Northeast

Soloviev Group Plans 1,325 Apartments as Part of New York City Mixed-Use Project

by Channing Hamilton October 20, 2023

NEW YORK CITY — Soloviev Group plans to build two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units. Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to …

October 20, 2023

Affordable Housing Development News Northeast Rhode Island

Pennrose Breaks Ground on Affordable Frenchtown Road Apartments in East Greenwich, Rhode Island

by Channing Hamilton October 19, 2023

EAST GREENWICH, R.I. — Pennrose has begun constructing Frenchtown Road Apartments, a 63-unit affordable housing community in East Greenwich. The building will rise four stories and offer one- and two-bedroom floor plans. Units will be affordable to residents earning at or below 30 percent and up to 120 percent of the area median income. Construction is scheduled the complete in fall of 2024. Cove Homes Inc. will oversee management and support services at the property. Support services at the community will include resources such as case management, free and low-cost …

October 19, 2023

Content Partner Features Industry Content Leasing & Marketing Midwest Northeast Operations Southeast Technology Texas Western

Asset Living Emphasizes Occupancy, Efficiency as Market Conditions Soften

by Sarah Daniels October 19, 2023

Sensing a shift in the wind, multifamily property manager Asset Living is preparing for a bumpier leasing environment amid rising supply, slowing rent growth and overall economic uncertainty. While an adjustment, it shouldn’t come as a complete shock, says Robert Hicks, an Asset Living division president in charge of the conventional multifamily business in the western United States. Over the past handful of years, the sector has enjoyed some of the highest occupancies he has seen in his 25-year career in the industry, he points out. At the same time, …

October 19, 2023

A property at 147-35 95th Ave. in the New York City borough of Queens

Development Finance New York News Northeast

SCALE Lending Provides $142 Million Construction Loan for 24-Story Building in Queens

by Channing Hamilton October 18, 2023

NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset. The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the …

October 18, 2023

Industry Voices Investment Sales Midwest Northeast Southeast Texas Western

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector

by Channing Hamilton October 16, 2023

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

October 16, 2023

Finance Massachusetts News Northeast

Marcus & Millichap Arranges $5 Million Agency Acquisition Loan for The Grant Street Complex in Framingham, Massachusetts

by Channing Hamilton October 13, 2023

FRAMINGHAM, MASS. — Marcus & Millichap Capital Corp. has arranged a $5 million Freddie Mac acquisition loan for The Grant Street Complex, a 26-unit community in the Boston suburb of Framingham. Robert Bhat of Marcus & Millichap originated the financing. The borrower and direct lender were not disclosed. The Grant Street Complex offers one-, two- and three-bedroom apartments.

October 13, 2023

Development New Jersey News Northeast

Diversified Properties Begins Construction of Jefferson Place in Jefferson, New Jersey

by Channing Hamilton October 12, 2023

JEFFERSON, N.J. — Diversified Properties has broken ground on the first phase of construction at Jefferson Place, a development located on Hellers Lane in Jefferson. The first phase of the project will include an elevator-served building with 32 one and two-bedroom apartments. Units will range from 855 to 1,216 square feet in size. Planned amenities include private garages, a fitness center, outdoor lounge, grilling areas and individual storage units. Phase one is scheduled for completion in the fall of 2024.

October 12, 2023

Development New York News Northeast

Slate Property Group Tops Out 19-Story Project at 159 Boerum Street in Brooklyn

by Channing Hamilton October 11, 2023

BROOKLYN, N.Y. — Slate Property Group has topped out a 19-story building at 159 Boerum Street in Brooklyn’s East Williamsburg neighborhood. Once completed, the property will offer 162 units, 49 of which are affordable. Income restrictions for the affordable units were not disclosed. Planned amenities include a fitness center, roof deck, parking garage and bike storage. The development team also includes Avenue Realty Capital and SD Builders and Construction LLC. Construction is expected to complete in the summer of 2025.

October 11, 2023

Connecticut Finance News Northeast

Greystone Provides $223.9 Million for The Harbor Point Portfolio in Stamford, Connecticut

by Channing Hamilton October 11, 2023

STAMFORD, CONN. — Cushman & Wakefield has arranged $223.9 million for the refinancing of the Harbor Point portfolio in Stamford, 34 miles outside of New York City. The portfolio comprises 989 units across four buildings. John Alascio, Alex Hernandez, Alex Lapidus, Chris Meloni, Niko Nikolaou, Ryan Dowd and Brian Whitmer of Cushman & Wakefield represented the borrower in the transaction. Greystone’s Judah Rosenberg originated the four Freddie Mac mortgages, all of which featured a seven-year fixed-rate and a 35-year amortization period. The Harbor Point portfolio offers studio, one-, two- and …

October 11, 2023

240 West State Street in Trenton, New Jersey

Development Investment Sales New Jersey News Northeast

Fennelly Associates Brokers Sale of 16-Story Conversion Project in Trenton, New Jersey

by Channing Hamilton October 11, 2023

TRENTON, N.J. — Fennelly Associates has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The undisclosed buyer plans to redevelop the 16-story property into an apartment building. Plans for the new community include a mix of studio, one and two-bedroom units, as well as amenities such as a fitness center, pool and cafe. The company will also renovate the building’s parking garage. Jerry Fennelly of Fennelly Associates represented the seller, Garden State Commercial Properties, in the deal.

October 11, 2023

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