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West Side Square in Jersey City, New Jersey

Partnership Secures $169 Million Construction Loan for 477-Unit Development in Jersey City, New Jersey

by Channing Hamilton July 9, 2024

JERSEY CITY, N.J. — West Side Square Development Fund, a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for West Side Square in the Journal Square neighborhood of Jersey City. Bravo Property Trust provided the debt. West Side Square will offer 477 units in studio, one- and two-bedroom floor plans. Amenities will include coworking space, an outdoor deck with a pool and grilling stations, fitness center, community room and dog run. The property will also feature 9,841 square …

July 9, 2024

Affordable Housing Development Finance New York News Northeast

Partnership to Undertake $275 Million Renovation of Affordable Sack Wern Houses in the Bronx

by Channing Hamilton July 8, 2024

NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …

July 8, 2024

Investment Sales New Jersey News Northeast

JLL Capital Markets Arranges $80 Million Sale of Mount Laurel Crossing in Mount Laurel, New Jersey

by Channing Hamilton July 3, 2024

MOUNT LAUREL, N.J. — JLL Capital Markets has arranged the sale of Mount Laurel Crossing, a 296-unit community in the Philadelphia suburb of Mount Laurel. Colony Hills Capital, an investment management firm based in Wilbraham, Massachusetts, purchased the asset for $80 million. JLL represented the undisclosed seller in the deal. Fran Coyne, Carl Fiebig, Jose Cruz, Mike Oliver, Samantha Kupersmith and Tyler Margraf led the JLL Capital Markets Investment Sales and Advisory team. Mount Laurel Crossing was built in 1999. The property offers one-, two- and three-bedroom units. The average unit …

July 3, 2024

Mount Penn Manor in Reading, Pennsylvania

Investment Sales News Northeast Pennsylvania

Morgan Properties Acquires Portfolio of 11 Communities in Pennsylvania

by Channing Hamilton July 2, 2024

KING OF PRUSSIA, PA. — Morgan Properties, a development and investment firm based in the Philadelphia suburb of King of Prussia, has acquired a portfolio comprising 3,434 units across 11 properties in Pennsylvania. Morgan purchased the communities from their original developer, DePaul Management Co. The sales price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The buyer plans to invest more than $80 million in capital improvements to the portfolio. Units throughout the portfolio will be renovated with updates to the …

July 2, 2024

Development Leasing & Marketing News Northeast Pennsylvania

Toll Brothers Apartment Living Opens $112 Million Broad + Noble in Philadelphia

by Channing Hamilton July 1, 2024

PHILADELPHIA — Toll Brothers Apartment Living has opened Broad + Noble, a $112 million high-rise development in Philadelphia’s Callowhill neighborhood. Broad + Noble comprises 326,000 square feet across 19 stories. The residential tower offers 344 units. According to the property website, units come in studio, one- and two-bedroom floor plans. Community amenities include a resident lounge, fitness center, two coffee bars, co-working studio, gaming lounge with billiards, media room, sky lounge, rooftop deck, pet spa, bike storage, package concierge system and community-wide Wi-Fi. The property also includes office and retail …

July 1, 2024

Pointe Grande Dawsonville in Dawsonville, Georgia

Finance Georgia News Southeast

KeyBank Provides $42.9 Million Agency Refinancing for Pointe Grande Dawsonville in Atlanta Suburb

by Channing Hamilton June 28, 2024

DAWSONVILLE, GA. — KeyBank Real Estate Capital has provided a $42.9 million Fannie Mae loan for the refinancing of Pointe Grande Dawsonville, a 300-unit asset in the Atlanta suburb of Dawsonville. Justin Ownby and Patrick Fitzgerald of KeyBank’s Commercial Mortgage Group originated the financing on behalf of the borrower, Central Florida-based Hillpointe. Pointe Grande Dawsonville was built between 2022 and 2023. The garden-style community comprises 12 three-story buildings on a 23.5-acre site. Amenities include a fitness center, pool with private cabanas, 24-hour conference and business center, Starbucks coffee and tea …

June 28, 2024

Aeolian Building in Meriden, Connecticut

Affordable Housing Connecticut Development Finance News Northeast

Trinity Financial Secures $51.5 Million in Financing for Conversion Project in Meriden, Connecticut

by Channing Hamilton June 27, 2024

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a conversion project in Meriden, located about halfway between New Haven and Hartford. The sponsor, Trinity Financial, will use the funds to redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into a mixed-income community. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Once converted, the property will comprise 82 apartments. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. …

June 27, 2024

Affordable Housing Development Finance Georgia News Southeast

Atlanta BeltLine, Invest Atlanta Approve $172 Million Budget for Affordable Housing Development, Trail Construction

by Channing Hamilton June 26, 2024

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. The budget totals $172 million, a 12 percent increase over the 2024 budget. The funding will be directed toward a goal set in 2005 to develop 5,600 units of affordable housing in Atlanta by 2030. The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

June 26, 2024

Development Finance New York News Northeast

Affinius Capital, Kennedy Wilson Originate $160 Million Construction Loan for 340 Nevins Street in Brooklyn, New York

by Channing Hamilton June 25, 2024

NEW YORK CITY — Affinius Capital LLC and Kennedy Wilson have originated a $160 million senior construction loan for 340 Nevins Street, a 320-unit apartment project in Brooklyn’s Gowanus neighborhood. A joint venture between Tavros Holdings and Charney Cos. is undertaking the development project. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing. 340 Nevins Street will rise 22 stories. The community will offer studio, one-, two- and three-bedroom apartments. Twenty-five percent of the units will be set aside as affordable housing. Income restrictions for these units have not …

June 25, 2024

Development News Texas

Woodfield Development Breaks Ground on $101 Million Northwest Village in Fort Worth, Texas

by Channing Hamilton June 24, 2024

FORT WORTH, TEXAS — Woodfield Development has broken ground on Northwest Village, a $101 million project in Fort Worth. The asset will be situated within Traditions at Northwest Village, a 47-acre master planned development featuring office, retail and restaurant space, as well as a large public park. Northwest Village will comprise 455 apartments across two buildings on a 15-acre site. Units will come in studio, one-, two- and three-bedroom layouts. The property will also offer five townhome-style units. Planned amenities include private conference rooms and individual offices, a fitness center, …

June 24, 2024

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