Northeast

Ariel Property Advisors Negotiates $28.2M Sale of Harlem Multifamily Building

by Taylor Williams October 25, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $28.2 million sale of a 75-unit multifamily building located at 69 E. 125th St. in East Harlem. Built in 2017 by Greystone Development, the 12-story building includes two commercial spaces and is subject to a 421a tax abatement through 2043. Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh and Michael Tortorici of Ariel Property Advisors represented Greystone and the buyer, GO-RE Partners, in the transaction. JP Morgan Chase provided acquisition financing for the deal.

October 25, 2023

Leasing Activity Life Sciences Massachusetts Northeast

Voyager Therapeutics Signs 61,307 SF Life Sciences Lease Expansion in Lexington, Massachusetts

by Taylor Williams October 25, 2023

LEXINGTON, MASS. — Voyager Therapeutics has signed a 61,307-square-foot life sciences lease expansion at Hayden Research Campus in Lexington, a northwestern suburb of Boston. The tenant’s footprint now spans 93,449 square feet at the campus, which offers amenities such as a cafeteria, fitness center and outdoor gathering spaces. Jon Varholak, Eric Smith, Perry Beal and Alex Plaisted of CBRE represented Voyager in the lease negotiations.

October 25, 2023

Development Loans Multifamily New York Northeast

Bayport Funding Provides $3.2M in Financing for Long Island Multifamily Project

by Taylor Williams October 25, 2023

MALVERNE, N.Y. — Locally based balance sheet lender Bayport Funding has provided $3.2 million in financing for a multifamily project in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The undisclosed borrower will use the proceeds to acquire and complete the project, which is underway and slated for a summer 2024 delivery.

October 25, 2023

Loans New York Northeast Office

Newmark Places $24M Loan for Refinancing of Manhattan Office Building

by Taylor Williams October 24, 2023

NEW YORK CITY — Newmark has placed a $24 million loan for the refinancing of 5-9 Union Square West, a 120,000-square-foot office building in Manhattan. The eight-story building, which was originally constructed in 1897 and formerly known as The Spingler Building, was fully leased at the time of the loan closing. Paul Talbot of Newmark placed the five-year, fixed-rate loan through Amalgamated Bank on behalf of the borrower, locally based owner-operator GFP Real Estate.

October 24, 2023

Development Multifamily New Jersey Northeast

CrownPoint Group to Develop 125-Unit Multifamily Project in Randolph, New Jersey

by Taylor Williams October 24, 2023

RANDOLPH, N.J. — Locally based developer CrownPoint Group has acquired a 14.5-acre site in the Northern New Jersey community of Randolph with plans to construct a 125-unit multifamily complex that will be known as Liberty Village. Liberty Village will consist of 11 buildings that will house a mix of two- and three-bedroom units, about 20 percent of which will be subject to income restrictions. Amenities will include a fitness center, golf simulator and a dog park. Construction is expected to begin during the third quarter of 2024.

October 24, 2023

Loans Multifamily Northeast Rhode Island

MMCC Arranges $9.1M Loan for Refinancing of Two Multifamily Assets in Cranston, Rhode Island

by Taylor Williams October 24, 2023

CRANSTON, R.I. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million loan for the refinancing of two adjacent multifamily assets in Cranston. Built in 2016, the property at 125 Midway Road totals 29 units in one-, two- and three-bedroom floor plans. The other building at 45 Poplar Drive is an adaptive reuse of a former Catholic school and features 20 one- and two-bedroom units. Robert Damigella of MMCC arranged the debt, which was structured with a 6.35 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 24, 2023

Leasing Activity New Hampshire Northeast Office

Northeast Credit Union to Relocate Headquarters to 100,000 SF Space in Dover, New Hampshire

by Taylor Williams October 24, 2023

DOVER, N.H. — Northeast Credit Union will relocate its headquarters from Portsmouth to a 100,000-square-foot office space in Dover, located near the Maine-New Hampshire border. The regional nonprofit lending institution will occupy the entirety of the building at 100 Education Way, which rises four stories and was constructed in 2006, according to LoopNet Inc. Maugel DeStefano is leading the design and build-out of the space. Northeast Credit Union expects its new headquarters to be fully operational by early 2025.

October 24, 2023

Development Massachusetts Multifamily Northeast Seniors Housing

NEI General Contracting Completes 72-Unit Seniors Housing Project in Holbrook, Massachusetts

by Taylor Williams October 24, 2023

HOLBROOK, MASS. — NEI General Contracting has completed construction of Maple on Franklin, a seniors housing project located about 15 miles south of Boston in Holbrook. NeighborWorks Housing Solutions developed the $18.5 million project, which spans 67,000 square feet and features 72 one-bedroom units for residents age 62 and older. The Narrow Gate served as the architect of the project, which involved the demolition of two existing buildings on the site. More than 500 applications were submitted for the 72 available units.

October 24, 2023

John Ducey Walker & Dunlop agency financing affordable housing

Affordable Housing Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

How to Maximize Agency Financing for Affordable Housing

by Sarah Daniels October 24, 2023

There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …

October 24, 2023

Development Multifamily Northeast Pennsylvania

Partnership Breaks Ground on 614-Unit Multifamily Project at Philadelphia Navy Yard

by Taylor Williams October 23, 2023

PHILADELPHIA — A partnership between Ensemble Investments, Mosaic Development Partners and Korman Communities has broken ground on a 614-unit multifamily project at the Philadelphia Navy Yard. The development will have two buildings that house a mix of luxury, market-rate and affordable residences. A formal groundbreaking ceremony will be held on Tuesday, Oct. 24, and completion of the project is slated for 2025. CBRE arranged construction debt for the project, which is being financed by a $78 million loan from insurance company Ullico and a $95 million facility from M&T Bank and Israel Discount Bank of New York. In addition, New York City-based Basis Investment Group has contributed $100 million in equity to the capital stack.

October 23, 2023

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