Northeast

Facade of 100 Cherry Hill Road project in Parsippany, New Jersey

Accurate Breaks Ground on 26-Acre New Jersey Project

by Lynn Peisner March 20, 2023

PARSIPPANY-TROY HILLS, N.J. — Locally based developer Accurate has broken ground on a 26-acre property at 100 Cherry Hill Road in Parsippany-Troy Hills, about 30 miles northwest of Manhattan. The project will consist of 325 units within two four-story buildings, both built above ground-level garage parking. Sixty-five of the units will be earmarked as affordable units. Rent restrictions were not disclosed. The developer is including 14 studios, 210 one-bedroom units, 88 two-bedroom apartments and 13 three-bedroom floor plans. Amenities will include a clubroom, fitness center and multi-sport lounge. The first …

March 20, 2023

Rendering of Saxum's first phase of a multifamily project in Philadelphia

Development News Northeast Pennsylvania

JLL Arranges $77.5 Million for Saxum’s First Phase of Philadelphia Project

by Lynn Peisner March 16, 2023

PHILADELPHIA — JLL Capital Markets has arranged a $77.5 million construction loan on behalf of Saxum Real Estate for the first phase of an unnamed multifamily development in Philadelphia. The Summit, New Jersey-based firm will build 279 units in this first phase, followed by an additional 187 units in Phase II. The seven-story project is located in the Northern Liberties area of Philadelphia. The development also will include 15,000 square feet of retail. JLL worked on behalf of Saxum Real Estate to secure the three-year, floating-rate loan through a U.S. …

March 16, 2023

A 3D render of Vermeer, a 13-story grey and white building.

Development News Northeast Washington, D.C.

Toll Brothers Underway on 501-Unit Mixed-Use Project in Washington, D.C

by Channing Hamilton March 15, 2023

WASHINGTON, D.C. — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., is developing Vermeer, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. Vermeer’s development is being financed through a construction loan from Bank OZK. The project was designed by architecture firm KTGY. Site work on Vermeer began in December 2022, and the building is expected to open in 2024. Vermeer will rise 13 stories and include 37,000 square feet of ground-level retail space. The property’s 501 units will be available in studio, one-, two- and …

March 15, 2023

New York News Northeast People News

Newmark Selects Chad Lavender as President of Capital Markets

by Channing Hamilton March 15, 2023

NEW YORK CITY — Newmark Group has hired Chad Lavender as president of capital markets for the firm’s operating businesses in North America. Lavender will serve on the company’s executive committee and corporate management steering committee. In this role, Lavender will oversee the strategy and revenue growth of Newmark’s capital markets business assets, including multifamily, office, industrial, retail and alternative investment classes. Lavender previously served as Newmark’s vice chairman and co-head of healthcare and alternative real estate assets group. Prior to joining Newmark, Lavender held roles as co-head of HFF’s national …

March 15, 2023

A bird's eye view of the Beacon in Jersey City.

Finance New Jersey News Northeast

Greystone Provides $257.2 Million Loan for The Beacon in Jersey City, New Jersey

by Channing Hamilton March 14, 2023

JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Greystone’s Judah Rosenberg …

March 14, 2023

Rendering of The Alice in Princeton, New Jersey

Affordable Housing Development New Jersey News Northeast

WinnCompanies Breaks Ground on $63 Million Mixed-Income Project in Princeton, New Jersey

by Lynn Peisner March 13, 2023

PRINCETON, N.J. — WinnCompanies has started construction on The Alice, a $63 million, mixed-income project in Princeton. The Boston-based developer is also preparing to start work on a 1.5 acre public park with a playground, seating and a dog park adjacent to the 125-unit apartment property. The Alice is expected to be complete and ready for occupancy by the summer of 2024. Of the 125 apartments, 100 will be leased at market rates and 25 will be available in rent restrictions ranging from 30 to 80 percent of area median …

March 13, 2023

Affordable Housing Finance News Northeast Washington, D.C.

FHFA Confirms Disbursement of $545 Million for Affordable Housing Programs

by Kari Lloyd March 8, 2023

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …

March 8, 2023

Annapolis Junction, a six-story multifamily building with brick and slate exteriors.

Development Investment Sales Market Reports Northeast

Mid-Atlantic Region Capitalizes on its Economic Strengths

by Channing Hamilton March 7, 2023

The Mid-Atlantic region comprises two major markets with heavy ties to the federal government: Washington, D.C., and Baltimore. The metros are located about 40 miles apart via I-95, and their combined metropolitan statistical area (MSA) house more than 9.2 million people, which is a nearly 10 percent increase from 2010, according to the latest U.S. Census data. The region’s surging population has helped drive demand for more market-rate multifamily and affordable housing development in recent years. Also supporting demand is its ubiquitous public sector, especially in the nation’s capital. “Washington, …

March 7, 2023

A construction site for the redevelopment of a hotel building.

Architecture & Design Development Features Northeast Washington, D.C.

ULI Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Channing Hamilton March 6, 2023

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for …

March 6, 2023

Development New York News Northeast

Cantor Fitzgerald and Silverstein Properties Close $165 Million Construction Loan for 345-Unit Property in New York City

by Kari Lloyd March 2, 2023

NEW YORK CITY — Cantor Fitzgerald and Silverstein Properties have closed on $165 million in construction financing for the development of a 63,000-square-foot lot located at 44-01 Northern Blvd. in the Astoria neighborhood of Queens. The loan was provided by Banco Inbursa. Silverstein Properties commenced construction on the project in early 2022 and the property is expected to open in the spring of 2024. The property is planned to deliver 345 units and 24,000 square feet of retail space. The development plans to allocate 25 percent of the rental …

March 2, 2023

Newer Posts

Older Posts