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The-Fairways
FinanceNew HampshireNewsNortheast

Newmark Arranges $143 Million Refinancing for One of Makor Capital’s New Hampshire Assets

by Lynn Peisner

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 …

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1011-First-Avenue-Manhattan
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Vanbarton Group Secures $250 Million Loan for Manhattan Multifamily Conversion Project

by Lynn Peisner

NEW YORK — Vanbarton Group has received $250 million in financing to convert the former Roman Catholic Archdiocese of New York headquarters into 420 multifamily units. Eldridge Real Estate Capital Management provided the acquisition and construction loan. The financing included the $103 million acquisition cost. CBRE’s Doug Middleton and Pierre Hills advised the archdiocese on the sale of the property, and Greenberg Traurig represented Vanbarton Group. The 20-story, approximately 400,000-square-foot building in the Sutton Place neighborhood had been the headquarters for the archdiocese since 1973 and was known as the …

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Blue-Hill-at-Watchung
DevelopmentNew JerseyNewsNortheast

Marcus, Sterling and Danbro Close Deal for $104 Million New Jersey Development

by Lynn Peisner

WATCHUNG, N.J. — Boston-based real estate investment and development firm Marcus Partners has joined the team constructing Blue Hill at Watchung, a 230-unit property in Watchung. Sterling Properties and Danbro Properties started the project, and completion is slated for December 2026. Blue Hill at Watchung, located 33 miles southwest of Manhattan, is set on about 42 acres. The property will feature six buildings and an amenity clubhouse with a resort-style pool, fitness center, coworking spaces, indoor-outdoor lounges, a dog park and a golf simulator. Approximately 20 acres of the site …

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RIVR-Lofts
DevelopmentFinanceFloridaNewsSoutheast

Moderno Development Group Locks in $117 Million Refinancing for Fort Lauderdale Project

by Lynn Peisner

FORT LAUDERDALE, FLA. — JLL has arranged a three-year, floating-rate $117 million loan for Miami-based Moderno Development Group. The borrower will use the loan to refinance construction debt for Rivr Lofts, a 352-unit property Moderno completed in November 2024. The name of the lending institution was not disclosed. Rivr Lofts in Fort Lauderdale is currently 65 percent leased and includes a mix of studios and one- and two-bedroom residences. Amenities include a rooftop pool and lounge with river, city and ocean views, a fitness center and 3,000 square feet of …

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J-Centra-Philadelphia
DevelopmentLeasing & MarketingNew JerseyNewsNortheast

JAG Opens J Centra Near Philadelphia

by Lynn Peisner

BURLINGTON TOWNSHIP, N.J. — Jefferson Apartment Group (JAG) has begun leasing J Centra in Burlington Township, about 23 miles east of Philadelphia. The 500-unit property includes 100 units designated as affordable. Income restrictions were not disclosed. Individual buildings are opening gradually, about once per month starting in July, and the property will be fully complete in 2026. J Centra is operated by JAG’s property management division. SpringHarbor Financial Group and H.I.G. Realty Partners are joint venture and equity partners, respectively, with financing provided by United Bank. This development marks JAG’s …

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Brownsville-arts-center
Affordable HousingDevelopmentNew YorkNewsNortheast

Gilbane Developing $254 Million Brooklyn Affordable Housing Anchored by Arts Center

by Lynn Peisner

NEW YORK — Gilbane Development, in partnership with Blue Sea Development, Artspace and the City and State of New York, has secured $254 million to finance the development of a mixed-use, affordable housing property in Brooklyn’s Brownsville neighborhood. Brownsville Arts Center & Apartments (BACA) will include about 263,000 square feet of residential space and a 28,000-square-foot arts center, the centerpiece of which is a 3,440-square-foot multi-purpose performance, rehearsal and studio space for community arts groups. The 283-unit BACA development will include a mix of studios and one-, two- and three-bedroom …

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The-Mira-Apopka
Affordable HousingNewsNortheastWashington, D.C.

One Big Beautiful Bill Act Expands LIHTC, Resurrects Opportunity Zones

by Lynn Peisner

WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …

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Level-at-Sixteenth-Phoenix
ArizonaInvestment SalesNewsWestern

Sares Regis Multifamily Sells Phoenix Asset for $61.5 Million

by Lynn Peisner

PHOENIX — Steve Gebing and Cliff David of Institutional Property Advisors (IPA) have arranged the $61.5 million sale of Level at Sixteenth in Phoenix. IPA represented the seller, Sares Regis Multifamily Investment Management, and procured the buyer. IPA didn’t disclose the buyer, but TA Realty is listed as the owner on the property website. Sares Regis Multifamily bought the asset from Abacus Capital Group in 2021. Level at Sixteenth opened in 2010 and was a redevelopment of a former retail center. The 240-unit property sits on four acres at the …

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El-Camino-Oceanside
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Mirka Lands KeyBank Loans for Affordable Housing Development in Oceanside, California

by Lynn Peisner

OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have finalized $74.8 million in loans for Mirka Investment’s El Camino Real Apartments, which are being developed in Oceanside, about 38 miles north of San Diego. CDLI’s and CMG’s loans make up part of the $137.5 million total funding package that will enable the construction of the 111-unit affordable housing community reserved for renters earning between 30 and 80 percent of area median income (AMI). A completion date was not disclosed. CDLI provided a …

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Vida-Lakewood-Ranch
BerkadiaFloridaInvestment SalesNewsSoutheast

Zilber Residential Sells Bradenton Asset for $92 Million

by Lynn Peisner

BRADENTON, FLA. — Zilber Residential Group, a Milwaukee-based developer, owner and property manager founded in 1949, has sold Vida Lakewood Ranch in Bradenton to an undisclosed investor for $92 million. Berkadia Senior Managing Director Matt Mitchell and Director Chris Burtner represented Zilber, which developed the asset, in the deal. The two-story, garden-style Vida is located in Lakewood Ranch, a master-planned community that spans 50 square miles in Manatee and Sarasota counties. The property is comprised of one- and two-bedroom units. Amenities include a fitness center, shaded game lawn and grilling …

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