Northeast

NEW YORK CITY — First move-ins will begin in June for 25 Broad at The Exchange, a new luxury apartment community located in Manhattan's FInancial District. Located at the intersection of Broad Street and Exchange Place, the 20-story building will contain 305 luxury one- and two-bedroom apartments. Amenities include a fitness center with a yoga studio, a residents' lounge, a children's playroom and landscaped outdoor spaces. Monthly rents will start at approximately $3,000. LCOR is developing the project and Rose Associates is leasing it.

WAKEFIELD, MASS. — The Federated Companies has acquired an approved multifamily development in project in Wakefield. The company will begin construction in the next few weeks for Legacy Park Wakefield, a 128-unit multifamily community. The project will comprise two four-story apartment buildings and one three-story townhome building. Units will be in a mix of one- to three bedrooms and range in size from 842 to 2,250 square feet. Completion is expected in the first quarter of 2012.

HOBOKEN, N.J. — Advance Realty has commenced the environmental remediation for its first development project in Hoboken. Willow14 will be a seven-story, 140-unit luxury apartment building that will feature 22,000 square feet of retail space and 376 below-grade parking spaces. The 1-acre site, which is located at the corner of Willow and 14th streets, had previously been used for gas manufacturing and as a auto repair shop. The project, which will begin vertical construction later this year and be ready for occupancy by the end of 2013, will be seeking LEED certification.

NEW YORK CITY — Time Equities Inc. has procured a total of $17 million for two of its New York City multifamily properties. In the first deal, a $9 million loan was secured for a 50-unit building located at the intersection of 96th Street and Broadway. The loan carries a 12-year term with a 4.75 percent fixed interest rate for the first 7 years and a reset thereafter. In the second deal, an $8 million loan was secured for a 39-unit property located two blocks south of Wall Street. The loan carries a 7-year term with interest-only payments for the entire term and a 60 percent loan to value ratio. Stuart Bruck of Time Equities represented his company in the deals. The lender was not disclosed.

NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of two four-story buildings located at 252-254 Tenth Ave. in Manhattan's West Chelsea neighborhood. The buildings contain a total of four vacant retail spaces and six free-market, floor-through apartments for a total of 7,584 square feet. The Massey Knakal team of Brock Emmetsberger and James Nelson arranged the deal.