News: Brokerage

CPC and NJHMFA finance $1.214 million construction loan

The Community Preservation Corp. (CPC) partnered with The New Jersey Housing and Mortgage Finance Agency (NJHMFA) to close on a construction loan of $1.214 million to finance the new construction of five two-family homes scattered along a one block section of South Ninth St. between 12th and 13th Sts. in the North Ward of the city. These properties are part of a larger vacant land and building plan for the city and were acquired by the developer from the city specifically to create affordable housing. Construction financing for the homes includes CPC's loan of $607,163, financing of $607,163 from NJHMFA and a subsidy of $400,000 through N.J.'s Homeownership Incentive Fund (HIF) CHOICE program. The borrower is Mid Atlantic Investment Alliance. "CPC is delighted to partner with NJHMFA in the transformation of this vacant land into quality, affordable homes," said Annemarie Uebbing, VP and regional director of CPC's N.J. office. "This important project shows that CPC, HMFA and the city of Newark are committed to providing true homeownership opportunities to working families through traditional development and mortgage lending." "Helping to provide local residents with the prospect of becoming homeowners highlights CPC's mission not only in the City of Newark, but throughout the entire state of New Jersey," Uebbing said.
MORE FROM Brokerage

SABRE coordinates sale of six properties totaling 199,845 s/f

Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.