JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a supportive housing project in Jersey City. The campus comprises 60,000 square feet. The St. Lucy’s Complex features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took approximately two years to construct.
CHESHIRE, CONN. — Blue Vista Capital Management has acquired a 300-unit asset in Cheshire for an undisclosed price. The acquisition was made in partnership with Eastpointe LLC. The project will be comprised of nine garden-style apartment buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a 7,500-square-foot clubhouse with a fitness center, seasonal pool, co-working spaces, an outdoor dog park and a guest suite. The development is part of Stone Bridge Crossing, a master-planned project that will include townhomes, a retail center, senior housing, restaurants, a …
NEW YORK CITY — Ariel Property Advisors has negotiated the $4.9 million sale of a development site in New York City. Daniel Mahfar, Victor Sozio and Jason Gold brokered the deal. The property is located in the Mott Haven neighborhood of the Bronx and comprises two contiguous lots in a Qualified Opportunity Zone that were recently rezoned to support affordable housing usage. According to Ariel Property Advisors, the site can support 77,750 buildable square feet. The buyer and seller were not disclosed.
NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of an affordable housing portfolio in New York City. The portfolio comprises 251 units across eight buildings Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing. The financing is structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development …
JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has topped out Journal Square Urby in Jersey City. The development rises 265 feet and will offer 317 units across 25 stories at full build-out. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Journal Square Urby is slated …
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Fine-Tune Borrowing Strategies to Activate Multifamily Projects
Multifamily developers and owners seeking debt financing face a gauntlet of headwinds, but deal flows confirm that good deals are still landing loans. That’s according to Janette O’Brien, head of production for multifamily lending at KeyBank. As one of the nation’s largest bank-based financial services companies, KeyBank has a full pipeline of multifamily loans in process. That puts O’Brien’s finger on the pulse of what differentiates viable deals in today’s volatile market. Multifamily & Affordable Housing Business asked O’Brien about current borrower challenges, as well as the strategies that are helping some …
WAYNE, N.J. — Cushman & Wakefield has brokered the sale of Mountain View Crossing, a 465-unit community in the New York City suburb of Wayne. The Pomeranc Group acquired the asset from UBS Realty Investors. Mountain View Crossing offers units in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with a subdeck, barbeque area, tennis and basketball courts, a clubroom, fitness center and dog park. Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd, Peter Welch and Mitch Rothstein represented the seller and procured the buyer. Additionally, Cushman & Wakefield’s equity, debt …
POUGHKEEPSIE, N.Y. — PAZ Management has begun leasing The Flats at Raymond, a 39-unit community in the New York City suburb of Poughkeepsie. The community offers one- and two-bedroom apartments ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project called Lofts at The School, opened for residency earlier this year and is now 90 percent occupied.
NEW YORK CITY — Skyline Developers has broken ground on a 97-unit project located at 18 W. 55th St. in Midtown Manhattan, the central portion of New York City’s Manhattan borough. The building will comprise 152,000 square feet across 26 stories. Goldman Sachs Bank USA provided construction financing for the development. Morris Adjmi Architects designed the building. The project is slated for completion in 2025.
ELIZABETH, N.J. — The Kislak Co. Inc. has negotiated the $4.1 million sale of two properties in Elizabeth, a city in northern New Jersey. The portfolio includes 20 units across two three-story residential buildings. Both buildings rise three stories, and one includes two commercial spaces. Don Baxter and Michael Salomon of Kislak represented the seller in the transaction, and Joni Sweetwood of Kislak procured the buyer. Both parties requested anonymity.