Pennrose, the New Brunswick Housing and Redevelopment Authority (NBHA) and project partners broke ground on Hildebrand Commons, the transformation of the former Hoffman Pavilion public housing site into a 66-unit affordable housing community for older adults (55+) in New Brunswick, NJ. Move-ins are anticipated for Fall 2026.
The six-story building will include one- and two-bedroom apartments available at 20% to 60% of the Area Median Income, $21,480 to $64,440 for a one-person household. Forty-eight units will serve as replacement public housing and 39 will be RCA units. Five apartments will be set aside for formerly homeless individuals.
“It’s an honor to begin another impactful initiative with NBHA to deliver much-needed affordable housing for New Brunswick’s seniors,” said Jacob Fisher, regional VP at Pennrose. “In an area with significantly long waitlists for affordable, senior rental options, Hildebrand Commons will transform a vacant and underutilized site into a critical community asset.”
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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