Northeast

NRP Group, RPW Group Complete 303-Unit Multifamily Project in White Plains, New York

by Taylor Williams July 19, 2023

WHITE PLAINS, N.Y. — A partnership between Cleveland-based developer The NRP Group and local owner-operator RPW Group has completed The Halden, a 303-unit multifamily project located north of New York City in White Plains. The site at 1133 Westchester Ave. spans 70 acres and is adjacent to a 620,000-square-foot office complex that formerly served as IBM’s world headquarters. The three-building community houses one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, fitness center, children’s play area and outdoor grilling and dining stations. Rents start at $2,800 per month for a one-bedroom apartment.

July 19, 2023

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

KeyBank Provides $21.6M in Financing for Affordable Housing Redevelopment in Pittsburgh

by Taylor Williams July 19, 2023

PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.

July 19, 2023

Leasing Activity Life Sciences Massachusetts Northeast

Envision Energy Signs 35,276 SF Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams July 19, 2023

BURLINGTON, MASS. — Envision Energy, a Chinese provider of wind turbines and other renewable energy products, has signed a 35,276-square-foot life sciences lease in Burlington, a northwestern suburb of Boston. The tenant has committed to a full-building lease within Northwest Park, a facility that is owned by Nordblom Co. Jim Boudrot, Steve James and Patrick Grady of Hunneman represented the tenant in the lease negotiations.

July 19, 2023

Development Multifamily New York Northeast

Mid Hudson Construction Management Begins Leasing 20-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams July 19, 2023

POUGHKEEPSIE, N.Y. — Developer and general contractor Mid Hudson Construction Management has begun leasing Birchwood Commons, a 20-unit multifamily project located north of New York City in Poughkeepsie. The property consists of four buildings that each house five two-bedroom apartments. Residences are furnished with stainless steel appliances, quartz countertops and walk-in closets. Rents start at $2,750 per month.

July 19, 2023

Ellis-Street-Commons-New-Britain-Connecticut

Affordable Housing Connecticut Development Multifamily Northeast

WinnDevelopment Breaks Ground on $85M Affordable Housing Redevelopment in New Britain, Connecticut

by Taylor Williams July 18, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on an $85 million redevelopment project in New Britain, located outside of Hartford, that will convert a historic industrial facility into a 154-unit affordable housing complex. The four-building site formerly housed the 115-year-old manufacturing facility for household appliances provider Landers, Frary & Clark. The new community will be known as Ellis Street Commons and will feature 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments. Units will be reserved for renters earning between 30 and 80 percent of the area median income. Amenities will include a fitness center, community room, game room and flexible workspaces. The Connecticut Department of Housing provided $4 million in state funding for the project, and the National Housing Trust Fund made a $3.8 million federal contribution. The Connecticut Housing Finance Authority provided an undisclosed amount of tax credit equity and tax-exempt bonds for the project. The first units are expected to be available for occupancy in mid-2025.

July 18, 2023

Acquisitions Industrial Massachusetts Northeast Self-Storage

Marcus & Millichap Brokers Sale of 496-Unit Self-Storage Facility in Lakeville, Massachusetts

by Taylor Williams July 18, 2023

LAKEVILLE, MASS. — Marcus & Millichap has brokered the sale of Community Square Storage, a 496-unit self-storage facility located about 35 miles south of Boston in Lakeville. Built on 3.3 acres in 2022, the three-story facility spans 53,462 net rentable square feet across 436 climate-controlled units and 60 non-climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also not disclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

July 18, 2023

Loans Multifamily New Jersey Northeast

JLL Arranges $47M Loan for Refinancing of Active Adult Community in Northern New Jersey

by Taylor Williams July 18, 2023

NORTH BRUNSWICK, N.J. — JLL has arranged a $47 million loan for the refinancing of Amaranth at North Brunswick, a 222-unit active adult community in Northern New Jersey. The newly constructed, age-restricted property features one- and two-bedroom units and amenities such as a pool, dog park, fitness center, package room, outdoor grilling and dining stations, putting green and a demonstration kitchen. Michael Klein, Matthew Pizzolato and Michael Meisner of JLL arranged the seven-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, The Kaplan Cos.

July 18, 2023

Development Industrial Loans New York Northeast Office

First Citizens Bank Provides $42.2M Construction Loan for Film Production Studio in Yonkers, New York

by Taylor Williams July 18, 2023

YONKERS, N.Y. — First Citizens Bank has provided a $42.2 million construction loan for a film production studio in Yonkers, located north of New York City, that will be operated by MediaPro US, a Spanish language programming company. A joint venture between National Resources and Great Point Media is developing the 112,400-square-foot facility, which will house studio, office and warehouse space. A construction timeline was not disclosed.

July 18, 2023

Development New York Northeast

Slate Property Group Begins Leasing 166-Unit Multifamily Project in Queens

by Taylor Williams July 18, 2023

NEW YORK CITY — Slate Property Group has begun leasing The Yellowstone, a 166-unit multifamily project located in the Forest Hills area of Queens. Designed by Aufgang Architects, the property offers one- and two-bedroom units that range in size from 475 to 950 square feet and feature stainless steel appliances, granite countertops and backsplashes and individual washers and dryers. Select units also have private balconies. Amenities include a fitness center, lounges and a rooftop terrace, and the building’s retail space will house a Trader Joe’s grocery store. Rents start at $3,300 per month for a one-bedroom apartment.

July 18, 2023

Extra-Space-Storage-Huntington-Station-New-York

Development Industrial New York Northeast Self-Storage

Realty Capital, DXD Underway on 664-Unit Self-Storage Facility on Long Island

by Taylor Williams July 17, 2023

HUNTINGTON STATION, N.Y. — A partnership between Dallas-based investment firm Realty Capital Partners and self-storage developer DXD Capital is underway on construction of a 664-unit facility in the Long Island community of Huntington Station. The facility will total 62,125 net rentable square feet of space that will be entirely climate-controlled. Construction began in June and is expected to be complete in August 2024. Extra Space Storage will operate the facility, which will be the first new self-storage project to be built in Huntington Station in nearly three years, according to the development team.

July 17, 2023

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