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CEI-Hillcrest-Antioch
Affordable HousingCaliforniaCompany NewsDevelopmentFinanceFloridaInvestment SalesNewsNorth CarolinaNortheastSouth CarolinaSoutheastWestern

CEI Launches Affordable Housing Investment Partnership

by Lynn Peisner

LOS ANGELES — Los Angeles-based developer Cypress Equity Investments (CEI) and an unnamed Florida-based investment firm have partnered to build or acquire approximately $1.2 billion worth of affordable housing communities. The venture is being launched with 11 ground-up projects that are already in place in California and Florida. Target markets for future opportunities include the Carolinas, Tennessee, Texas and some markets in the Northeast. Some of the deal characteristics CEI is seeking will include communities with on-site resident services, developments that partner with nonprofits and acquisitions of other existing institutional …

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Lambert-Woods-Portland
Affordable HousingDevelopmentMaineNewsNortheast

POAH Breaks Ground on Affordable Housing in Portland, Maine

by Lynn Peisner

PORTLAND, MAINE — Preservation of Affordable Housing (POAH) has closed on construction financing for Lambert Woods North, a 72-unit affordable housing development that will be built in the North Deering neighborhood. POAH acquired the wooded lot from the City of Portland through an RFP process. The one-, two- and three-bedroom units will be reserved for renters earning 60 percent of area median income. The Maine State Housing Authority is providing 4 percent Low-Income Housing Tax Credits as well as construction and permanent loans. The project also is backed by several …

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Fairstead-Alexandria
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

Fairstead Breaks Ground on $120 Million Adaptive Reuse Project in Metro D.C.

by Lynn Peisner

ALEXANDRIA, VA. — Fairstead has broken ground on an affordable housing adaptive reuse project in the Washington, D.C., suburb of Alexandria. On the site of Samuel Madden Homes, originally built to house African American defense workers during World War II, the company will build 207 residences, ranging from one- to four-bedroom units, reserved for families earning 30 to 80 percent of area median income as well as a new community food bank. Completion is slated for fall 2027. Financial partners include permanent and construction lenders Boston Financial, Freddie Mac and …

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DevelopmentNew YorkNewsNortheast

Slate, Pi Capital Plan 95-Unit Luxury Project Across from Empire State Building

by Lynn Peisner

NEW YORK CITY — Slate Property Group and Pi Capital Partners, a New York City-based real estate family office, have announced plans to develop a ground-up luxury apartment building at 335-339 Fifth Ave. in Midtown Manhattan directly across the street from the Empire State Building. The 95-unit property will be situated at the corner of Fifth Avenue and 33rd Street. Preliminary plans for the 18-story, 89,000-square-foot building call for 95 units ranging from studios to two-bedrooms, ground-floor retail and amenities. The parcel is currently a vacant lot that the Pi …

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Viking-Mill-Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

Chatham Bay Group Secures $37.5 Million Loan from 3650 Capital for Philadelphia Redevelopment

by Lynn Peisner

PHILADELPHIA — Developer Chatham Bay Group has secured a $37.5 million loan to complete construction of Viking Mill in the East Kensington neighborhood of Philadelphia. The lender was 3650 Capital. Viking Mill is being developed in two phases that are slated to deliver in the first and the fourth quarter of 2026, respectively. The project includes the repositioning of an 1800s-era mill into 77 loft-style apartments as well as the ground-up construction of an additional adjacent building that will house 100 units. The community will provide approximately 7,750 square feet …

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Blayr-Philadelphia
DevelopmentLeasing & MarketingNewsNortheastPennsylvania

Federal Realty Launches Leasing at Blayr in Metro Philadelphia

by Lynn Peisner

BALA CYNWYD, PA. — Federal Realty Investment Trust has begun leasing Blayr, a 217-unit community that represents Phase II of Bala Cynwyd on City Avenue in the northwest Philadelphia suburb of Bala Cynwyd. Move-ins will begin in March 2026. Blayr offers studio, one-, two- and three-bedroom units complemented by such amenities as an outdoor pool, a fitness center, a golf and multisport simulator, an indoor parking garage with electric vehicle charging stations, a pet spa and a walking path that connects directly to the Cynwyd Heritage Trail, a walking and …

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Prescott-Post-Portsmouth
DevelopmentFinanceNew HampshireNewsNortheast

JLL Arranges $96.8 Million Construction Loan for New Hampshire Development

by Lynn Peisner

PORTSMOUTH, N.H. — JLL Capital Markets has arranged a $96.8 million construction loan through Truist Bank for the development of Prescott Post, a 360-unit project in Portsmouth. The borrowers were Eastern Real Estate and The Kane Co. Construction began in October, and completion is slated for late 2027. Set on 26 acres, the market-rate community will feature approximately 2.7 acres of green and community space as well as such amenities as clubrooms, coworking spaces, an indoor-outdoor fitness area with a yoga studio, outdoor kitchens, fire pits, a dog run with …

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Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Greystone Provides $114.5 Million Bridge Loan for Queens Affordable Housing Redevelopment

by Lynn Peisner

NEW YORK CITY — Greystone has provided a $114.5 million bridge loan on behalf of Iris Holdings Group for the acquisition and rehabilitation of The State Preservation Portfolio, a 753-unit affordable housing portfolio. The nine properties are located throughout the borough of Queens. Iris Holdings Group partnered with the New York City Department of Housing Preservation and Development to preserve and redevelop the portfolio for families of varying levels of income affordability for the next 40 years. Iris Holdings Group will be updating building systems and enhancing accessibility features.

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Coney-Island-West
Affordable HousingDevelopmentNew YorkNewsNortheast

New York City Selects RYBAK for $350 Million Coney Island Redevelopment Project

by Lynn Peisner

BROOKLYN, NEW YORK — Following a request for proposals, the New York City Economic Development Corp. (NYCEDC) has selected RYBAK Development to build a 505-unit, mixed-income community on Surf Avenue between West 21st and 22nd streets in Coney Island. The project, named Tilyou Towers, was designed by Brooklyn-based IMC Architecture. RYBAK plans to begin construction in 2027 and estimates the project will be complete by 2030. The site was a former parking lot owned by the city. Twenty-five percent of the units at Tilyou Towers will be set as aside …

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Quarry-Place-Tuckahoe
Investment SalesNew YorkNewsNortheast

Veris Residential Sells Quarry Place in NYC Metro for $63 Million

by Lynn Peisner

TUCKAHOE, N.Y. — Veris Residential has sold Quarry Place in Tuckahoe to Hines for $63 million in a transaction arranged by JLL Capital Markets. Tuckahoe is a village 20 miles north of Manhattan. Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units and is currently 96 percent occupied. The 3,275 square feet of ground-floor retail is leased to Orangetheory Fitness. Amenities include a fitness center with a yoga room and spin studio, a clubroom with computer stations, a garden terrace with a fire pit and electric vehicle …

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