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Northeast

The Northern I and II in New York City
FinanceNew YorkNewsNortheast

Affinius Capital Provides $98 Million Refinancing for 193-Unit Complex in Queens

by Channing Hamilton

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit complex located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management. The borrower will use the funds to complete construction of The Northern and to fund costs of lease-up. Northern I is a nine-story property comprising 64 units. Northern II rises 10 stories and offers 129 apartments. Both properties offer a …

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FinanceNewsNortheastPennsylvania

Cronheim Mortgage Arranges $44.5 Million Refinancing for Two-Property Portfolio in Bethlehem, Pennsylvania

by Channing Hamilton

BETHLEHEM, PA. — Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio consisting of two undisclosed garden-style communities in Bethlehem. The direct lender was not disclosed. The borrower, Larken Associates, will use the funds to cash out and allocate equity toward other projects. The borrower has made capital improvements to both assets during its ownership period, including the construction of 16 new townhomes at one property.

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An unnamed project in Somersworth, New Hampshire
DevelopmentNew HampshireNewsNortheast

Tidemark, BOD Holdings Break Ground on 135-Unit Project in Somersworth, New Hampshire

by Channing Hamilton

SOMERSWORTH, N.H. — A partnership between developers Tidemark and BOD Holdings has broken ground on a 135-unit project in downtown Somersworth, a city located on the Maine-New Hampshire border. The property will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness center, package room, leasing office and onsite parking. New Hampshire-based PROCON designed the community. Construction is slated to complete in spring 2026.

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Avalon Darien in Darien, Connecticut
ConnecticutInvestment SalesNewsNortheast

Cushman & Wakefield Brokers Sale of 189-Unit Avalon Darien in Darien, Connecticut

by Channing Hamilton

DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit property in Darien. The community features a mix of recently renovated one-, two- and three-bedroom. Amenities include a pool, fitness center, lounge and playground. AvalonBay Communities sold the property to an undisclosed buyer. The sales price was not disclosed. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller and procured the buyer in the transaction.

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A mixed-use community in Oceanport, New Jersey
DevelopmentNew JerseyNewsNortheast

Public-Private Partnership to Develop 80-Acre, $200 Million Mixed-Use Project Near Racetrack in Oceanport, New Jersey

by Channing Hamilton

OCEANPORT, N.J. — JEMB Realty has begun the design and development process for an 80-acre mixed-use property situated adjacent to the Monmouth Park Racetrack in Oceanport, a borough roughly 42 miles south of Newark, New Jersey. JEMB Realty will develop the multi-phase project in partnership with the State of New Jersey and Darby Development LLC. Construction is slated to begin in the fourth quarter of 2025. Plans for the site include a 298-unit residential building, as well as 200-room hotel and a sports community center to support local youth athletes. …

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Investment SalesNew YorkNewsNortheast

Rosewood Realty Group Brokers Sale of 123-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit property located at 275 Park Ave. in Brooklyn. The seven-story building was originally constructed in 1920 and renovated earlier this year.  The property also includes five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group represented the seller, Fairstead, and procured the buyer, Thor Equities. The sales price was not disclosed. However, the asset traded hands for $325 per square foot.

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57 Main in Marlborough, Massachusetts
DevelopmentFinanceMassachusettsNewsNortheast

Colliers Arranges $41.4 Million in Construction Financing for 57 Main in Metro Boston 

by Channing Hamilton

MARLBOROUGH, MASS. — Colliers has arranged $41.4 million in construction financing for 57 Main, a 92-unit project in the western Boston suburb of Marlborough. 57 Main will feature an 8,600-square-foot amenity and mezzanine space. Amenities will include a fitness center, pool, sundeck with lounge seating and an 84-space parking garage for tenants. The property will also feature 3,500 square feet of ground-floor retail space.  The financing consists of joint venture equity supplied by TwinFocus Real Estate Partners and a construction loan provided by a syndicate of lenders led by HarborOne …

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FinanceNew YorkNewsNortheast

Greystone Provides $21.5 Million Refinancing for Two Properties in New York City

by Channing Hamilton

NEW YORK CITY — Greystone has provided a total of $21.5 million in Fannie Mae Delegated Underwriting & Servicing loans to refinancing two communities in New York City’s Harlem neighborhood. Greystone provided $11.4 million for The Duke, a 28-unit building located at 521 W. 134th St., and $10.1 million for The Count, a 27-unit asset located at 168 W. 136th St. Each of the non-recourse, fixed-rate loans in the portfolio carries a five-year term and 30-year amortization schedule, with interest-only payments for the first two years of the term. Avi Kozlowski …

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DevelopmentLeasing & MarketingNew JerseyNewsNortheast

The Hampshire Cos., The Pinnacle Cos. Open 40-Unit The Clair in Montclair, New Jersey

by Channing Hamilton

MONTCLAIR, N.J. — A partnership between The Hampshire Cos. and The Pinnacle Cos. has opened The Clair, a 40-unit community located at 37 Orange Road in the New York City suburb of Montclair, which is 20 miles northwest of lower Manhattan. The asset is located adjacent to the 159-room MC Hotel, which The Hampshire Cos. and The Pinnacle Cos. completed in 2019. The Clair offers studio, one- and two-bedroom apartments. Amenities include valet parking, package service, community Wi-Fi, EV charging stations, a clubhouse and business center, courtyard with grills, roof …

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FinanceNew YorkNewsNortheast

J.P. Morgan Provides $210 Million Refinancing for 12-Property Affordable Housing Portfolio in New York City

by Channing Hamilton

NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors. The portfolio totals 1,115 apartment units across approximately 304,000 square feet. The properties are located in Manhattan, Brooklyn, Queens and The Bronx. Each property is leased to …

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