Northeast
Cornerstone Arranges $14M for MA Asset
Langley Terrace in Newton currently comprises three buildings and one two-family home, which will be leveled in order to construct a three-story apartment asset. Construction is scheduled for completion by June 2019.
Brooklyn Luxury Community Receives $68M
Canadian Imperial Bank of Commerce originated the two-year loan for Trinity Place Holdings’ building, which features 105 units and 6,200 square feet of retail space.
Greystone Names New Managing Director
George Kenny brings three decades of mortgage and securitization experience to his new position. His previous employers include Starwood Property Trust, UBS and Bank of America.
Long Island Senior Community Receives $10M HUD Loan
Located 45 minutes from Manhattan, Birchwood Suites in East Northport, N.Y., landed the refinancing loan through HUD’s Section 232 pursuant to Section 223(f) funding program.
Manhattan Luxury Condos Land $168M
The Continuum Co.’s Madison Square Park Tower recorded intense sales activity, with 58 out of 83 units already sold for a combined $400 million.
$21M NY Affordable Housing Redevelopment Opens
Chappaqua Crossing Apartments in Westchester County, the former site of the Reader’s Digest headquarters, features 64 mixed-income units and access to a playground, a clubroom and walking trails.
KeyBank Provides Financing for 2 Affordable Senior Housing Assets
Alliant Capital and New York State HFA provided additional financing, supported by existing project-based HUD Section 8 vouchers, for the renovation of the properties.
Unlocking Potential in New York’s Emerging Submarkets
Eran Polack, CEO & co-founder of HAP Investments, analyzes investment opportunities across the metro and outlines the drivers of Northern Manhattan’s rapid transformation.
NYC Developer Obtains $46M Loan to Build Kips Bay Condos
Forkosh Development Group’s newest project is a 20-story residential building in the Manhattan neighborhood. The site, formerly three small apartment buildings, was purchased earlier this year for $17 million.
Baltimore’s Downtown Revival Rolls On
Multifamily transaction volume in 2017 nearly matched 2016’s tally, which was the peak for the current cycle. This year, absorption is expected to keep pace with a spate of new supply, leading to modest rent growth.