Northeast

TD Bank: Construction Delays have Bolstered the Multifamily Market

by Jaime Lackey February 23, 2019

It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.

February 23, 2019

Loans New Jersey Northeast

Tulfra Secures $11.7M Construction Financing for Self-Storage Facility in New Jersey

by David Cohen February 22, 2019

WEST CALDWELL, N.J. — Tulfra Real Estate has secured $11.7 million in construction financing for a 760-unit self-storage facility in West Caldwell. Located at 670 Passaic Ave., the 41,000-square-foot facility is situated near several major highways in the area. Iselin, N.J.-based Provident Bank provided the loan.Terms included a $6.1 million permanent loan and a $5.6 million construction loan. Tulfra plans to complete the construction of the facility by this summer.

February 22, 2019

Development Multifamily New Jersey Northeast Uncategorized

LMC Tops Out 18-Story Apartment Community in Jersey City

by David Cohen February 22, 2019

JERSEY CITY, N.J. — Developer LMC has topped out The Lively, an 18-story mixed-use apartment community in Jersey City. Located at 321 Warren St., the property will include 180 apartment units, 1,343 square feet of ground-floor retail space and a 14,200-square-foot theater. Amenities will include a 24-hour concierge, fitness center and roof deck lounge with pool as well as views of the Manhattan skyline. The community will consist of studio, one-, two- and three-bedroom units. Fogarty Finger is serving as architect and interior designer on the project. The Lively is expected to open this summer.

February 22, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $3.3M Sale of Apartment Building in Brooklyn

by David Cohen February 22, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $3.3 million sale of an eight-unit apartment building in the Bushwick neighborhood of Brooklyn. The property is located at 283-285 Evergreen Ave. Shaun Riney, Daniel Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 22, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $8M Refinancing for Multifamily Community in Massachusetts

by David Cohen February 22, 2019

STOUGHTON, MASS. — Cornerstone Realty Capital has arranged an $8 million loan to refinance a 48-unit multifamily community in Stoughton. Located in Norfolk County, the property is approximately 20 miles south of Boston. The two-building community consists of 36 two-bedroom and 12 one-bedroom units. The buildings will undergo renovations,which will include the conversion of eight one-bedroom units into two-bedroom units. Additional renovations will include updates to the common areas and flooring, as well as adding a patio and grilling area, playground, dog run and bike racks. Cornerstone Realty Capital secured a fixed-rate financing structure with 30 months of interest-only payments for the borrower, True North Capital Partners. The lender was undisclosed.

February 22, 2019

Company News Lument Multifamily New York Northeast RED Capital Group

RED Mortgage Capital Adds New York Lending Office

by David Cohen February 22, 2019

NEW YORK CITY — RED Mortgage Capital has added a new multifamily affordable lending office in New York. Sean Cullen and Ronnie Gyani will lead the operations of the office. Previously, Cullen and Gyani worked together providing affordable housing services at RBC Capital Markets as well as ACRE Capital. Most recently they served at Barings Multifamily Capital originating affordable housing loan products, including Fannie Mae, Freddie Mac, FHA/HUD and balance sheet executions.

February 22, 2019

Finance Insight Industrial Loans Midwest Multifamily Northeast Southeast Texas Video Western

Bellwether: Borrowing Continues as Confidence Continues

by Jaime Lackey February 21, 2019

There may be uncertainties within the market and larger economy, but Tom Turnage, vice president of Bellwether Enterprise, believes much of the activity on which 2018 hung its hat will continue. Fannie Mae and Freddie Mac are coming off record years, as are companies like Bellwether. Turnage believes the multifamily and industrial markets will remain active…but so will competition. This means borrowers and lenders must approach this year with creativity and flexibility. Both will be key to success in this lending environment. Watch the video for insights from Turnage on the lending landscape in the coming year.

February 21, 2019

Finance Insight Loans Midwest Northeast Southeast Texas Western

Berkadia: 2019 Will be a Year of Growth, Resilience

by Jaime Lackey February 21, 2019

Ernie Katai, executive vice president and head of production, and Christopher Philipps, head of small loan originations at Berkadia, believe commercial real estate lending activity will continue with steady momentum through 2019. Katai was admittedly nervous about last year’s interest rate increases, but was happy to see his worry was for naught as the commercial market took it in stride. In Katai’s experience, investors have remained active. Most are willing to accept lower returns, which won’t keep them from buying in 2019. Philipps is focused on future growth. He notes Berkadia’s intention to utilize new small balance loan programs from Fannie Mae and Freddie Mac to offer a wider spectrum of resources to current clients, while introducing a new pool of borrowers to the firm. Watch the video for more insights from Katai and Philipps.

February 21, 2019

Loans Multifamily New York Northeast

Greystone Bassuk Arranges $59M Refinancing for Multifamily Building in Midtown West

by David Cohen February 21, 2019

NEW YORK CITY — Greystone Bassuk has arranged a $59 million loan to refinance The Nicole, a 19-story, 149-unit multifamily building in the Midtown West neighborhood of Manhattan. Located at 400 W. 55th St., the property was completed in 2003 and is comprised of 149 residential units as well as 34,000 square feet of commercial space. Drew Fletcher, Matthew Klauer and Steven Deck of Greystone Bassuk secured a 15-year, fixed-rate loan on behalf of the borrower, Gotham Organization Inc., through lender Wells Fargo Multifamily Capital.

February 21, 2019

Acquisitions Hospitality Multifamily New York Northeast Seniors Housing

Capital Senior Housing Buys Hotel on Long Island for Seniors Housing Conversion

by David Cohen February 21, 2019

PLAINVIEW, N.Y. — Capital Senior Housing has acquired the Plainview Residence Inn by Marriott in Plainview, with plans to convert the property into seniors housing. Metropolis Property Group LLC represented the seller, Greenbriar Associates LLC, in the $20.3 million sale. Metropolis collaborated with Avison Young’s hospitality group to negotiate the sale. The 150,000-square-foot property houses 170 rooms. Capital plans to spend another $12 million to convert the hotel into a 111-unit seniors housing community.

February 21, 2019

Newer Posts

Older Posts