Northeast

JLL Arranges $220 Million in Financing for New York City Office Tower Conversion

by Channing Hamilton August 3, 2023

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …

August 3, 2023

Investment Sales New Jersey News Northeast People News

JLL Promotes Elizabeth DeVesty to Director with New Jersey Investment Sales Team

by Channing Hamilton August 2, 2023

MORRISTOWN, N.J. — JLL Capital Markets has promoted Elizabeth DeVesty to the role of director with the company’s New Jersey investment sales team. DeVesty will be based in Morristown and will primarily focus on multifamily investment sales transactions within the suburban tristate area. She will report to Senior Manging Directors Jose Cruz, Michael Oliver and Steve Simonelli. Prior to this role, DeVesty spent 13 years working with JLL and was most recently an associate at the firm. She earned her degree from Marist College in 2008.

August 2, 2023

Affordable Housing Development Investment Sales Massachusetts News Northeast

MassHousing Brokers $13.3 Million for Van der Heyden Apartments in Springfield, Massachusetts

by Channing Hamilton August 2, 2023

SPRINGFIELD, MASS. — MassHousing has arranged $13.3 million in affordable housing financing for the acquisition and renovation of Van der Heyden Apartments in Springfield. The borrower, a partnership comprising Van der Heyden Apartments Limited Partnership and Paul Oldenburg, secured $9.9 million in construction financing and $3.4 million in construction and permanent financing. MBL Housing and Development was the project consultant. The general contractor is N.L Construction. The architect is Studio One. The management agent is Valley Real Estate. Additionally, the Massachusetts Executive Office of Housing and Livable Communities provided $8.5 million in equity financing, …

August 2, 2023

Investment Sales New Jersey News Northeast

JLL Brokers Sale of Addison at Princeton Meadows in Plainsboro, New Jersey

by Channing Hamilton August 2, 2023

PLAINSBORO, N.J. — JLL Capital Markets arranged the sale of Addison at Princeton Meadows, a garden-style community in Plainsboro. Jose Cruz, Steve Simonelli, Michael Oliver and Elizabeth DeVesty represented the seller, a joint venture between Goldman Sachs Asset Management and Kushner Real Estate Group. Addison at Princeton Meadows was built in 1979 and consists of 440 units across 28 buildings. Units come in of studio, one- and two-bedroom floor plans. Amenities include a pool with a fire pit, tennis and basketball courts, a dog park, fitness center children’s playground and …

August 2, 2023

Development Finance Investment Sales Market Reports New York Northeast

Why Developers in NYC Are Turning to the Suburbs

by Channing Hamilton August 2, 2023

In the New York metropolitan area, more apartments are under construction, more renters are looking for apartments and renters are paying higher rents than almost any other apartment market in the U.S. But the cost to build a new apartment or renovate an old one is also higher, development sites are more expensive and regulations like rent stabilization are tougher than almost anywhere else. And New York City has some of the highest property taxes in the U.S. In June 2022, the Affordable Housing NY Program — also known as …

August 2, 2023

Kristi Nootens, managing director and co-head at CP Capital US

Industry Voices Midwest Northeast Operations People News Southeast Texas Western

Q&A with Kristi Nootens: Women Can Break Down Barriers in the Industry

by Channing Hamilton August 1, 2023

Kristi Nootens, managing director and co-head at CP Capital US, a real estate manager specializing in multifamily investments, sat down with Multifamily Affordable Housing Business (MAHB) to discuss the role of women in the industry and how the market may develop as we progress into the second half of 2023. On Women in Real Estate MAHB: Tell us about yourself and your journey. Nootens: My journey to commercial real estate started in large part because both of my parents worked in the industry. My dad was a mechanical engineer who spent a lot …

August 1, 2023

Investment Sales New York News Northeast

Marcus & Millichap Brokers $6.8 Million Sale of Pleasant Valley Estates in Pleasant Valley, New York

by Channing Hamilton July 31, 2023

PLEASANT VALLEY, N.Y. — Marcus & Millichap has arranged the sale of Pleasant Valley Estates, a 48-unit community in Pleasant Valley within the Hudson Valley of New York. The asset traded hands for $6.8 million. Jim Evans, Scott Wasserberger and Victoria Fisher marketed the property on behalf of the seller, a partnership, as well as secured the buyer, a private investor. Pleasant Valley Estates was built in 1985. The property comprises three residential buildings, parking for 100 cars and a pond on a 9.9-acre site.

July 31, 2023

New York News Northeast People News

Northmarq Hires Bob Bernard to Long Island Office as Senior Vice President

by Channing Hamilton July 28, 2023

LONG ISLAND, N.Y. — Northmarq has selected Bob Bernard as senior vice president of debt and equity. In this role, Bernard will be responsible for arranging debt and equity commercial real estate financing through Northmarq’s varied lending sources. He will be based in the company’s Long Island office. Prior to joining Northmarq, Bernard managed commercial real estate lending teams at ConnectOne Bank, Webster Bank, North Fork Bank, Capital One Bank and Flagstar. He received a master’s degree in finance and a bachelor’s degree in marketing from St. John’s University in …

July 28, 2023

Investment Sales New York News Northeast

Carlyle Group, Z+G Property Group Acquire 8 Marcy Ave. in Williamsburg, Brooklyn for $97.5 Million

by Channing Hamilton July 28, 2023

BROOKLYN, N.Y. — A joint venture between The Carlyle and Z+G Property Group has acquired 8 Marcy Ave., an eight-story building in the Brooklyn neighborhood of Williamsburg, from Prospect Development for $97.5 million. JLL Capital Markets brokered the deal. The building was delivered in January. The community offers studio, one- and two-bedroom floor plans. Of the total 123 units, 37 are affordable. Income restrictions for these units were not disclosed. The JLL Capital Markets Investment Sales and Advisory team representing the seller included Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, …

July 28, 2023

Development Leasing & Marketing New Jersey News Northeast

Garden Communities Completes Lease-Up of Green Meadows at Pleasant Plainsin Toms River, New Jersey

by Channing Hamilton July 27, 2023

TOMS RIVER, N.J. — Garden Communities has fully leased up Green Meadows at Pleasant Plains, a 175-unit in the coastal New Jersey township of Toms River. Development on the property was completed in February. Green Meadows at Pleasant Plains offers one- and two-bedroom apartments and two- and three-bedroom townhomes. Amenities include a pool, fitness center, community room, playground and walking trails.

July 27, 2023

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