Northeast

JLL Arranges $123M in Construction Financing for Brooklyn Multifamily Project

by Taylor Williams July 28, 2025

NEW YORK CITY — JLL has arranged $123 million in construction financing for a 158-unit multifamily project that will be located at 450 Union St. in the Gowanus area of Brooklyn. The financing consists of a $90 million loan from Bank Hapoalim and IDB Bank and a $33 million equity investment from Global Holdings Management Group. Known as Anagram Gowanus, the 20-story building will house 118 market-rate apartments and 40 affordable housing units in studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, children’s playroom, coworking space and an indoor-outdoor rooftop lounge, as well as 22,000 square feet of retail and commercial space. Peter Rotchford, Nicco Lupo, Winfield Clifford and Jonathan Faxon of JLL arranged the financing on behalf of the developer, a joint venture between two local real estate companies, MacArthur Holdings and Tankhouse. Completion is slated for mid-2027.

July 28, 2025

Development Massachusetts Multifamily Northeast Student Housing

Capstone, Tufts University Break Ground on 664-Bed Residence Hall in Metro Boston

by Taylor Williams July 28, 2025

MEDFORD, MASS. — A public-private partnership between Capstone Development Partners and Tufts University has broken ground on a 664-bed residence hall on the university’s campus in Medford, located north of Boston. The site is situated along the edge of campus adjacent to the Medford/Tufts Green Line public transportation station and previously housed a surface level parking lot. The complex will span 271,000 square feet across two 10-story buildings that will offer 271 apartment-style units in studio, two-, four- and six-bedroom configurations. Shared amenities will include common rooms and lounges, a fitness center, study spaces, conference rooms and onsite laundry facilities, as well as 4,000 square feet of retail space. Project partners include Provident Resources Group, Elkus Manfredi Architects, Erland Construction, Steven Winter & Associates and Barclays. Completion is slated for fall 2027.

July 28, 2025

Development Multifamily New Jersey Northeast

Jefferson Apartment Group Completes 500-Unit Project in Burlington, New Jersey

by Taylor Williams July 28, 2025

BURLINGTON, N.J. — Jefferson Apartment Group, a developer based in Northern Virginia, has completed J Centra, a 500-unit multifamily project located in the Southern New Jersey community of Burlington. The property comprises 20 buildings on a 46-acre site that house 452 apartments in one-, two- and three-bedroom floor plans, as well as 48 townhouse-style units with garages. Residences, 20 percent of which are designated as affordable housing, are furnished with stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes, walk-in closets and individual washers and dryers. J Centra also features two separate clubhouses totaling nearly 11,000 square feet that have outdoor kitchens, courtyards, lounge areas and pools. Other amenities include a grand clubhouse with a fireplace lounge, bar, gaming area, coworking stations and a pet spa, as well as a fitness center with a yoga studio, pickleball and tennis courts, a playground, dog park and walking trails. Rents start at roughly $2,200 per month for a one-bedroom apartment.

July 28, 2025

Leasing Activity New York Northeast Office

WeWork to Open 60,000 SF Coworking Space at 250 Broadway in Lower Manhattan

by Taylor Williams July 28, 2025

NEW YORK CITY — WeWork will open a 60,000-square-foot coworking space at 250 Broadway in Lower Manhattan. The space will encompass five of the 648,000-square-foot building’s 31 floors. Peter Riguardi, Clark Finney, Alexander Riguardi and Dana Goldman of JLL represented WeWork in the lease negotiations in conjunction with two of the company’s real estate leaders, Peter Greenspan and Whitney Anderson. Brad Gerla, Michael Rizzo and Alex Benisatto of CBRE, along with internal agent Anne Holker, represented the landlord, Am Trust RE. The opening is slated for December.

July 28, 2025

Leasing Activity New Jersey Northeast Office

Hackensack Meridian Signs 50,000 SF Office Lease in Red Bank, New Jersey

by Taylor Williams July 28, 2025

RED BANK, N.J. — Regional healthcare provider Hackensack Meridian Health has signed a 50,000-square-foot office lease in Red Bank, located near the Jersey Shore. The space is located within River Centre, a six-building, 668,107-square-foot campus. Jamie Drummond , Andrew Perrotti and Luke Reid of Newmark represented the landlord, Paramount Realty, in the lease negotiations. Suzanne Macnow of CBRE represented Hackensack Meridian.

July 28, 2025

Acquisitions Loans Multifamily New York Northeast Top Stories

JLL Brokers $243.5M Sale of Midtown Manhattan Apartment Tower

by Taylor Williams July 28, 2025

NEW YORK CITY — JLL has brokered the $243.5 million sale of Riverbank, a 44-story apartment tower located at 560 W. 43rd St. in Midtown Manhattan. Barings sold the freshly renovated property to an undisclosed institutional investment firm, with JLL representing both parties in the transaction. JLL also arranged $128.3 million in acquisition financing for the deal. The direct lender and specific loan terms were not disclosed. Originally developed in the late 1980s as a condominium project, Riverbank currently houses 418 rental units comprising 43 studios, 270 one-bedroom units, 62 two-bedroom apartments and 43 three-bedroom residences. The high-rise also features nearly 18,000 square feet of retail space that is fully leased to a nail salon, liquor store and coffee shop. Most of Riverbank’s units have private balconies with city and Hudson River views, and residents have access to a 5,000-square-foot lounge called the Harbor Club that offers poker and billiards tables, a media room and coworking space. Additional amenities include an Olympic-size pool, fitness center, outdoor terrace and grilling stations. Jeffrey Julien, Rob Hinckley, Andrew Scandalios, Steven Rutman and Devon Warren led the JLL Capital Markets team that handled the sale of Riverbank. Kelly Gaines, Geoff Goldstein and Michael Shmuely …

July 28, 2025

Development Massachusetts Multifamily Northeast Seniors Housing

MassDevelopment Provides $134.8M in Bond Financing for Metro Boston Seniors Housing Community

by Taylor Williams July 25, 2025

NEWTON, MASS. — MassDevelopment has provided $134.8 million in tax-exempt bond financing for Lasell Village, a seniors housing community located in the western Boston suburb of Newton. The owner, an entity doing business as Lasell Village Inc., will use the proceeds to renovate and expand the property. Regarding the renovation aspect of the deal, ownership plans to revamp its main building by adding seven supported living units and modernizing its skilled nursing program to include all-private rooms. Regarding the expansion, ownership has purchased a 1.4-acre tract with plans to construct a new building with 42 independent living units, a bistro, fitness and wellness centers, a multi-purpose room and common spaces.

July 25, 2025

Development Multifamily New York Northeast

Witkoff, Apollo Global Deliver 52-Story Apartment Tower in Brooklyn

by Taylor Williams July 25, 2025

NEW YORK CITY — A partnership between locally based developer Witkoff and an affiliate of global investment firm Apollo Global Management has delivered The Brook, a 52-story apartment building in downtown Brooklyn. The Brook houses 591 apartments in studio, one- and two-bedroom floor plans, as well as 21,000 square feet of retail space. Thirty percent of units are reserved as affordable housing. Income restrictions for these units were not disclosed. Amenities include a pool, basketball court, lounge, fitness center, library, communal terraces, playground, dog run and coworking spaces. Beyer Blinder Belle designed the community, and Bonetti/Kozerski Architecture provided interior design services. Suffolk Construction served as the general contractor. Rents start at $3,870 per month for a studio apartment.

July 25, 2025

Development Multifamily New Jersey Northeast

LeFrak Completes 34-Story Apartment Tower in Jersey City

by Taylor Williams July 25, 2025

JERSEY CITY, N.J. — LeFrak has completed Bisby, a 34-story apartment tower in Jersey City that is located within the 600-acre Newport master-planned community in the city’s downtown area. Designed by Minno & Wasko Architects and Planners with interiors by Woods Bagot, Bisby houses 385 units in studio, one-, two-, three- and four-bedroom configurations. Amenities include a coworking lounge, golf simulator, dedicated content studio and a dog spa, as well as a 33,000-square-foot landscaped rooftop terrace with a pickleball court, dog run and an outdoor kitchen. Leasing launched last summer. Rents today start at about $3,400 per month for a studio apartment.

July 25, 2025

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $7.5M Sale of Bronx Apartment Building

by Taylor Williams July 25, 2025

NEW YORK CITY — Marcus & Millichap has brokered the $7.5 million sale of a 97-unit apartment building in The Bronx. The six-story, elevator-served building at 1154 Ward Ave. was originally constructed in 1929 in the borough’s Soundview neighborhood. According to Apartments.com, the building exclusively houses one-bedroom units with an average size of 713 square feet. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

July 25, 2025

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