IRVINGTON, N.J. — A partnership consisting of The NRP Group and Adenah Bayoh has opened 722 Chancellor Apartments, a 56-unit affordable community in Irvington, 3 miles west of Newark, New Jersey. Financing Partners for the project include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC. In addition, the Irvington Housing Authority provided five project-based vouchers. 722 Chancellor Apartments rises five stories and offers one-, two- and three-bedroom units to households earning at or below 60 percent of the …
NEW YORK CITY — Chicago-based investment manager Nuveen has acquired a 12,000-unit affordable housing portfolio from Omni Holding Co. The deal increases the Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms were not disclosed. Omni Holding was advised by CBRE Affordable Housing and CBRE Capital Advisors. Paul Hastings and Nixon Peabody acted as transaction and regulatory counsel to Nuveen. The portfolio is largely focused in the New York city metropolitan area, including properties located in the Bronx, Brooklyn, Queens, Manhattan and Long Island. Nuveen’s affordable housing portfolio …
CAMDEN, N.J. — The Michaels Organization (Michaels), a property development, investment and management firm based in Camden, has selected Rosa Estrada as regional vice president. Estrada succeeds Larry Padilla, following his departure from Michaels. Estrada has 20 years of urban planning, placemaking and affordable housing development experience. She joined Michaels in March 2022 as a vice president in the Mid-Atlantic Region. In this role, Estrada will serve as lead developer for all Michaels’ development activities in Puerto Rico, including Los Alamos, a 365-unit affordable housing community in Guaynabo City. Michaels …
METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …
BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …
NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …
QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants. The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …
WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …
ATTLEBORO, MASS. — MassDevelopment has partnered with HarborOne Bank to provide $11.3 Million in loan financing to developer Jonathan Cozzens doing business as 54 Union Street LLC. Cozzens will use the funds to renovate a former mill and manufacturing facility at 54 Union St. in Attleboro, located about 12 miles north of Providence, Rhode Island. The mill, constructed in 1908, is the former home of Pcraft Jewelry, a business founded in 1931. Attleboro was once known as the jewelry capital of the United States. The new market-rate community will consist …
JERSEY CITY, N.J. —The NRP Group has broken ground on an unnamed 401-unit development in the Port Liberté neighborhood of Jersey City. Joint venture equity investment for the project was provided by Rockwood Capital. G&S Investors is co-developing the project with NRP. Citizens Bank and Fifth Third Bank provided senior construction loans. Located at 190 Chapel Ave., the development is south of downtown Jersey City and adjacent to Liberty National Golf Course. The community, which is scheduled to open in summer 2025, will be NRP’s second development in Jersey City. …