Multifamily

EDISON, N.J. — Mack-Cali Realty Corp. and its joint venture partner, Ironstate Development Co., have broken ground on a new residential tower, URL Harborside, in Jersey City. Phase I, URL Harborside 1, is a 69-story, $291 million multifamily residential tower that will feature 763 residences. The phase is slated for completion in mid-2016. Ultimately, URL Harborside, will feature three towers comprising 2,358 residences overlooking the Manhattan skyline.

NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $47.3 million sale of the Exo Astoria, a 14-story, 117-unit multifamily building in the Astoria neighborhood of Queens in New York City. The sales price equates to approximately $404,000 per unit. Peter Von Der Ahe, Joe Koicim and David Lloyd of IPA represented the seller, the financial services firm TIAA-CREF, in the transaction. The buyer is a partnership between Forest Properties, a Massachusetts-based property management firm, and real estate entrepreneur Jeff Greene. Constructed in 2008 and recently upgraded, units at the property feature oak-plank flooring, recessed lighting and Bosch washers and dryers. Amenities at the property include an around-the-clock concierge, on-site covered parking, a residents’ lounge with gourmet kitchen, billiards, flat-screen TV and Wi-Fi access.

NEWARK, N.J. — HFF has arranged the $24.3 million sale of Mount Prospect Towers, two 15-story multifamily towers totaling 219 units in Newark. HFF represented the sellers, Praedium Group and KABR Group, in the transaction. Azure Partners purchased the multifamily property, which is located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark. The 96 percent-leased property is comprised of studio, one-, two- and three-bedroom units that are undergoing renovations with updated kitchens, baths and flooring. Senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Michael Oliver led the HFF investment sales team representing the sellers.

SALISBURY, MASS. — NorthMarq Capital has arranged $30 million in construction financing for Tidewater at Salisbury, a 222,519-square-foot affordable housing complex in Salisbury. Financing for the transaction features a construction period of up to 36 months with a 10-year term following the conversion date and a 30-year amortization schedule. A national bank provided the loan. Ed Riekstins, senior vice president of NorthMarq Capital’s Boston regional office, arranged the permanent financing. The development is located at 191 Beach Road, about 40 miles north of Boston.