O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
AL I SBURY , MD — Ma n a g i n g d i r e c t o r Brent Miller, CPM & Miller, CPM, Insley and Silverstein, SIOR orchestrate transaction SVN | Miller & SVN | Angelic Real Estate sell Salisbury University Student Housing S
HI-LIGHTS J uly 26 - A ugust 8, 2019 Tonney Insley with SVN | Miller Commercial Real Estate along with managing director Gabriel Silverstein, SIOR with SVN | Angelic Real Estate recently sold The Gathering in Salisbury. The Gathering at Salisbury is a premier, purpose-built student housing property built in 2015 and features 50-units/200- beds. The property offers best- in-class amenities and interior finishes and serves the grow-
Brent Miller
Tonney Insley
Gabriel Silverstein
ing Salisbury University that only has capacity to house 30% of enrolled students. Residents are provided the convenient options of taking the univer- sity shuttle route which stops on-site or taking a short walk/ bike ride to campus.
Each unit is a fully furnished 4 bedroom / 4.5 bathroom town- home organized in 6-12 unit increments over 6 buildings. In addition, the property con- tains a 4,500 s/f clubhouse with a large fitness center, study areas, tanning bed, computer
The Gathering in Salisbury, MD
lounge, and coffee bar for the residents. The Gathering sits
on 5 flat acres with well mani- cured landscaping.
+2,900 NYCHA residents across 16 NY developments slated for comprehensive repairs & renovations
ing the future of their com- munities,” said NYCHA In- terim Chair and CEO Kath- ryn Garcia . “The Authority will keep working with our partners to make sure our residents’ homes are safe, healthy, and affordable for future generations.” A joint venture of six quali- fied partners called the PACT Renaissance Collaborative — Community Preserva- tion Corporation (CPC), The Community Develop- ment Trust (CDT), Mo- nadnock Development LLC, Lemor Development Group, Kalel Holdings LLC , and the Communi- ty League of the Heights (CLOTH) — will together oversee the rehabilitation and management of the 16 Manhattan developments and coordinate enhanced social services delivery to residents. This joint venture also in- cludes Community Develop- ment Financial Institutions (CDFIs) and M/WBE firms. The 16 developments are: • 335 East 111th Street • Park Avenue-East 122nd, 123rd Streets • Manhattanville Rehab (Group 2) • Manhattanville Rehab (Group 3) • Public School 139 (Conver-
sion) • Samuel (MHOP) I • Samuel (MHOP) II • Samuel (MHOP) III • Fort Washington Avenue Rehab • Grampion • Washington Heights Rehab (Groups 1&2) • Washington Heights Rehab Phase III • Washington Heights Rehab Phase IV (C) • Washington Heights Rehab Phase IV (D) • Wise Towers • 344 East 28th Street This will be the eighth PACT transaction to close, and will be the third transaction to di- rectly involve the New York City Housing Development Corporation (HDC) . Under PACT, these apartments will shift to project-based Section 8 funding, and the buildings will be managed by the de- velopment partners. NYCHA retains ownership of the build- ings and land, and will ensure that the partners adhere to standards outlined by the Guiding Principles created by the NYC RAD Roundtable to guarantee permanent afford- ability, deliver high-quality property management, and maintain equivalent tenant rights and protections for all residents.
“HDC is proud to serve as a financing partner on the NYCHA PACT plan as we work to ensure some of our city’s most distressed develop- ments receive the comprehen- sive improvements they need to remain a valuable resource to the community,” said HDC president Eric Enderlin . “I look forward to our ongoing collaboration with all our gov- ernment and private partners to provide critical building repairs, social services, ten- ant protections, and lasting affordability that will benefit the residents of these proper- ties for generations to come.” “NYCHA’s housing is a criti- cal, and irreplaceable piece of our city’s affordable housing stock that has long needed this kind of attention, long- term investment, and care,” said Rafael Cestero , presi- dent & CEO, The Community Preservation Corporation. “It’s our mission to ensure that these properties get the rehab they need, and that they are preserved as affordable for the thousands of tenants that call them home, and for future generations of NYCHA residents. I thank NYCHA, HDC, CDT, Monadnock De- velopment, CLOTH, Kalel Holdings, and Lemor Develop- ment for their partnership.”
NEW YORK — T he New York City Housing Author- ity (NYCHA) announced the
SPOTLIGHT
selection of the develop- ment team t h a t w i l l fully address the phys i - cal needs at 16 Manhat- tan develop- ments.
7-18B
Black Creek Group expands footprint with acquisition of multifamily properties
Rafael Cestero
As part of NYCHA’s Per- manent Affordability Com- mitment Together (PACT) program, more than 2,900 residents will benefit from comprehensive upgrades to 1,718 apartments and com- mon areas. Those improve- ments include new kitchens, bathrooms, and flooring in each apartment, all of which will be renovated while resi- dents remain in place. Vital enhancements to the build- ings’ elevator, security, and heating systems will also be prioritized for each develop- ment, as well as other needs identified by residents via a collaborative process that will take place in the coming months. “Our residents deserve criti- cal repairs to their homes as soon as possible, and through PACT they will continue to be integral partners in shap-
3B
Crystal Windows supports “George to the Rescue” NBC TV Project
19B
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