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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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Sienna-&-Sienna-Park
Investment SalesNewsWashingtonWestern

IPA Arranges Two-Property, $43 Million Deal in Seattle MSA

by Lynn Peisner

TACOMA, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Sienna and Sienna Park, two adjacent properties with a total of 248 units just outside Tacoma. Interstate Equities Corp. acquired the assets for $43 million. Built in 1986 and 1988, the two Siennas create a value-add investment opportunity for Interstate Equities, according to Ryan Harmon, part of IPA’s team, which also included Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino. IPA represented the seller, Goodman Real Estate, in the transaction. Sienna is an 80-unit asset with eight …

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290-Coles-Street-Jersey-City
DevelopmentNew JerseyNewsNortheast

Partnership Breaks Ground on $400 Million Jersey City Development

by Lynn Peisner

JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028. In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 …

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MEM-Building-A
Affordable HousingDevelopmentMassachusettsNewsNortheast

WinnCos. Breaks Ground on First Phase of Boston Public Housing Redevelopment

by Lynn Peisner

BOSTON — WinnCos. has broken ground on Phase I of the redevelopment of the Mary Ellen McCormack (MEM) public housing project in Boston. Activity will kick off with the construction of a $62 million building known as Building A. This ground-up construction will provide new homes to the 94 low-income families currently living in the community. WinnCos. says Building A move-ins will occur in fall 2026. Once complete, the revamped 30-acre MEM community will include 3,300 rental homes, effectively tripling the number of units currently available. Along with Building A, …

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30-25-Queens-Blvd
DevelopmentFinanceNew YorkNewsNortheast

BPG, LargaVista Secure $388.5 Million Loan, Resume Construction of Long Island City Tower

by Lynn Peisner

QUEENS, N.Y. — New York and Miami-based real estate developers Baron Property Group (BPG) and LargaVista Cos. have secured a $388.5 million construction loan for 30-25 Queens Boulevard, a 46-story mixed-use high-rise in Long Island City. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing. Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, and Anthony Ledesma, principal and founding partner of real estate advisory firm DIA Capital Group, arranged the loan. Construction, currently underway, on 30-25 Queens Boulevard …

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