Northeast

Willow-Grove-Shopping-Center-Pennsylvania

Federal Realty to Develop 306,448 SF Mixed-Use Project in Willow Grove, Pennsylvania

by Taylor Williams August 3, 2023

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.

August 3, 2023

Development Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $25.2M HUD-Insured Loan for Seniors Housing Conversion on Long Island

by Taylor Williams August 3, 2023

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.

August 3, 2023

The-Residences-at-River's-Edge-Medford-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Pacific Urban Acquires 222-Unit Apartment Complex in Metro Boston

by Taylor Williams August 3, 2023

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.

August 3, 2023

Affordable Housing Development Multifamily Northeast Rhode Island

Partnership Breaks Ground on 127-Unit Mixed-Income Project in Providence, Rhode Island

by Taylor Williams August 3, 2023

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.

August 3, 2023

Industrial Leasing Activity Northeast Pennsylvania

Stateside Vodka Signs 40,000 SF Industrial Lease in Northeast Philadelphia

by Taylor Williams August 3, 2023

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.

August 3, 2023

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

Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits

by Sarah Daniels August 3, 2023

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 …

August 3, 2023

Acquisitions Multifamily New York Northeast

JLL Arranges $97.5M Sale of Brooklyn Apartment Building

by Taylor Williams August 2, 2023

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.

August 2, 2023

Development Multifamily New Jersey Northeast

Advance Realty Completes 399-Unit Multifamily Project in Harrison, New Jersey

by Taylor Williams August 2, 2023

HARRISON, N.J. — Locally based developer Advance Realty Investors has completed The Wyldes, a 399-unit multifamily project in the Northern New Jersey community of Harrison. The five-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a rooftop lounge with a bar and TVs; landscaped courtyard with fire pits and gaming areas; resort-style pool with grilling and dining stations; commercial-grade demonstration kitchen; coworking lounge with private offices and conference facilities; a billiards room with a media lounge and kitchenette; and a two-level fitness center with a yoga studio. Roughly 25 percent of the units are preleased, with rents starting in the mid-$2,000s per month.

August 2, 2023

Development Multifamily Northeast Pennsylvania

EQT Exeter Begins Leasing 327-Unit Apartment Community in Philadelphia

by Taylor Williams August 2, 2023

PHILADELPHIA — Developer EQT Exeter has begun leasing The Clark, a 327-unit apartment community located in Philadelphia’s University City submarket. The Clark features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Amenities include a fitness center, game lounge, coworking space and a rooftop terrace. Greystar manages the property. The first move-ins will begin later this month. Rents start at $1,500 per month for a studio apartment.

August 2, 2023

Acquisitions Industrial Maine Northeast

RAM Cos. Acquires 64,000 SF Industrial Property in Portland, Maine

by Taylor Williams August 2, 2023

PORTLAND, MAINE — Locally based investment firm The Ram Cos. has acquired a 64,000-square-foot industrial property in Portland, located in the southeastern part of Maine. The complex comprises three buildings with clear heights of 18 feet that were fully leased to nine tenants at the time of sale. RAM Cos. plans to upgrade the signage, landscaping and parking lots and rebrand the property as Portland Commerce Center. The seller and sales price were not disclosed.

August 2, 2023

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