HUD_PublicHousing

Tax Incentives for Affordable Multifamily Housing

Betsy Kim | July 09, 2018

Co-founders and principals of Standard Companies, Jeffrey E. Jaeger and Scott J. Alter, share key pointers on affordable housing.

Wells Fargo CRE Banker Joins Monarch Private Capital

Steve Lubetkin | July 06, 2018

“I’ve seen firsthand the stimulus of tax credits on the affordable housing industry and how they help to create quality homes," says Monarch Private Capital's Sean Cammann.

HUD Approval Frees Up $616M for Irma Recovery, Affordable Housing

John Jordan | July 02, 2018

In November, the State of Florida submitted a plan to HUD to address the damage caused by Hurricane Irma, which wreaked havoc in the Sunshine State in September 2017.

News

Developer Gets $55M Construction Loan For Mixed-Use Bed-Stuy Project

Betsy Kim | June 21, 2018

Madison Realty Capital provides financing for the three-building complex.

City Agrees to Spend $2B More to Fix Public Housing Woes

John Jordan | June 12, 2018

The Consent Decree, which is subject to the review and approval of the court, requires the appointment of a federal monitor and requires the city, to provide $1.2 billion of additional capital funding to NYCHA over the next five years, and $200 million every year thereafter until the problems are fixed.

$92.7M Modernization of Fox Hill Development Project Completed

Betsy Kim | June 12, 2018

The 362 apartments on Staten Island will remain affordable for 40 years.

Newark Mayor's Affordable Housing Goals Bear Fruit in South Ward

Steve Lubetkin | May 04, 2018

Radiant will spend $15 million to renovate the 209 units of affordable housing in five phases, over eighteen months.

SunTrust Commercial Real Estate to Sunset Pillar Financial Brand

Steve Lubetkin | April 30, 2018

“We are seeing a lot of opportunities across our bank footprint and nationally, our multifamily lending base continues to be robust,” says Paul Woodworth, senior vice president and head of agency lending for SunTrust.

NYCHA Waives Right to Hearing to Challenge Lead Inspections

Betsy Kim | April 19, 2018

A Manhattan judge is requiring emergency lead paint inspections in NYCHA apartments.

Greystone, Hallmark Partner on $169M GA Affordable MF Rehab

Steve Lubetkin | April 13, 2018

The rehabilitation plan includes a fast-paced construction phase, estimated to be complete within 24 months, during which no residents are expected to be permanently displaced.

Gov. Cuomo Advocates Private Contractor for NYCHA Repairs

Betsy Kim | March 19, 2018

At a Taft Houses rally, the governor called for an additional $250 million in the state budget to support the New York City Housing Authority.

Event Coverage

Success of Affordable Housing is in the Approach

Steve Lubetkin | March 15, 2018

Those in the know reveal that the best way to get a these projects approved is to change the conversation around creative affordable housing development.

Bronx Borough President Puts Heat on Troubled NYC Housing Authority

John Jordan | February 26, 2018

Ruben Diaz Jr. says if the NYCHA does not improve in ensuring the safety of its 400,000 residents, Gov. Andrew Cuomo should intervene.

Rent Stabilization in Lower Manhattan’s Booming Economy

Betsy Kim | February 14, 2018

An appellate court in the Kuzmich case allows a 421-g rent stabilized apartment to charge market rate rents.

NYCHA Receives $200 Million for Boilers and Heating Systems

Betsy Kim | February 05, 2018

Part of Mayor Bill de Blasio’s $3.7 billion investment in the New York City Housing Authority includes heat and hot water upgrades for 20 developments.

Middle-Market Digest

Middle Market Digest: The Northeast

Steve Lubetkin | January 30, 2018

A roundup of recent deals, leases, executive moves, and other news from the past week.

Former CEO of Harlem Housing Non-Profit Pleads Guilty to Embezzlement

Betsy Kim | January 30, 2018

Derek Broomes admitted that while at Harlem Congregations for Community Improvement, he stole hundreds of thousands of public dollars meant for low-income people with HIV/AIDS.

Middle-Market Digest

Middle Market Digest: The Northeast

Steve Lubetkin | January 23, 2018

A roundup of recent deals, leases, executive moves, and other news from the past week.

Judge Denies Injunction to Stop Sale of Starrett City

Betsy Kim | January 04, 2018

The lawsuit continues but the $905 million sale of the largest federally subsidized housing complex in the country can proceed to the next step.

Middle-Market Digest

Middle Market Digest-The Midwest

Brian J. Rogal | December 05, 2017

The latest deals, projects and personnel moves in the Midwest region.

Middle-Market Digest

Middle Market Digest – The Northeast

Steve Lubetkin | December 01, 2017

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

Refinancing Will Preserve Affordable Housing Complex in Cape May, NJ

Steve Lubetkin | November 29, 2017

Built in 1973, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments.

News

Brooklyn Real Estate Developer Defrauded HUD and Banks

Betsy Kim | November 28, 2017

Daniel Melamed pleads guilty to a 13-count indictment.

Real Estate Ambitions Push Starrett City Drama to Court

Betsy Kim | November 03, 2017

The case shows the fierce competition in buying New York real estate.

Hunt Buys Back Syndication Arm from Alden Torch

Paul Bubny | October 19, 2017

The renamed Hunt Capital Partners had worked with Hunt Cos. on HUD Rental Assistance Demonstration projects following its 2015 sale to Alden Torch.

ORIX Adds Lancaster Pollard to Mortgage Platform

Paul Bubny | September 15, 2017

The deal is seen as complementary to ORIX’s previous acquisitions of RED Capital Group in 2010 and Boston Financial Investment Management in 2016.

LIHTC Metrics Are Stronger Than Ever

Paul Bubny | September 08, 2017

Yet CohnReznick’s latest survey of participants in the federal housing tax credits program cites concerns about the credits’ trading prices as well as the program’s current ability to meet growing demand for affordable units.

Middle-Market Digest

Middle Market Digest: The Northeast

Steve Lubetkin | September 05, 2017

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Habitat Streamlines Affordable Housing Business

Brian J. Rogal | August 31, 2017

Officials of the Chicago-based company say the move will improve efficiency and help fulfill their plan to grow nationally.

Keifer Joins Berkeley Point, Heading Affordable and Srs. Platforms

Paul Bubny | August 30, 2017

The 20-year veteran of multifamily and healthcare mortgages joins Berkeley Point Capital a month after its sale to BGC Partners was announced.

Evergreen Buys Suburban Seniors Community

Brian J. Rogal | August 23, 2017

The Chicago-based company plans a $4 million renovation over the next six months, and also just secured an extension of the Section 8 contract.

WinnCompanies Modernizing Affordable Rental Units in Bridgeton, NJ

Steve Lubetkin | July 28, 2017

Constructed between 1966 and 1969, the property consists of eight buildings housing 28 one-bedroom, 92 two-bedroom, and 36 three-bedroom units with an on-site leasing and management office.

County Executive Astorino Claims Vindication in Zoning Fight with HUD

| July 19, 2017

Saying the fight was worth it, County Executive Astorino said the last remaining issue between the county and HUD was resolved when the federal housing agency finally agreed that there were no cases of exclusionary zoning in Westchester.

Bronx Mitchell-Lama Project Secures $160M in Financing

| June 13, 2017

NEW YORK CITY—The 43-year-old Mitchell-Lama development will be renovated and preserved as affordable for an additional 40 years through HUD’s Rental Assistance Demonstration Program.

Middle-Market Digest

Middle Market Digest: The Northeast

Steve Lubetkin | May 23, 2017

Here is a roundup of smaller transactions and news from around the Northeast in the past week. Deal Tracker NEW YORK, NY—Savills Studley has arranged…

$40M Affordable Housing Rehab Complete at City Crossing in Jersey City 

Steve Lubetkin | May 23, 2017

JERSEY CITY, NJ—The top-to-bottom renovation effort at City Crossing, formerly Brunswick Estates, completely modernized the property’s 131 apartments, grounds and safety systems; created new community space; and, addressed substantial deferred maintenance needs, including damage from Hurricane Sandy and ADA compliance issues.

Event Coverage

MBA Pres: ‘Recap and Release’ No Solution for GSEs

Paul Bubny | May 01, 2017

NEW YORK CITY—Speaking Monday at the Mortgage Bankers Association’s National Secondary Market Conference, MBA president David H. Stevens touted the association’s latest proposal for housing finance reform.

Love Funding Secures Loan for West Orange Seniors Complex

Paul Bubny | April 28, 2017

WEST ORANGE, NJ—The funding through HUD’s Section 223(f) mortgage insurance program will refinance and preserve age-restricted housing at John P. Renna House.

Matrix New World Provides Smart Engineering Solutions for NJ Affordable Housing

Steve Lubetkin | April 05, 2017

FLORHAM PARK, NJ—“Complying with New Jersey’s affordable housing regulations can be a convoluted process,” says Sean Savage, director of land development at Matrix. “Our strength is helping developers respond to community concerns and meeting the broad spectrum of state and municipal requirements and deadlines.”

Middle-Market Digest

Middle Market Digest: The Northeast

Steve Lubetkin | March 28, 2017

Smaller deals and transactions around the northeast, and recent executive appointments and news developments in the market.

NMHC, NAA Seek Rollback of Apartment Regs

Paul Bubny | March 10, 2017

WASHINGTON, DC—The National Multifamily Housing Council’s Doug Bibby and the National Apartment Association’s Robert Pinnegar are calling on the Trump administration to reform or rescind a host of federal rules they say hinder development.

Kline Sells 1,009-Unit Northern NJ Affordable Housing Portfolio to Joint Venture for $180M

Steve Lubetkin | February 23, 2017

The transaction was brokered by SVN Affordable/Levental Realty, which focuses on project-based Section 8 and Section 42 housing.

SunTrust Subsidiary Arranges Freddie Mac Refi for Hoboken Waterfront MF

Steve Lubetkin | February 01, 2017

HOBOKEN, NJ—The North Constitution, built in 1999, is a 14-story, 138-unit “class A” multifamily property with ground floor retail space.

Middle Market Digest – The Northeast

Steve Lubetkin | January 20, 2017

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

Walters Group Opens Cornerstone at Barnegat, NJ, Affordable Project for Seniors

Steve Lubetkin | December 28, 2016

BARNEGAT, NJ—Located at 9 South Main Street, Cornerstone at Barnegat is a three-story building, comprised of one- and two-bedroom apartment units with balconies. Only 20 one-bedroom units are available with a maximum monthly rent of $927.

Thought Leadership

The Wave of Green Financing Will Continue in 2017

Tony Liou | December 19, 2016

2016 saw an unprecedented boom in multifamily green financing. Offering meaningful finance rate discounts, these green loan programs are expected to pick up steam in 2017.

Community Access Unlimited Opens New Headquarters in Elizabeth, NJ

Steve Lubetkin | December 01, 2016

ELIZABETH, NJ—The new building, a 60,000-square-foot, five-story, totally accessible facility, features a 400-seat auditorium with state-of-the-art audio-visual equipment and a streaming mezzanine that is dividable. The auditorium will be used by CAU for events and will be available to the community for rent.

Thought Leadership

Slipping Through the Cracks-Is There Radon in Your Building?

Shavaun Cotter | November 30, 2016

The due diligence process of a real estate transaction contains many elements, with those of environmental concern sometimes being the most important.…

Walters Group Builds Income-Restricted Senior Apartments in Toms River

Steve Lubetkin | November 23, 2016

TOMS RIVER, NJ—Walters Group is building the seniors housing community on an 11-acre site at the intersection of Massachusetts Ave. and Cox Cro Road, which will remain largely wooded and preserved.

PNC Closes $100M Affordable Fund

Paul Bubny | November 18, 2016

PITTSBURGH—The multi-investor vehicle to preserve apartments for low- and moderate-income tenants reportedly is among the first and largest institutionally-managed funds of its kind.