ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of Chilton Hall Apartments, a 126-unit multifamily property located in the Northern New Jersey community of Elizabeth. The garden-style property comprises 21 buildings on a four-acre site, and the unit mix consists of 60 one-bedrooms and 66 two-bedrooms. Stephen Tragash of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
SPRINGFIELD, MASS. — MassHousing has provided $13.3 million in financing for Van der Heyden Apartments, an affordable housing complex located in the western Massachusetts city of Springfield. The undisclosed borrower will use the proceeds to acquire and renovate the property as well as preserve its affordability status. Built in 1914, the property totals 45 units. Under the new affordability agreement, 18 of the units are reserved for households earning 30 percent or less of the area median income (AMI). The other 27 are earmarked for renters earning 50 percent or less of AMI. Residences come in one- and two-bedroom floor plans. As part of the renovation, the building’s commercial space will be converted into a supportive services area with an office and meeting room.
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …
WILLOW GROVE, PA. — Federal Realty Investment Trust will develop a 306,448-square-foot mixed-use project in Willow Grove, a northern suburb of Philadelphia. The transit-served project, which will consist of 260 apartments and 20,000 square feet of retail and restaurant space within a six-story building, represents the third phase of the redevelopment of Willow Grove Shopping Center. Construction of Phase III, which will also include a structured parking garage, could commence as early as fall 2024. Phase II of the project, which featured an 18,000-square-foot outparcel retail building and various infrastructural developments, is nearing completion.
BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.
MEDFORD, MASS. — Pacific Urban Investors, a California-based owner-operator, has acquired The Residences at River’s Edge, a 222-unit apartment complex located in the northern Boston metro of Medford. Built in 2009, the property offers studio, one-, two- and three-bedroom floor plans. Onsite amenities include a pool, fitness center and outdoor grilling and dining stations, and the property is also situated adjacent to a 10-acre riverfront park. The seller and sales price were not disclosed.
PROVIDENCE, R.I. — A partnership between developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income residential project in the state capital’s Fox Point neighborhood. Phase I of the project will consist of 66 affordable housing and market-rate units, retail space and a childcare facility. Residences will come in studio, one- and two-bedroom formats. Income-restricted units will be reserved for renters earning between 30 and 120 percent of the area median income. Delivery of Phase I is slated for next September. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt.
PHILADELPHIA — Stateside Vodka has signed a 40,000-square-foot industrial lease at Crown 95 Logistics Center in northeast Philadelphia. The development is located roughly six miles outside of the downtown area and consists of 381,200 square feet of newly built logistics/distribution space and 130,000 square feet of renovated/adaptively reused industrial space. Colliers represented the landlord, Court Street Ventures, in the lease negotiations. Cushman & Wakefield represented the tenant.
New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …
NEW YORK CITY — JLL has arranged the $97.5 million sale of 8 Marcy Ave., a 123-unit apartment building located in the Williamsburg area of Brooklyn. Delivered in January, the eight-story building houses studio, one- and two-bedroom units, with 37 residences reserved as affordable housing. Income restrictions for these units were not disclosed. A joint venture between The Carlyle Group and Z+G Property Group purchased the asset from Prospect Development. Ethan Stanton, Jeffrey Julien, Brendan Maddigan, Stephen Palmese, Rob Hinckley, Michael Mazzara, Winfield Clifford, Steven Rutman and Jay Leshinsky of JLL brokered the transaction. Steven Klein, Geoff Goldstein and Christopher Pratt, also with JLL, arranged $73.6 million in acquisition financing through Invesco Real Estate for the deal.
