Northeast
D.C. Condo Project Nears Completion; Mostly Sold
Washington, D.C.–In a show of good sales in a condo market that isn’t seeing the strongest of times, the Harrison, a 49-unit project in the Friendship Heights area of the District, reports that it has sold 70 percent of its residences.
Construction Kicks Off on $14.5M Affordable Seniors Housing Project in Baltimore Area
Brooklyn Park, Md.–In an effort to help answer the growing call for affordable seniors housing, Enterprise Homes Inc. is commencing construction of The Greens at Hammonds Lane, a 90-unit apartment community in Brooklyn Park, Md.
DEAL OF THE DAY: Palatine Capital Generates 19.3% IRR on Sale of Boston Assets in Value-Add Play
Boston–Palatine Capital Partners has sold two Boston multifamily properties for $7,350,000. The two properties, totaling 40 units, were acquired in the winter of 2007 and were sold to a local buyer last month. The investment generated a 19.3 percent IRR to Palatine.
Capital One Provides $55.5M in Financing for Two Affordable Housing Projects in NYC
New York–Affordable housing has not been immune to the credit crunch, but some financial institutions, like Capital One Bank, are making the effort to help facilitate such developments.
CPC, HPD Close Construction Financing for Bronx Walk-Up
New York–CPC’s Bronx office and long-time partner NYC Department of Housing Preservation and Development (HPD) recently closed a $4 million construction loan to finance the new construction of a three-story walk-up masonry building with 15 apartments in Bronx’s Wakefield neighborhood.
Russian CRE Company Spins Off U.S. Multifamily Specialist
New York–Coalco New York, the U.S. operation of Coalco Development, a real estate company headquartered in Moscow, has spun off a new entity, Corigin Holdings.
DEAL OF THE DAY: HFF Arranges $23M in Construction Financing, Equity for Suburban Community
West Goshen, Pa.–The Washington, D.C. and New Jersey offices of HFF have arranged construction financing and joint venture equity for Jefferson at West Goshen, a to-be-built, 230-unit luxury multi-housing community in West Goshen, Pa.
DEAL OF THE DAY: Boston Capital Supplies Capital for Affordable Housing Development
Jackson, N.J.–Boston Capital invested in the construction of Windsor Crescent, a to-be-built, 112-unit multifamily development located in Jackson, N.J. The general partner is Community Investment Strategies Inc. (CIS).
Old Jewish Daily Forward Building in Manhattan Going Condo
New York–BCN Development has inked a deal to acquire the 50,000-square-foot 45 East 33rd St. off of Park Avenue South in Manhattan for about $20 million.
Metcalf West Gets Serious About Solar Energy
Oahu, Hawaii–Metcalf West, a commercial, affordable housing and residential builder based out of Oahu, recently installed solar panels at its headquarters in the Kohanaiki Industrial area.