 million. Lakeside Residences offers amenities such as a fitness center, resident lounge, game room and storage space. According to the community’s website, units come in one- and two-bedroom floor plans. Units feature stainless steel appliances, quartz countertops, subway tile backsplashes and vinyl flooring.

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Affordable HousingDevelopmentNew YorkNewsNortheast

The Davis Cos. Begins Constructing 97-Unit Community in New York City’s Harlem Neighborhood

by Channing Hamilton

NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …

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A 466-Unit Project from Saxum Real Estate in Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

JLL Arranges $55.7 Million in Construction Financing for Second Phase of 466-Unit Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …

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39 High Street in Jersey City, New Jersey
FinanceNewsNortheast

JLL Arranges $18.6 Million Loan to Refinance 83-Unit Property in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — JLL has negotiated an $18.6 million loan to refinance an 83-unit complex in the Journal Square neighborhood of Jersey City. JLL’s Matthew Pizzolato, Max Custer and John Cumming arranged the fixed-rate loan through a life insurance company. The borrower was a partnership between Spitzer Enterprises and Titanium Realty Group. The six-story complex was built earlier this year at 39 High Street. Units come in studio, one-, two- and three-bedroom units. Amenities include a fitness center, tenant lounge, children’s playroom and a rooftop terrace.

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West Side Square in Jersey City, New Jersey
DevelopmentNew JerseyNewsNortheast

West Side Square Development Fund Breaks Ground on 447-Unit Mixed-Use Development in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — West Side Square Development Fund has begun constructing West Side Square, a mixed-use development located at 66 Broadway in Jersey City. West Side Square will offer 477 apartments, as well as 9,814 square feet of ground-floor retail space. Units will come in studio, one, two and three-bedroom floor plans. Planned amenities include a deck with a swimming pool, grilling stations, outdoor lounge areas, a dog run, fitness center, co-working spaces and a community room for private events. West Side Square Development Fund will oversee the construction …

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Sullivan Parke in Forks Township, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Ashley Development Corp., Black Bear Asset Management Sell Sullivan Parke in Forks Township, Pennsylvania for $35.5 Million

by Channing Hamilton

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit property in the Lehigh Valley community of Forks Township, for $35.5 million. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer. Sullivan Parke consists of four buildings on a seven-acre site. Amenities include multiple fitness centers, lounges and outdoor recreation areas.

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224 W. 124th St. in New York City
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $100 Million in Bridge Financing for 168-Unit Building in New York City

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $100 million in bridge financing for a property located at 224 W. 124th St. in New York City’s West Harlem neighborhood. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures. The 19-story building was completed earlier this year and comprises 168 units. The community offers one-, two- and three-bedroom apartments, as well as townhomes and penthouse suites. …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Negotiates $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has arranged the $48 million sale of Fannwood Estates, a 312-unit community in the New York City borough of Queens. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. Fannwood Estates rises six stories within the borough’s Rego Park neighborhood. The rent-stabilized building occupies a full city block.

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