Multifamily

The Murphy Administration reported that it will spend $60 million on affordable housing initiatives across the state in its Fiscal Year 2020 budget. The funding had been diverted in previous years.

The high performance homes program features homes with automation, sustainability and energy savings.

Broad Street Development, a New York-based multifamily developer, investor and operator, in a joint venture with Crow Holdings Capital, a private real estate fund, has landed a $68.5 million loan from MetLife Investment Management to refinance a 96-unit, residential mixed-use at 298 Mulberry St.

The two-year, floating rate financing deal was provided by Rialto Capital Management on behalf of the Normandy Opportunity Zone.

Brookfield Properties and Park Tower Group have opened Two Blue Slip, a second multifamily tower, at Greenpoint Landing in Brooklyn. Leasing efforts are underway for the property that is situated on the East River waterfront in the Greenpoint submarket.

A new investor sentiment report shows that investors are actively trying to place capital this year and before the next recession.