Northeast

Canyon Partners, Tavros Holdings and Charney Companies Form Joint Venture to Develop 224-unit Brooklyn Property

by Kari Lloyd February 10, 2023

NEW YORK CITY — Canyon Partners Real Estate LLC, Tavros Holdings and Charney Companies have created a joint venture to develop 585 Union Street, a 224-unit project in the Gowanus neighborhood of Brooklyn. Located in a qualified opportunity zone, the project will be capitalized with $57.7 million of equity and a $107 million senior construction loan from Pacific Western Bank. 585 Union Street will offer a mix of studio, one-, two- and three-bedroom units along with parking, a fitness center and a rooftop pool among other amenities. Twenty-five percent of available …

February 10, 2023

Investment Sales New York News Northeast

Largo Capital Arranges $30 Million Loan to Refinance 11-Property Portfolio in Buffalo, New York

by Kari Lloyd February 9, 2023

BUFFALO, N.Y. — Locally-based Largo Capital, a commercial finance and advisory firm, has arranged a $30 million loan to refinance an 11-property portfolio located in Buffalo, N.Y. The portfolio has a total of 789 units. The portfolio was was 99 percent occupied at the time of the sale. Ned Perlman, vice president of originations at Largo Capital, secured the 10-year balance sheet loan, which features a 30-year amortization and a flexible prepayment option. The borrower and direct lender were not disclosed.

February 9, 2023

Development News Northeast Virginia

IDI Group, PTM Partners Complete 318-Unit Viridium in Woodbridge, Virginia

by Kari Lloyd February 9, 2023

WOODBRIDGE, VA. — Developers IDI Group Cos. and PTM Partners have jointly completed construction of Viridium, a 318-unit community located in Woodbridge, approximately 20 miles south of Washington, D.C. Construction began in the second quarter of 2021. Viridium features one, two- and three-bedroom apartment layouts, a range of resident amenities and access to the Occoquan River. According to Apartments.com, rents for Viridium range from $1,740 to $4,190 per month. The building completes the multi-phase development, which began more than 15 years ago with the construction of Viridium’s sister building, Rivergate …

February 9, 2023

New York News Northeast People News

Hudson Realty Capital Names Brandon Eustace as Managing Director of FHA Originations

by Kari Lloyd February 8, 2023

NEW YORK CITY — Hudson Realty Capital, a New York City-based commercial real estate investment management firm, has hired Brandon Eustace as Managing Director of FHA Originations. Eustace brings more than a decade of experience in FHA and HUD real estate finance. His addition comes as the firm’s FHA division continues to expand its capabilities in the market. In this role, Eustace is responsible for overseeing the origination of multifamily FHA/HUD and bridge loans. Hudson Realty Capital launched its FHA division in 2021. The company has continued to strategically grow …

February 8, 2023

Development News Northeast Pennsylvania

Jefferson Apartment Group, CP Capital Buy Land for 310-Unit Project in Philadelphia Suburb

by Kari Lloyd February 7, 2023

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in Fort Washington, a northern suburb of Philadelphia. The 14-acre site at 1125 Virginia Drive, which was formerly an office building , will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to …

February 7, 2023

Investment Sales Massachusetts News Northeast

Tishman Speyer Acquires The Eddy in East Boston for $135 Million

by Kari Lloyd February 7, 2023

BOSTON — New York City-based real estate investment company Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Seafood restaurant ReelHouse occupies the retail space at the tower’s base through a long-term lease. The Eddy is located approximately three miles from the Downtown and Seaport …

February 7, 2023

Leasing & Marketing New Jersey News Northeast

Accurate Begins Leasing 105-Unit Property in Bound Brook, New Jersey

by Kari Lloyd February 6, 2023

BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit property located in Bound Brook, New Jersey. The development was designed by Jarmel Kizel Architects & Engineers. The property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Resident amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio.

February 6, 2023

Development New Jersey News Northeast

Partnership to Develop 498-Unit Project in Parsippany, New Jersey

by Kari Lloyd February 6, 2023

PARSIPPANY, N.J. — A partnership between Los Angeles-based PCCP LLC, Claremont Development and Stanbery Development will build The District at 1515, a 498-unit project in the Northern New Jersey community of Parsippany. Residential amenities will include a pool, fitness center, lounge area, conference center and a pet spa. The four-building development will include 58,866 square feet of retail space that will be marketed to a mix of full-service and fast-casual restaurants, as well as fitness users and soft goods merchandisers. Completion is slated for early 2025.

February 6, 2023

Affordable Housing Development Massachusetts Northeast

Trammell Crow, Community Builders Unveil Plans for 200 Affordable Housing Units As Part of Mixed-Use Redevelopment in Boston

by Kari Lloyd February 6, 2023

BRIGHTON, MASS. — Trammell Crow Company (TCC), in partnership with affordable housing non-profit developer The Community Builders (TCB), has announced plans for the redevelopment of seven acres along Soldiers Field Road in Brighton. The first phase of redevelopment will occur on the sites located at 1600 Solders Field Road and 15 Soldiers Field Place. The construction of the first residential building will be delivered as part of phase one, providing 100 units of affordable housing, with approximately 65 percent of the units designed with two- and three-bedroom layouts. The second …

February 6, 2023

Development New Jersey News Northeast

Diversified Properties Acquires Land in Jefferson, New Jersey, for Multifamily Project

by Channing Hamilton January 27, 2023

JEFFERSON, N.J. — Locally based developer Diversified Properties has acquired two lots totaling 9.8 acres in the Northern New Jersey community of Jefferson for the construction of a new multifamily project. Phase I of the project, which will be known as Jefferson Place, will total 32 units. Residences will be available in one- and two-bedroom floor plans and will range in size from 855 to 1,216 square feet. Amenities will include a fitness center, and an outdoor lounge with grilling and dining stations. Details of Phase II were not disclosed. …

January 27, 2023

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