NEW YORK CITY — Fairstead and Invesco Real Estate will invest $20 million to renovate two affordable housing properties, Linden Apartments in Upper Manhattan and Locust Apartments in the Bronx. The joint venture team acquired the properties in 2021. All residences in the developments are protected by project-based Section 8 contracts that guarantee household rent caps at 50 percent of area median income. The Linden consists of 301 homes across 11 buildings while the Locust community is comprised of 409 homes across eight buildings. The two sites are part of …
NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan. Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that …
NEW YORK CITY — Affinius Capital has funded a $340 million loan for Sky Equity Group. The financing will be used to retire existing debt, complete construction and to pay expenses related to leasing 313 Bond in the Gowanus neighborhood of Brooklyn. The loan was arranged by Henry Bodek of Galaxy Capital. The 603-unit, two-building property, still under construction, also has 51,600 square feet of retail space. The developer broke ground in 2023. Full completion is expected before the end of this year. 313 Bond will offer 149 studios, 313 …
HOLBROOK, MASS. — Marcus & Millichap has arranged the $7 Million sale of Johns Avenue Apartments, a 34-unit building in Holbrook, 17 miles south of Boston. Marcus & Millichap’s Tony Pepdjonovic and Evan Griffith represented the seller and procured the buyer. Neither party was identified. The property was built in 1965 and totals 26,164 square feet on about a 1-acre lot. Floor plans are mix of four studios and 30 one-bedrooms.
NEW YORK CITY — Merchants Bank has provided a loan totaling approximately $60 million for Tredway, a Manhattan-based affordable housing investment and development firm, to renovate and to preserve affordability at Ocean Park Apartments in the Queens’ neighborhood of Far Rockaway. Merchants Capital arranged the financing. Tredway acquired the asset earlier this year, at which time the company entered into a new regulatory agreement with New York’s Department of Housing Preservation & Development to rent stabilize the property and set rent caps for tenants earning no more than 60 to …
JERSEY CITY, N.J. — The NRP Group and its partners, G&S Investors and Rockwood Capital, have completed development of Oliver on the Hudson and have opened the property. Oliver on the Hudson is a 401-unit community in the Port Liberté neighborhood of Jersey City, where Manhattan is about a 15-minute ferry ride away. KTGY Architecture and Planning served as the lead architect for the five-story building, with Bergmeyer overseeing interior design. Financing for the project includes senior construction loans from Citizens and Fifth Third Bank, with Rockwood Capital providing joint …
BOSTON — PGIM Real Estate has provided a $132 million, floating-rate refinancing loan for The Abbey Group’s Viridian project in Boston. Amy Lousararian, managing director at JLL Capital Markets, arranged the financing. The Abbey Group opened the 342-unit, 20-story community in 2015. Apartments are offered as studios or in one-, two- and three-bedroom layouts as well as penthouse units. According to the property website, asking monthly rents for studios start at $3,015, and three-bedrooms start at $6,250. Amenities include a two-story atrium with 24-hour concierge service, two rooftop decks with …
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided Beitel Group a $305 million construction loan for an unnamed development at 355 Exterior St. in the Mott Haven neighborhood of South Bronx. Landstone Capital Group arranged the financing. The community will consist of two connected 40-story and 26-story residential towers totaling 515,000 square feet with 755 units. The Beitel Group demolished the existing buildings and completed excavation work after entering a contract to purchase the site in October 2024. Construction began in December …
RANDOLPH, N.J. — Woodmont Properties and Canoe Brook Development have launched leasing for WoodBrook at Randolph, a 199-unit community in Randolph, 40 miles west of Manhattan. The codevelopers broke ground in March 2024. WoodBrook at Randolph consists of a four-story, mid-rise building that houses 97 traditional units. The remaining residences are in townhome-style buildings. Amenities include coworking spaces, a resort-style pool, a game den with a sports simulator and a fitness center and yoga room.
DERRY, N.H. — Newmark has arranged a $143.1 million Fannie Mae loan for Makor Capital’s refinancing of The Fairways in Derry, about 43 miles north of Boston. Newmark Vice Chairman Ed Belz arranged the deal. Makor acquired the asset, located at 1 Forest Ridge Road, in 2016. Fairways is a garden-style community constructed in 1984 that features 849 units across a variety of two-, three- and four-story buildings. “By refinancing, we take some chips off the table while we continue to own and further improve the property over the long …