WESTBURY, N.Y. — Terwilliger & Bartone Properties has begun leasing The Cornerstone Westbury, a community located 1,000 feet from the Westbury Train Station in Westbury. The first phase of the development delivers 72 units, and the second phase will add 58 more. The second phase is slated to complete in early 2024. Amenities include a rooftop patio, fire pits, a clubhouse, fitness center, on-site parking and events for residents. Of the total 130 units, 18 will be set aside as workforce housing. The Cornerstone Westbury received over 1,200 applications for these …
WESTBROOK, MAINE — Preston Hollow Community Capital has purchased $85.7 million in tax-exempt revenue bonds issued by the Finance Authority of Maine. Proceeds from the bond will be used to fund the development of a mixed-use development in Westbrook known as Rock Row. Piper Sandler & Co. served as sole underwriter for the bonds. Kutak Rock LLP served as bond counsel and authority counsel. Jensen Baird Gardner & Henry LLP acted as counsel to the city of Westbrook. Bernstein, Shur, Sawyer & Nelson P.A. served as the underwriter’s counsel. Situated …
BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. The properties included in the portfolio are:
NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing for the development of five affordable housing projects in the New York City metro area. Wells Fargo provided the funds through its Community Lending and Investment (CLI) group. The CLI funding team that closed the five loans included Duane Mutti, Korbin Heiss, Katelyn Meehan, Greg Richards, Jason Fernbach, Nancy Dipasquale, Marc Levine, Jessica Liang, Mark Mendenhall, Madalena Tran and Cassandra Clay. The developments, which total more than 1,100 units, are currently under construction, …
NEW ROCHELLE, N.Y. — JLL Capital Markets brokered the $22.7 million sale of The Printhouse, a 71-unit property in the northern New York City suburb of New Rochelle. Invel Capital acquired the asset from an undisclosed seller. JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones brokered the deal. The Printhouse was built in 2019. The property offers studio, one- and two-bedroom units as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a …
PLAINSBORO, N.J. — Colony Hills Capital has acquired Addison at Princeton Meadows, a 440-unit community in the Central New Jersey community of Plainsboro. The Massachusetts-based investment firm purchased the asset from Kushner Real Estate Group for $115 million. Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services represented Colony Hills Capital in the transaction. Addison at Princeton Meadows is a garden-style community that offers studio, one- and two-bedroom units. Amenities include a pool, fitness center, tennis court, basketball court, dog park and outdoor grilling and dining …
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has selected Bernard Fulton as vice president for housing policy and regulation, Latoya Lovick as vice president of membership and Ryan Hecker as a Research Assistant. Fulton comes to NMHC from the Housing Policy Council, where he served as Vice President for Government Relations. Prior to joining the Housing Policy Council, he served as legislative director for Congresswoman Jan Schakowsky, legislative representative for the City of New York and head of Congressional relations for HUD Secretaries Shaun Donovan and Julián Castro. As vice …
State of New York to Provide $406 Million in Financing to Build Five Affordable Housing Developments
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) provided financing for the five developments, which comprised $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. Hochul’s announcement came during …
BROOKLYN, N.Y. — Canyon Partners Real Estate LLC, Tavros and Charney Cos. have formed a joint venture to develop 251 Douglass Street, a mixed-use development in the Gowanus neighborhood of Brooklyn. The project is being capitalized with $64.4 million in equity and a $119.9 million senior construction loan through Barings. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark led the team that arranged the financing. The development will comprise 260 units across 15 stories, as well as ground floor retail space and parking. The project is also planned to offer …
PROVIDENCE, R.I. — A partnership comprising developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income project in Providence’s Fox Point neighborhood. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt. The first phase of development will deliver 66 affordable and market-rate units, as well as retail space and a childcare facility. Income-restricted units will be affordable to households earning between …