Northeast

Veris Residential Completes Lease-Up of 750-Unit Haus25 in Jersey City

by Kari Lloyd February 23, 2023

JERSEY CITY, N.J. — Veris Residential, the development and investment firm formerly known as Mack-Cali Corp., has completed the lease-up of Haus25, a 750-unit, 56-story tower in the downtown area of Jersey City. Haus25 offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, indoor and outdoor fitness areas, amphitheater, bowling alley, karaoke lounge, game room, golf simulator, pet spa and dog run. When leasing began in spring 2022, monthly rents for a studio apartment started in the low $3000s. The 56-story building is now approximately 93 percent …

February 23, 2023

Finance New York News Northeast

Community Preservation Corporation, Proto Property Services Refinance 525-Unit Affordable Housing Property in Brooklyn for $100 Million

by Kari Lloyd February 21, 2023

BROOKLYN, N.Y. — The Community Preservation Corporation and Proto Property Services have refinanced Riverdale Osborne Towers, a 525-unit affordable housing complex in the Brownsville neighborhood of Brooklyn. The $100 million loan was provided by Rockport Mortgage Corporation under a HUD 223(f) loan. The complex consists of four, nine-story residential buildings with 525 affordable homes for low-income families. The property also includes a preschool and 10,500 square feet of retail space, including the only full-service grocery store in the area. The refinance will preserve the long-term affordability of all 525 homes …

February 21, 2023

Affordable Housing Development Massachusetts News Northeast

City of Boston Funds Mixed-Use, Mixed-Income Columbia Crossing Development

by Kari Lloyd February 21, 2023

BOSTON — The City of Boston and Mayor Michelle Wu have funded an undisclosed amount of funding for Columbia Crossing in the Dorchester neighborhood. The proposed development plans to transform the historic Dorchester Savings Bank building and adjacent parking lot into an approximately 86,000-square-foot residential and commercial complex. The project will be developed by the Preservation of Affordable Housing (POAH) in partnership with the Dorchester Bay Economic Development Corporation (DBEDC). Plans include the adaptive reuse of the bank building into affordable rental housing and the construction of a six-story building at …

February 21, 2023

New Jersey News Northeast Operations

The Monocle Group Selects Greystar for Management of 210 Main

by Kari Lloyd February 20, 2023

HACKENSACK, N.J. — The Monocle Group has selected Greystar Real Estate Partners LLC, as property manager of 210 Main, a two-building, 126-unit property in downtown Hackensack. Formerly a historic bank building and one of Hackensack’s first architectural landmarks, 210 Main was converted to apartments in 2021. The community consists of the 11-story, 89-unit building at 210 Main St. and the interconnected four-story, 37-unit building at 214 Main St. Amenities include a 24-hour fitness center, concierge, outdoor lounge with barbecue grills and fire pits, rentable event lounge, community laundry room and …

February 20, 2023

Connecticut Development News Northeast

Northmarq Secures Over $37.5 Million Construction Financing for 151-Unit Development in Newington, Connecticut

by Kari Lloyd February 20, 2023

NEWINGTON, CONN. — Northmarq has secured $37.5 million in construction financing for the development of The Pike in Newington, a southwest suburb of Hartford. The developer broke ground at the end of 2022. The project completion date was not disclosed. The capital stack included a $25 million senior construction loan with a bank, and preferred equity in the amount of $12.5 million from a real estate private equity firm. The combined senior construction loan and preferred equity represents 85 percent loan-to-cost. Financing was secured by Brad Burns, Brandon Harrington, Tyler …

February 20, 2023

Finance New Jersey News Northeast

Fields Grade, Park Stone Management Secure $37 Million to Refinance Property in Jersey City, New Jersey

by Kari Lloyd February 17, 2023

JERSEY CITY, N.J. — Development partners Park Stone Management and Fields Grade Development Company received a $37 million-dollar permanent loan to refinance Le Léo, a 99-unit luxury rental building in Jersey City’s Journal Square. Mark DeLillo and Marc Schulder of Blue Gate Partners arranged the loan provided by Lakeland Bank. Located at 244 St. Paul’s Ave., the six-story building is currently 88 percent leased and occupied. Property amenities include a fitness center, yoga studio, coworking space with conference room, outdoor rooftop terrace with barbecues, sun loungers and firepits. The property …

February 17, 2023

Affordable Housing Finance News Northeast Washington, D.C.

EagleBank Provides $25 Million in Construction Financing for Affordable Housing Project in Washington, D.C.

by Kari Lloyd February 14, 2023

WASHINGTON, D.C. — EagleBank, a Washington, D.C.-based community bank, has provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a new 100 percent affordable development in the Park View neighborhood of Washington, D.C. The development is part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit former public housing property into a mixed-income community of nearly 500 units. Upon completion, the five-story development will offer 142 units, including 40 public housing replacement units. Planned amenities include a rooftop lounge, …

February 14, 2023

Development Finance New York News Northeast

Wells Fargo Provides $288 Million in Financing for Affordable Housing Project in New York City

by Kari Lloyd February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in the Inwood neighborhood of Manhattan. The financing package includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income (AMI), and approximately 15 …

February 13, 2023

Affordable Housing Finance Massachusetts News Northeast

MassHousing Provides $12.4 Million Affordable Housing Financing for St. Mary’s Plaza in Suburban Boston

by Kari Lloyd February 13, 2023

LYNN, MASS. — MassHousing has provided $12.4 million in affordable housing financing to St. Mary’s Plaza Inc. for 99-unit St. Mary’s Plaza in Lynn, a northern suburb of Boston. The transaction will extend affordability protections for at least 25 years, as well as involve approximately $1.4 million in property improvements. As part of the transaction, St. Mary’s Plaza Inc. has executed a new 20-year HUD Section 8 Housing Assistance Payments contract for 98 of the 99 apartments at St. Mary’s Plaza. The new contract will include five years remaining on …

February 13, 2023

Development New Jersey News Northeast

Hampshire Cos. to Develop 70-Unit Property in Allendale, New Jersey

by Kari Lloyd February 13, 2023

ALLENDALE, N.J. — The Hampshire Cos. a New Jersey-based real estate and development firm, will develop a 70-unit community in Allendale. he 104,620-square-foot property is located at 220 W. Crescent St. and is scheduled to be completed in the second quarter of 2024. The property will also feature a clubroom, storage, lounge, and a 9,460-square-foot courtyard. Designed by DMR Architects, nine of the units will be subject to income restrictions including six Council on Affordable Housing (COAH) units designated for first responders.

February 13, 2023

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