News

The modernization of Riddle Hospital, part of Main Line Health, includes the development of a new five-story, approximately 230,000-square-foot Patient Pavilion building.

Tall Pines Capital has loaned $120 million to the development The Element, a six-story apartment building located at 400 Claremont Avenue in Jersey City, New Jersey. The loan is split between an $84,000 construction loan and $36,000 of equity. Kathy Anderson, a founding partner of commercial real estate firm Progress Capital, arranged the loan.

A venture comprised of real estate firm Stonehenge NYC, retired Major League Baseball player Alex Rodriguez A-Rod Corp and real estate agency the Modlin Group have announced the acquisition of 340 East 51st, a 114-unit residential apartment building in Midtown East.

The city would provide a $6.64-million Tax Incremental Financing loan for the plan to redevelop the 90-year old city-owned structure into an entertainment and dining complex in the Bridgeport neighborhood of Chicago.

The agency estimates the tax credit awards will generate approximately $230 million in private equity that will create about 1,200 affordable rental apartments in the Garden State.

On Friday, Sen. Sweeney proposed to tap a total of $500 million from the state Corporation Business Tax, the New Jersey Turnpike and the Clean Energy Fund for the NJ TRANSIT operating budget.

The properties have low vacancy rates and offer affordable options for renters, according to Starwood Capital.

Living New York, a real estate firm specializing in landlord representation, sales and new development, has acquired Mdrn. Residential, a New York-based brokerage firm.