Northeast

Robert-C.-Woods-Apartments-Queens

NEW YORK CITY — A partnership between Bowery Residents’ Committee (BRC), Camber Property Group and the NYC Department of Social Services has completed a $100 million affordable housing project in the Far Rockaway area of Queens. The Robert C. Woods Apartments offers 147 permanently affordable residences and also houses the Wanda Patterson Women’s Residence, a 100-bed shelter reserved for single women. The units mix includes 125 studios, 88 of which are supportive housing for formerly homeless individuals, nine one-bedroom apartments and 13 two-bedroom residences. The other units are reserved for renters earning between 30 and 60 percent of the area median income. Residents have access to social service programming space, a community room, outdoor recreational space, bike storage, building-wide Wi-Fi and a laundry room.

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Overlook-Flats-Jersey-City

JERSEY CITY, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged $85 million in financing for Overlook Flats, a 297-unit apartment building located in the Journal Square area of Jersey City. Designed by Michels & Waldron with interiors by Builders Design, the 16-story building houses studio, one-, two- and three-bedroom units, as well as 40,000 square feet of commercial space. Residences are furnished with stainless steel appliances, designer cabinetry and quartz countertops. Outdoor amenities include a rooftop deck with a pool, kitchen, lounge area, picnic areas, bocce ball court and a pet play area. Inside, residents have access to coworking spaces, a children’s playroom, fitness center, golf simulator and a package room. Wesley Wilcox, Al Raymond and Will Gallagher of G.S. Wilcox arranged the five-year, fixed-rate loan through an undisclosed life insurance company.

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HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $6.7 million sale of Sumner House Apartments, an 80-unit multifamily complex located in the Asylum Hill neighborhood of Hartford. Built in 1970, the property offers 18 studios, 29 one-bedroom units, 32 two-bedrooms units and a three-bedroom penthouse that was built as the home for the original developer. Rick Chozick and Steve Pappas of Chozick Realty brokered the deal. The buyer and seller were not disclosed.

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NEW YORK CITY — Five Iron Golf has signed a 4,000-square-foot office lease in Midtown Manhattan. The entertainment concept will soon relocate its New York headquarters from 60 E. 42nd St. to the penthouse suite of the Central Plaza Building at 18 E. 41st St. Alex Redlus and Kirill Azovtsev of Savills represented Five Iron Golf in the lease negotiations. John Thompson and Justin Gentile of Resolute Real Estate represented the landlord.

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The-James-Park-Ridge-New-Jersey

PARK RIDGE, N.J. — CBRE has negotiated the $117 million sale of The James, a 240-unit apartment complex located in the Northern New Jersey community of Park Ridge. Completed in 2021, The James offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, espresso cabinetry and tile backsplashes. Indoor amenities include a coffee bar, game room, catering kitchen, coworking spaces with private offices, fitness center and a yoga studio. Outside, residents have access to multiple gathering areas, including an outdoor pool, grilling and dining areas, fire pits, TV and lounge areas and a turf lawn. The James also houses nearly 18,000 square feet of retail space. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, Roland Merchant and Tom Pryor of CBRE represented the seller, Veris Residential, in the transaction. The buyer was not disclosed.

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326-Rockaway-Brooklyn

NEW YORK CITY — A partnership between Slate Property Group, nonprofit organization RiseBoro Community Partnership and Goldman Sachs has completed 326 Rockaway, an affordable housing development located in the Brownsville neighborhood of Brooklyn. Of the property’s 216 units, 130 are supportive housing for tenants who formerly were homeless, and the remaining units are available for households earning 60 percent or less of the area median income. Amenities include an outdoor recreation area with play structures and landscaped areas, a community room, fitness center and children’s playroom. Aufgang Architects designed the project, and SD Builders & Construction served as the general contractor. Construction began in summer 2023.

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HAWTHORNE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $33 million loan for the refinancing of Hedges at Hawthorne, a 118-unit apartment complex in Northern New Jersey. The property houses 10 studios, 27 one-bedroom units, 76 two-bedroom residences and five three-bedroom apartments, as well as 16,400 square feet of retail space. Amenities include a fitness center, rooftop terrace, lounges, an onsite salon, outdoor grilling areas and a package handling facility. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carries a fixed interest rate of 5.82 percent, on behalf of the borrower, New Jersey-based investment firm The Bedrin Organization. The direct lender was not disclosed.

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STATE COLLEGE, PA. — Franklin Street has brokered the $30 million sale of The Villas at Happy Valley, a 435-bed student housing property located near the Penn State University campus in State College. Developed in 2013, the community offers 145 three-bedroom units. Franklin Street represented the seller, Keystone Real Estate Group, in the sale of the property to Reliant Group Management. The new ownership plans to begin renovations imminently on the community’s fitness center, clubhouse and unit interiors. Additional shared amenities include a pool, study room, sand volleyball court, game tables, outdoor grills and a fire pit. The Villas at Happy Valley was 93 percent leased at the time of sale.

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WAREHAM, MASS. — A partnership between Pennrose and the Wareham Redevelopment Authority (WRA) has opened Swifts Landing, a 93-unit affordable housing complex located near Cape Cod in the southern part of The Bay State. Swifts Landing comprises a 49-unit building with a mix of workforce and affordable apartments and a 44-unit building for renters aged 62 and older. Units come in one-, two- and three-bedroom floor plans and are subject to a range of income restrictions. Amenities include a clubhouse with an outdoor patio, fitness center, community garden and open green space, a playground and wooded walking paths. MassDevelopment provided $16.3 million in financing for the project.

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CONSHOHOCKEN, PA. AND TORONTO — An affiliate of Morgan Properties LP, a multifamily investment firm based in metro Philadelphia, has entered into an agreement to acquire Toronto-based Dream Residential Real Estate Investment Trust (Dream Residential REIT). The all-cash transaction is valued at $354 million and is expected to close by the end of the year. Dream Residential REIT owns 15 garden-style multifamily communities totaling more than 3,300 units. The portfolio is concentrated in three markets: Cincinnati (six), Oklahoma City (five) and Dallas-Fort Worth (four). Morgan Properties will acquire all of Dream Residential REIT’s assets and assume the company’s liabilities as part of the acquisition agreement. Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties, said in a prepared statement that the company “looks forward to welcoming these new communities, enhancing the physical assets and providing best-in-class customer service for the residents.” The agreement requires Morgan Properties to pay all unit holders of Dream Residential REIT, which trades on the Toronto Stock Exchange, as well as unit holders of the REIT’s subsidiary DRR Holdings LLC, $10.80 per unit. The price represents a 60 percent premium to the REIT’s closing price on Feb. 19, 2025, which is the day the company announced …

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