Northeast

Town Square at Mark Center in Alexandria, Virginia
FeaturesFinanceNortheastOperationsWashington, D.C.

MBA: Commercial, Multifamily Loan Volume to Increase 16 Percent in 2025

by Channing Hamilton

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) is forecasting that total commercial and multifamily mortgage borrowing and lending will rise to $583 billion in 2025, which is a 16 percent increase from 2024’s estimated total of $503 billion. The Washington, D.C.-based organization made the announcement at its 2025 Commercial/Multifamily Finance Convention and Expo (CREF) event taking place in San Diego. Multifamily lending, which is calculated into the total figure, is expected to rise to $361 billion in 2025 — also a 16 percent increase from last year’s estimate of …

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Loden in New York City
DevelopmentLeasing & MarketingNew YorkNewsNortheast

Carmel Partners Begins Leasing 569-Unit Development in Brooklyn

by Channing Hamilton

NEW YORK CITY — Carmel Partners has begun leasing Loden, a 569-unit development with 7,483 square feet of retail space located in the Crown Heights neighborhood of Brooklyn. Locally based firm MNS Real Estate will lead leasing and marketing for the development. Loden offers a mix of studio, one- and two-bedroom floor plans. Each apartment is equipped with stainless steel appliances, nickel fixtures and door hardware, quartz countertops and backsplash, washers and dryers and wood-grain plank flooring. The 17-story community features a courtyard and rooftop terrace, both of which feature …

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Sutphin II in Jamaica, New York
DevelopmentFinanceNew YorkNewsNortheast

Dwight Mortgage Provides $148 Million Construction Loan for Project in Jamaica, New York

by Channing Hamilton

JAMAICA, N.Y. — Dwight Mortgage Trust has provided a $148 million loan for the construction of Sutphin II, a 524-unit mixed-income project in Jamaica, roughly 15 miles east of New York City. Steven Hersko of the SHB Group arranged the financing on behalf of the developer, a partnership led by Moshe Braver. The 24-story building will offer 366 market-rate residences and 158 affordable housing units. Income restrictions for the affordable units were not disclosed. Upon completion, however, Sutphin II will quality for a 35-year 421-a tax abatement and Brownfield Redevelopment Tax …

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The Welz in New York City
DevelopmentNew YorkNewsNortheast

Slate, Avenue Realty Capital Deliver 19-Story Brooklyn Community

by Channing Hamilton

NEW YORK CITY — A joint venture between Slate Property Group and Avenue Realty Capital has completed The Welz, a 19-story, 162-unit community in the Williamsburg neighborhood of Brooklyn. Located at 159 Boerum St., the property offers a mix of studio, one- and two-bedroom units. Monthly rates start at $3,175 for a studio. Additionally, 49 residences have been set aside as affordable housing for residents earning between 60 to 130 percent of the area median income. Each unit features washers and dryers, a dishwasher, microwave, quartz countertops and stainless steel …

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188 South Essex Ave. in Orange, New Jersey
Affordable HousingDevelopmentNew JerseyNewsNortheast

Gateway Receives Site Plan Approval for $350 Million Project in Orange, New Jersey

by Channing Hamilton

ORANGE, N.J. — Gateway Merchant Banking has secured site plan approval from the City of Orange Township Planning Board for the redevelopment of 188 South Essex Ave. The $350 million phased redevelopment project will convert the former Orange Memorial Hospital into a mixed-use development with 1,005 apartment units. Apartments will come in one-, two- and three-bedroom layouts. Up to 20 percent of the units will be set aside as affordable housing units. Additionally, Gateway states that it is pursuing partnerships in order to bring senior and student housing to the …

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2868 Webster Ave. in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

Douglaston Development Breaks Ground on Affordable Housing Project in the Bronx

by Channing Hamilton

NEW YORK CITY — Douglaston Development has broken ground on an affordable housing development located at 2868 Webster Ave. in the Bedford Park neighborhood of the Bronx. The 12 story building will consist of 277 units in studio, one-, two- and three-bedroom floor plans. The community will be available to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development, which also includes a 188-unit seniors housing complex that opened …

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The Forge at Glassworks in Aberdeen, New Jersey
Investment SalesNew JerseyNewsNortheast

Beachwold Residential Acquires Property in Aberdeen, New Jersey, for $57 Million

by Channing Hamilton

ABERDEEN, N.J. — Beachwold Residential has purchased The Forge at Glassworks, a 170-unit community located at 118 Glassworks Blvd. in Aberdeen, roughly 40 miles south of New York City. Ingerman Group sold the property for $57 million. Built in 2017, The Forge at Glassworks offers a mix of one- and two-bedroom apartments, as well as three-bedroom townhome units. The average unit size is 1,077 square feet. Amenities include a lobby and clubroom, pool, fitness center with a sauna and yoga studios, game room and multiple outdoor spaces, such as a …

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J Veridian at Upper Dublin in Fort Washington, Pennsylvania
DevelopmentNewsNortheastPennsylvania

JAG Delivers 310-Unit Community in Fort Washington, Pennsylvania

by Channing Hamilton

FORT WASHINGTON, PENN. — Jefferson Apartment Group (JAG), along with equity partner CP Capital, has delivered J Veridian at Upper Dublin in Fort Washington, about 25 miles north of Philadelphia. Situated on a 14 acre-site at 1125 Virginia Drive, the community spans 310 units across three five-story buildings. Units range from one- to three-bedroom floor plans. The complex also offers 12,000 square feet of indoor amenities anchored by a clubroom and bar. Other features include a game area with billiards, shuffleboard and arcade gaming, lounge, poker room, fitness center, resident movie …

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Pratt Landing in New Rochelle
DevelopmentNew YorkNewsNortheast

Twining Properties to Break Ground on 850,000-Square-Foot Mixed-Use Project in New Rochelle, New York

by Channing Hamilton

NEW ROCHELLE, N.Y. — Twining Properties has received site approval for the construction of Pratt Landing, an 850,000-square foot mixed-use development, from the City of New Rochelle’s Planning Board. The approval, which concludes the entitlement phase of the project, allows for pre-construction demolition, environmental and other site work to begin. Located about 25 miles north of New York City along the Long Island Sound, Pratt Landing will consist of 383 rental apartments, as well as 99 condominiums, a 150-room hotel, 40,000 square feet of restaurant and retail space, 845 parking …

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The Eastwalk in Braintree, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

WinnDevelopment Breaks Ground on $47 Million Mixed-Income Project in Braintree, Massachusetts

by Channing Hamilton

BRAINTREE, MASS. — WinnDevelopment and development partner Arch Communities have broken ground on The Eastwalk, a $47-million mixed-income project in Braintree, roughly 12 miles south of Boston. The five-story community will be built on the former location of the Braintree Electric Light Department. The project also includes the creation of a pedestrian riverwalk along the Monatiquot River, which will provide public access to the river. The Eastwalk will feature a mix of one-, two- and three-bedroom apartments. Of the total 56 units, 30 will be set aside for households earning …

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