News/Events
Citizens Bank Leads $78M Financing on Philly-Area Affordable Housing Rehab
Development firm People Restoring Communities (PRC) has sealed $77.61 million in construction financing for the rehabilitation of an affordable housing community in southern New Jersey, Commercial Observer has learned. Citizens Bank provided a $35.85 million construction loan for PRC’s 150-unit Paulsboro Gardens Apartments property in Paulsboro, N.J., just south of Philadelphia to facilitate renovations of…
In Multifamily, AI Is What You Make It: Forum
The age of artificial intelligence has real estate leaders rethinking how they address both the problems of the businesses they run and the clients they serve. The multifamily sector particularly has embraced AI, resulting in questions about how owners in this field use it to scale, consolidate technology stacks, and preserve the human-centered business experience. …
Mamdani, Hochul Secure Stay in Court Order Against Pied-à-Terre Tax Rollout
It may be back to the drawing board for Mayor Zohran Mamdani in the rollout of his pied-à-terre tax after a Staten Island judge ruled Tuesday the tax’s debut was mishandled and that the mayor must start over. But, for the time being, the city will continue in its current trajectory after filing an appeal…
Värde Partners Supplies $66M Refi for Phoenix Single-Family Rental Property
Arizona developer Empire Group has sealed a $65.5 million loan to refinance a newly built single-family rental (SFR) community in Phoenix, Commercial Observer has learned. Värde Partners closed the three-year floating-rate loan with two one-year extension options for the 240-unit Village at Sonoran Vista property, which was completed in January 2026 in Phoenix’s Deer Valley…
L+M Companies Names Eben Ellertson Its New CEO
L+M Companies, the umbrella company of L+M Development Partners, LMXD and L+M Fund Management, has named a new CEO and president, Commercial Observer has learned. Eben Ellertson, previously a partner at L+M Development Partners, has been promoted to CEO, while Carrie Van Syckel, formerly chief investment officer and a partner at L+M Development Partners, was…
Energy Tech Company Novele Raises $17M Series A
Applied artificial intelligence energy company Novele announced Wednesday that it raised a $17 million Series A round to further expand its services nationally. Venture capital firm Boisei Labs led the oversubscribed round, with participation from VC Locke Health; Arup Ventures, the venture investment arm of the global built environment consulting firm Arup; national construction firm…
Dina Levy Has a Very Bold Mandate for Affordable Housing in New York City
Dina Levy started her career organizing tenants to fight for better living conditions in dilapidated apartments. Now she has the power to hold landlords accountable for long-awaited repairs as New York City’s latest commissioner of Housing Preservation and Development (HPD). A former senior vice president at Homes and Community Renewal, New York state’s affordable housing…
The Plan: Tribeca’s 50 Hudson Debuts First-of-Its-Kind Glass Brick Facade
The newly completed redevelopment project at Tribeca’s 50 Hudson Street is a bright, new light in New York City’s real estate scene — literally. The six-story mixed-use property — made up of commercial condos for boutique offices and a luxury residential penthouse — features a glass brick facade designed by the late Thierry Despont, a…
Housing Providers Bid For $4B In Federal Funding Despite Program's Murky Future
Amid legal issues, $4B in homeless funding faces delays, impacting housing nationwide.
