Northeast

Mathew Wambua
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $316 Million for Brooklyn Affordable Housing Development

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $316 million in financing for the second phase of Alafia, a 634-unit affordable and supportive housing project located in the East New York neighborhood of Brooklyn. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package consists of a $192.7 million construction loan, which Bank of America provided in conjunction with Merchants Capital, as well as $174.8 million in 4 percent Low-Income Housing Tax Credit equity. Additionally, Merchants Capital provided $48.7 million …

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Ora in Hackensack, New Jersey
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

The Hampshire Cos. Begins Leasing Ora in Hackensack, New Jersey

by Channing Hamilton

HACKENSACK, N.J. — The Hampshire Cos. has launched leasing at Ora, a 270-unit complex in downtown Hackensack. The seven-story building features a mix of studio, one- and two-bedroom floor plans. Units feature in-unit washers and dryers, plank flooring, stainless steel appliances and quartz countertops. Monthly rents start at approximately $2,100 for a studio. Residents have access to a rooftop clubroom with a bar and billiards, outdoor terrace with fire pits and a courtyard with barbeque grills and dining areas. Additional amenities include a fitness center, coworking spaces and conference rooms, …

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Investment SalesNew YorkNewsNortheast

Brax Realty Arranges $8.5 Million Sale of Brooklyn Asset

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit property located at 150 N. Ninth St. in the Williamsburg neighborhood of Brooklyn. The building rises four stories and was originally constructed in 1910, according to LoopNet Inc. Units at the property were recently renovated. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.

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Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Negotiates $10.7 Million Sale of Complex in Winthrop, Massachusetts

by Channing Hamilton

WINTHROP, MASS. — Marcus & Millichap has brokered the $10.7 million sale of Shore Drive Apartments, a 71-unit community in Winthrop, roughly six miles east of Boston. The property offers a mix of studio, one- and two-bedroom units. Plans are underway for the addition of another 27 units as part of a reconstruction effort following a fire at the property last year. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap Boston represented the seller and procured the buyer, both of which requested anonymity, in the deal.

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Summit Court in Union, New Jersey
Investment SalesNew JerseyNewsNortheast

Inland Acquires Community in Union, New Jersey, for $131.5 Million

by Channing Hamilton

UNION, N.J. — An affiliate of The Inland Real Estate Group of Cos. Inc. has acquired Summit Court, a 393-unit property located at 450 Clermont Terrace in Union, approximately 20 miles southwest of New York City. A joint venture between Fidelco Realty Group and Diversified Properties sold the community for $131.5 million. Built in 2018 and 2023, Summit Court offers a mix of 351 market-rate apartments and 42 affordable housing units. However, income restrictions for the affordable residences were not disclosed. Apartments come in one-, two- and three-bedroom floor plans. The property was …

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FinanceMassachusettsNewsNortheast

MMCC Arranges $3.4 Million Loan for Refinancing of Property in Cambridge, Massachusetts 

by Channing Hamilton

CAMBRIDGE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.4 million loan for the refinancing of an apartment building located at 891 Massachusetts Ave. in Cambridge. Robert Damigella of MMCC arranged the nonrecourse loan, which carries a fixed interest rate of 7.12 percent and a 65 percent loan-to-value ratio, through a local credit union. The sponsor was not disclosed. Situated across the Charles River from Boston, the property comprises 16 units. According to Apartments.com, the building was completed in 1880 and rises four stories.

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Ogden Theater Apartments in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

Co-Developers Break Ground on $66 Million Affordable Housing Community in the Bronx

by Channing Hamilton

NEW YORK CITY — NCV Capital Partners and Unique People Services have broken ground on Ogden Theater Apartments, an 85-unit affordable housing development in the Highbridge neighborhood of the Bronx. Total capitalization for the project is $66 million. Located at 1415 Ogden Ave., Ogden Theater Apartments will feature 51 units of supportive housing for formerly homeless individuals, as well as 34 units for households who receive assistance paying rent through the Housing Choice Voucher program or who are earning at or below 60 percent of the area median income. Amenities …

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Company NewsNewsNortheastPennsylvaniaPeople News

Pennrose Appoints Timothy Henkel as CEO, Charlie Adams as President

by Channing Hamilton

PHILADELPHIA — Pennrose, a Philadelphia-based developer and operator of affordable and mixed-income housing, has appointed Timothy Henkel as CEO. Henkel, who formerly served as president, will oversee the company’s development and property management activities across 17 states, the District of Columbia and the Caribbean. As part of the succession plan, Executive Chairman of the Board Richard Barnhart and CEO Mark Dambly have transitioned from day-to-day responsibilities with the organization to active members of the Pennrose board. Additionally, Pennrose has named Charlie Adams as president of development. In this role, Adams will …

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Affordable HousingFinanceInvestment SalesNewsNortheastPennsylvania

Lument Provides $24.8 Million Acquisition Loan for Affordable Housing Asset in Levittown, Pennsylvania

by Channing Hamilton

LEVITTOWN, PA. — Lument has provided a $24.8 million Freddie Mac acquisition loan for an affordable housing complex in Levittown, approximately 27 miles northeast of Philadelphia. The property was completed in 1972 and offers amenities such as clubhouse, fitness center, playground and outdoor grilling stations. The name of the asset was not disclosed. The buyer was an affiliate of New Jersey-based owner-operator Silverstein Properties. John Hurley of Lument originated the financing, which carried a five-year term and a 35-year amortization schedule, on behalf of the buyer. Zach Schwartz of Brook …

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DevelopmentMassachusettsNewsNortheast

NEI General Contracting Completes Renovation of Boston Community

by Channing Hamilton

BOSTON — Randolph, Massachusetts-based NEI General Contracting has completed the renovation of Carol Avenue Apartments, a 33-unit community located in the Allston-Brighton neighborhood of Boston. According to the City of Boston, 29 of the units are affordable rental units. Income restrictions for these residences were not disclosed. The project involved the top-to-bottom renovation of three buildings totaling 16,196 square feet. The community received new windows, roofs, wall insulation and solar energy panels. Additionally, the project team restored and reused the building’s historic brick façade. Financing sources for the project included …

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