Northeast

Slate Property Group Secures $85 Million Refinancing for Dutch House in New York City Suburb

by Channing Hamilton July 14, 2023

NEW YORK CITY — Slate Property Group has secured an $85 million refinancing for Dutch House, a mixed-use development in the New York City neighborhood of Long Island City. PCCP is the lender for the financing package. Developed by Slate Property Group and Avenue Realty Capital in 2022, Dutch House offers 186 rental units, as well as 21,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom layouts. Amenities include a lobby with concierge service, a modern fitness center, bike storage, recreation room with a pool table …

July 14, 2023

The unnamed redevelopment of the Landers, Frary & Clark plant in New Britain, Connecticut

Affordable Housing Connecticut Development Finance News Northeast

WinnDevelopment Breaks Ground on $85 Million Adaptive Reuse Project in New Britain, Connecticut

by Channing Hamilton July 14, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on a $85 million project to convert a historic manufacturing complex in New Britain into a 154-unit community. Keith Construction is the general contractor. JCJ Architecture is the architect. Collective Design Associates and Langan Engineering and Environmental Services are providing engineering services. Bank of America provided a construction loan and more than half of the project’s funding through its investment in the low-income housing and historic tax credits generated by the development. The Connecticut Department of Housing provided $4 million in funding …

July 14, 2023

Development New York News Northeast

NRP Group, RPW Group Opens The Halden in White Plains, New York

by Channing Hamilton July 13, 2023

WHITE PLAINS, N.Y. — The NRP Group and RPW Group have opened The Halden, a 303-unit community in White Plains. The Halden comprises three apartment buildings across a 70-acre site. The property is adjacent to a 620,000-square-foot office building that was previously the world headquarters of IBM. Units come in one-, two- and three-bedroom layouts and include features such as quartz countertops, backlit bathroom mirrors, plank flooring, stainless steel appliances and in-unit washers and dryers. Amenities include a gym, pool, bike storage room, children’s playroom, package concierge, co-working spaces and …

July 13, 2023

Development New Jersey News Northeast Operations

Coldwell Banker Begins Pre-Leasing for 34 Eden River Park in Whippany, New Jersey

by Channing Hamilton July 10, 2023

WHIPPANY, N.J. — Coldwell Banker Realty New Homes has begun pre-leasing efforts for 34 Eden River Park in Whippany, approximately 5.5 miles from downtown Morristown, New Jersey. 34 Eden River Park offers 81 apartments ranging from 690 to 1,500 square feet in size. Monthly rents range from $2,995 to $5,900. Amenities include a pool with a hot tub, an outdoor lounge, a fitness center, a business center, a pet wash and secure bike storage. The first move-ins at the community are expected in August 2023.

July 10, 2023

Industry Voices Midwest Northeast Operations Southeast Texas Western

How Alternative Payment Systems Support White House ‘Renter’s Bill of Rights’

by Channing Hamilton July 10, 2023

— By Brian Ball and Revital Gadish, co-CEOs, Qira — Much of the news about property technology (proptech) concerns the physical features of apartment buildings — for example, appliances such as smart thermostats that save energy and money, or keyless entry and monitoring systems that are more convenient and secure. However, proptech also addresses intangible concerns, such as the societal push to give more power to renters in their relationships with owners and managers. The sector is rethinking how renters pay security deposits and monthly rents in ways that support …

July 10, 2023

Investment Sales News Northeast Operations Pennsylvania People News

Toll Brothers Selects John McCullough as President of Multifamily Division

by Channing Hamilton July 7, 2023

FORT WASHINGTON, PENN. — John McCullough has been promoted to the role of president at Toll Brothers Apartment Living, the multifamily division of Fort Washington-based Toll Brothers, Inc. In this role, McCullough will be responsible for leading all acquisitions, development, branding, marketing and operations across the company’s U.S. portfolio. He previously served as senior vice president and managing director at Toll Brothers Apartment Living from its inception in 2012. Prior to joining Toll Brothers, he worked for Tishman Speyer Properties. McCullough received a Bachelor of Science in Economics from the …

July 7, 2023

115-123 Essex St. and 125 Essex St. in Lawrence, Massachusetts

Affordable Housing Development Finance Massachusetts News Northeast

MassDevelopment, Reading Cooperative Bank Provide $6.6 Million for Affordable Housing Conversion in Lawrence, Massachusetts

by Channing Hamilton July 6, 2023

LAWRENCE, MASS. — The Jowamar Cos. has secured a $6.6 million loan to convert two vacant buildings in Lawrence, approximately 30 miles north of Boston, into a 24-unit affordable housing community. The buildings previously offered a mix of office and retail space. The retail space will be repurposed as a food hall for the community. Details on income restrictions were not disclosed. MassDevelopment and Reading Cooperative Bank provided the financing. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. …

July 6, 2023

Development Maryland News Northeast

The Bainbridge Cos. Opens Bainbridge Market Commons in Frederick, Maryland

by Channing Hamilton June 28, 2023

FREDERICK, MD. — The Bainbridge Cos. has opened Bainbridge Market Commons, a 344-unit community in Frederick in western Maryland. Bainbridge Market Commons offers one, two, and three-bedroom apartments with stainless steel appliances, washers and dryers, plank flooring, ceiling fans, LED light fixtures and Wi-Fi smart thermostats. Amenities include a fitness center, co-working spaces, EV chargers, a dog park, outdoor playground, pool with cabanas, clubhouse and package room. The property is in the city’s Tech/Biotech Corridor, which The Bainbridge Cos. states is ranked in the top five for largest life science clusters in …

June 28, 2023

Highgate at Livingston in Livingston, N.J.

Development Finance New Jersey News Northeast

Continental Properties Secures $49.7 Million to Construct Highgate at Livingston in Livingston, New Jersey

by Channing Hamilton June 27, 2023

LIVINGSTON, N.J. — Continental Properties has received a $49.7 million construction loan for the development of Highgate at Livingston, a 169-unit development in Livingston. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL Capital Markets arranged the financing through Truist Bank. Highgate at Livingston will rise four stories. Units will come in one-, two- and three-bedroom floor plans. Amenities include a clubhouse, private dining, a fitness center with a yoga studio, co-working lounge, pool, outdoor kitchen, bar, outdoor TV lounge and a dog run. A construction timeline for …

June 27, 2023

Investment Sales News Northeast Washington, D.C.

JLL Brokers Sale of The Shay in Washington, D.C.

by Channing Hamilton June 23, 2023

WASHINGTON, D.C. — JLL Capital Markets arranged the sale of The Shay, a 245-unit community located in the Shaw neighborhood of Washington, D.C. Robert Jenkins and Bret Thompson led the Investment Sales and Advisory team representing the seller. Built in 2015, The Shay features studio, one- and two-bedroom units and amenities such as a pool with a sundeck, two rooftop decks, a catering kitchen with a dining area and a fitness center. The buyer was not disclosed.

June 23, 2023

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