Latest news with #AffordableHousing
CBC
26-05-2025
- General
- CBC
First Indigenous-led housing project in Toronto will support needs of elders, chief says
Social Sharing The first Indigenous-led rental housing project in Toronto will provide a nurturing environment for elders and respect cultural traditions, said the chief of the Missanabie Cree First Nation on Monday. The nation, which has its own development company, is the driving force behind the project at 140 Merton St., near Yonge Street and Davisville Avenue. Once complete, the building will be the first city-owned property to be leased and operated exclusively by an Indigenous organization and not-for-profit entity, the City of Toronto said in a news release Monday. "Our elders are the keepers of our stories, languages and traditions," Chief Jason Gauthier told reporters shortly after a blessing ceremony at the site. "Providing them with a safe, respectful and holistic environment is not just a responsibility, it's a duty." The building will feature 294 residential units for Indigenous elders and non-Indigenous seniors, with approximately a third of these units being designated as affordable housing, the city said in a news release. It was not clear at Monday's event how many units will be reserved for Indigenous elders. CBC Toronto has reached out to the city for clarification. Gauthier led Monday's ceremony alongside members of the Missanabie Cree First Nation and city staff. The event was held to celebrate the completion of the project's financing. The building will eventually be 29 storeys tall, according to city documents posted online. It will include a ceremonial space, smudging room and indoor and outdoor communal areas, Gauthier said. "For over a century, our people have navigated the challenges of displacement and the long road towards reclaiming our rightful place within these lands," he said. "Today we take a significant step towards that journey." Construction is expected to begin in late summer or early fall, said Doug Rollins, the city's director of housing stability services. It may take around two years before residents begin moving in, he said. Rollins said financing to date has been from the federal government, but the city is continuing to look for partnerships. Existing tenants will be accommodated, city says Currently, 140 Merton St. is home to a two-storey building that is being used as a senior care centre. The city said the new building will include 2,150 square metres of community space to be subleased back to the city to accommodate the existing tenants. Deputy Mayor Ausma Malik said the project is part of the city's efforts to address the affordable housing crisis but is also a way for the city to "honour our commitments to truth, justice and reconciliation." "We know all too well that Indigenous communities are disproportionately affected by the housing crisis, which is why we are grateful to be partnering with Indigenous housing providers," she said. A Statistics Canada report from 2021 found that many Indigenous people in Canada live in "inadequate housing," particularly those living in remote or northern communities. More than one in six Indigenous people lived in crowded housing considered not suitable for the number of people living there, the report said. Its authors also found Indigenous people were almost three times more likely to live in a dwelling in need of major repairs than the non-Indigenous population in 2021.
Yahoo
19-05-2025
- Business
- Yahoo
IPA Capital Markets Arranges $720 Million Loan for Office-to-Residential Conversion of Former Pfizer Headquarters
Largest Financing Ever Secured for an Office-to-Residential Conversion in New York City NEW YORK, May 19, 2025--(BUSINESS WIRE)--IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for major private and institutional clients, announced today the closing of a $720 million loan to a joint venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, secured the financing with Madison Realty Capital. "By structuring flexible financing for the largest office-to-residential conversion in New York City's history, we are enabling a new benchmark for luxury rental housing in Midtown Manhattan," said Josh Zegen, managing principal and co-founder of Madison Realty Capital. "Metro Loft's track record executing complex office-to-residential conversions in New York City, combined with David Werner Real Estate Investments' deep experience with high-profile, institutional assets, makes them an ideal sponsorship team for a project of this scale." "David Werner Real Estate Investments and Metro Loft put together a best-in-class conversion project that enabled our IPA Capital Markets team to facilitate a competitive financing process," said Herzog. "Madison Realty Capital demonstrated professionalism from the outset and executed flawlessly resulting in a smooth and efficient closing. Once completed, this office-to-residential conversion will set a new standard for conversions, helping to meet the demand for Class A multifamily housing in New York City." Nathan Berman, founder and chief executive officer of Metro Loft, added, "We're thrilled to reach this major milestone in bringing our vision for this transformative development to life. We are grateful to our partners at David Werner Real Estate Investments and to our lenders at Madison Realty Capital for their confidence and commitment." Upon completion, the property will total 1,602 luxury rental apartments, 25% of which will be designated affordable under New York City's Affordable Housing from Commercial Conversions Tax Incentive Benefits program. It will also include over 100,000 square feet of amenities and approximately 30,000 square feet of ground-floor retail space. Across both buildings, residences will feature high-end finishes such as custom built-in kitchens with premium appliances, stone countertops, bespoke bathrooms with deep soaking tubs, in-unit washer/dryers, and integrated smart-home technology. "We are proud to collaborate with Metro Loft, a valued partner, on the transformation of the former Pfizer headquarters, a project that reflects our shared vision and commitment to revitalizing iconic New York real estate," said David Werner, president of David Werner Real Estate Investments. "It was a pleasure to close a loan with Madison Realty Capital. They are an accurate and efficient lender, while providing flexibility where needed and the surety of execution. Their proactive involvement and professional coordination were instrumental in achieving our objectives. I am deeply appreciative of the entire team at Madison Realty Capital, and I look forward to working with them again in the near future." Located at 219 and 235 East 42nd Street in the Midtown East neighborhood of Manhattan, the property will be converted into a state-of-the-art multifamily building. Construction of the property is currently underway and is expected to be completed by the fourth quarter of 2027. Fried Frank, led by Mike Werner, represented the borrower and Kriss & Feuerstein, led by Jerry Feuerstein, represented the lender. About IPA Capital Markets IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit About Madison Realty Capital Madison Realty Capital is a vertically integrated private equity firm focused on US-based commercial real estate private credit strategies. As of December 31, 2024, the firm, including its controlled affiliates (collectively, "Madison"), manages $22.1 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed over $53.7 billion of securities and non-securities real estate transactions largely through direct lending to a wide range of borrowers, acquiring non-performing loans and making preferred equity investments. Madison Realty Capital seeks to deliver value across every phase of the property lifecycle by providing customized financing solutions and strong underwriting capabilities that meet borrowers' unique needs with speed and certainty of execution. To learn more, follow Madison Realty Capital on LinkedIn and visit About Metro Loft Metro Loft Management, LLC is a vertically integrated real estate development and management company founded in 1997 by Nathan Berman, who continues to serve as the managing principal. As a pioneer in the residential development of Lower Manhattan, Metro Loft has spent the past two decades redeveloping some of the most iconic buildings in downtown New York City, including landmarks such as 443 Greenwich St., 20 Exchange Place and 63 Wall St. Metro Loft is responsible for the acquisition, development and management of some of the most notable condominium and rental buildings in Lower Manhattan. Our reputation as a leading commercial-to-residential development firm is built upon our approach and vision to preserve the details that make each property unique and to elevate them through modern design and amenities. About David Werner Real Estate Investments David Werner Real Estate Investments, based in New York City and led by industry veteran David Werner, boasts over four decades of successful investment in commercial real estate. With extensive experience across office and residential sectors, the firm is recognized for its ownership and strategic management of some of New York City's iconic properties. View source version on Contacts Media Contacts For IPA Capital Markets:Gina Relva, VP of Public For Madison Realty Capital:Nathaniel Garnick/Grace CartwrightGasthalter & Co.(212) 257-4170madisonrealty@
CBC
18-05-2025
- Business
- CBC
New cooperative housing model aims to create more affordable homes in B.C.
Co-op housing advocates want to see a newer housing model more widely adopted to ensure homes remain affordable. It comes as residents at ONE Vancouver co-op face a potential million-dollar property transfer tax if their lease is renewed for more than 30 years. Leanne Yu reports that the Community Land Trust model aims to do away with lease renewal complications.
CBS News
13-05-2025
- Politics
- CBS News
New Jersey governor's race: Meet the 11 Democrats and Republicans running in the primary election
Who are the Democrats running for New Jersey governor? Who are the Democrats running for New Jersey governor? Who are the Democrats running for New Jersey governor? Eleven candidates are running to replace the term-limited Phil Murphy as governor of New Jersey. The Garden State is one of only two gubernatorial races happening in 2025, and the off-year election will be many New Jerseyans' first chance to vote since the contentious 2024 presidential race. The other state electing a governor this year is Virginia. Here are the six Democrats and five Republicans running in the June 10 primary election. The general election is Nov. 4. Democrats Ras Baraka Ras Baraka has served as mayor of Newark, New Jersey's largest city, since winning the election in 2018. He was reelected to the post in 2018 and 2022. Baraka made headlines on May 9 when he was arrested during a protest outside an ICE detention facility in Newark. The Newark mayor is seen as a progressive in the race. In his budget proposal, he says he plans to deconstruct the state budget and "reassemble with equity as our north star." Baraka's budget plan calls for reforming the state's income tax brackets, adding brackets for top earners. On housing, Baraka wants to establish a task force dedicated to creating more affordable housing in the state. He's also outlined a plan to temporarily cap all rent increases across the state to cost-of-living adjustments for two years. Read Baraka's full platform here on his website. READ MORE: N.J. Democrat gubernatorial debate gets heated as contenders clash on taxes, Newark Airport and more Steve Fulop A Marine Reserves veteran who served in Iraq following the Sept. 11, 2001, attacks, Steve Fulop, is now mayor of Jersey City. He won the election in 2013, defeating incumbent Jerramiah Healy. Throughout his campaign, Fulop has touted himself as an anti-establishment figure and highlighted criticisms of former Gov. Chris Christie and former Sen. Bob Menendez. As of May 13, Fulop has rolled out policy proposals in eight areas, from public safety to affordability initiatives. Fulop has pitched adding tax brackets for high earners, specifically those making more than $2 million, $5 million and $10 million. Fulop has also vowed to cancel a multi-billion-dollar turnpike widening project and instead funnel that money toward mass transit in the state. You can read Fulop's full platform on his website. Josh Gottheimer Rep. Josh Gottheimer is a U.S. Congressman representing New Jersey's 5th congressional district since 2017. Gottheimer also worked in the Clinton White House as a speechwriter. The congressman says he's running to be "the lower taxes, lower costs governor," and put the cost of living at the top of his agenda. Under his plan, Gottheimer says he wants to cut property taxes in New Jersey by 14.4%. To do that, he says he would first need to balance the state's budget by cutting costs at the state level, clawing back federal funds, and driving down prescription drug costs in state worker health care coverage. Gottheimer also unveiled his "Stop Trump and Protect our Jersey Values Plan." He vowed to take the president to court over his tariff plan and to protect women's health care and LGBTQ+ rights. You can read Gottheimer's full plan on his website. Mikie Sherrill Congresswoman Mikie Sherrill has represented New Jersey's 11th congressional district since 2019. A U.S. Naval Academy graduate and former Navy helicopter pilot, Sherrill won a seat in 2018 that was long held by Republican Rodney Frelinghuysen, who did not seek reelection. In an April opinion article, Sherrill called on Democrats to "play hardball, disrupt norms and institutions, and put outcomes over process" to combat President Trump. She also, in a May press release, aimed at fellow Democratic contender Steve Fulop. Like most others in the field, affordability is a top priority for Sherrill. The lawmaker has revealed plans to reduce income taxes by expanding the state's Child Tax Credit and Earned Income Tax Credit. She also wants to close tax loopholes and pass those savings on to middle-class families. Sherrill also unveiled plans to require price transparency in health care prices, which she says will "drive prices down through increased competition." You can read Sherrill's full plan here on her website. Sean Spiller Sean Spiller, the president of the powerful New Jersey Education Association, is a former public school teacher and the former mayor of Montclair. Education looms large for the union leader, who said "no candidate for governor cares more deeply or personally about education than I do." Part of his plan includes joining with education institutions to create a pipeline of green-energy jobs. On housing, Spiller says he wants to build more than 200,000 homes that the state needs to reduce its shortage, which would help lower costs. He also wants to limit corporations buying properties, which he says leads to rising rent and home prices. You can read Spiller's full plan on his website. Steve Sweeney New Jersey's longest-tenured Senate president is looking to get back to Trenton. Sweeney, who lost his state Senate seat in 2021, is the lone Democrat in the primary field to hail from South Jersey. Sweeney has targeted his message toward New Jersey workers, playing up his time as a union ironworker. First, under his list of issues is "fighting for New Jersey workers." Under his plan, Sweeney says he would ask voters to approve billions of dollars in bond funding for public works projects to upgrade the state's water, sewer and energy infrastructure. He says that will also help create jobs. The former senator says he will cut housing costs by slashing red tape and pledges "NO TAX INCREASES" under his administration. You can read Sweeney's full plan on his website. Republicans Justin Barbera Justin Barbera is a Burlington County contractor and business owner. He has described himself on his Facebook page as a "MAGA Republican" guided by "God/Family/Country." CBS News Philadelphia could not find a dedicated campaign page for Barbera, but the Audubon business owner has posted some of his platform on his Facebook page. Barbera calls himself a "true Republican" and lists his top priority as cutting taxes for seniors, veterans and the disabled. He has also called for "back to basics" education and says he supports a "NJ-Gov efficiency task force." You can learn more about Barbera on his Facebook page. READ MORE: Newark Airport, NJ Transit issues discussed at New Jersey Republican gubernatorial debate Jon Bramnick Jon Bramnick has been a New Jersey state lawmaker for more than 20 years. He currently represents New Jersey's 21st district in the state Senate, and he served in the General Assembly from 2003 to 2022. Bramnick is also a lawyer and a former Plainfield city councilmember. The state senator, like many others in the race, has put affordability front and center in his platform. He says he wants to simplify the state's income tax brackets and adjust them for inflation. He also says he wants to bring property tax relief. Bramnick has also called for a "smaller, more efficient" state government. Under the plan, he would see all state employees undergo customer service training and create a citizen-led Government Efficiency Panel to eliminate wasteful spending and unnecessary programs. You can read Bramnick's full plan on his website. Jack Ciattarelli Jack Ciattarelli is making his third bid for the governor's seat. The former state assemblyman finished second in the 2017 Republican primary before winning his party's nomination in 2021. In that race, Ciattarelli came within 3.5% of Murphy, the incumbent Democrat at the time. Ciattarelli received the endorsement of Mr. Trump on May 12. In a Truth Social post, Mr. Trump said Ciattarelli will "work closely with me and the Trump Administration to advance our America First Agenda." Ciattarelli's platform includes a plan to cap property taxes at a percentage of assessed home value. He also wants to cut state spending by 30% and has vowed to repeal the state's sanctuary policy. You can read Ciattarelli's full plan on his website. Mario Kranjac Mario Kranjac is a lawyer and the former mayor of Englewood Cliffs in North Jersey. On his campaign site, Kranjac describes himself as a "political outsider" and an "unapologetic supporter of President Trump." He says he plans to bring reform to Trenton. Part of Kranjac's plan centers on cutting property taxes, which he's called his top priority. He says he would mandate local property taxes be cut by 2% each year of his four-year term. Kranjac has also put out a call to the public to submit information about waste, fraud and abuse in the state government. He says the info will be used to help create a New Jersey Department of Government Efficiency, modeled after the Trump administration's plan. You can read Kranjac's full plan on his website. Bill Spadea Bill Spadea is a longtime radio host in New Jersey. He led a morning drive talk show on 101.5 FM before stepping aside in late January as he ran for governor. Spadea calls himself an outsider "that Democrats and establishment Republicans are afraid of." He has been a staunch supporter of Mr. Trump but took issue with his endorsement of rival Ciattarelli. In an X post, Spadea said Mr. Trump "endorsed a poll not a plan." Spadea has vowed to reverse policies related to sanctuary designations in the state and work with federal law enforcement on immigration. He has also called for cutting waste in state government and lowering taxes for residents and businesses in New Jersey. You can read Spadea's full plan on his website.
CTV News
07-05-2025
- Business
- CTV News
Garage Sale Day returns to Orillia to support affordable housing
Bargain seekers and neighbourhood treasure hunters will have plenty of reasons to hit the streets on Sat., June 7 as Orillia's city-wide Garage Sale Day makes its return. Residents are encouraged to host or shop garage sales to support local efforts to expand affordable housing. Residents can declutter their homes, find great deals and donate proceeds of the day to a meaningful cause. "I encourage everyone to take part again this year and be part of something that brings people together while supporting affordable housing in our city," said Mayor Don McIsaac. Last year more than 100 garage sales took place across the Sunshine City, raising $4,500 for Orillia's Affordable Housing Reserve. The fund, created in 2020, supports non-profit and government organizations working to increase access to affordable housing locally. No registration is required to participate. Anyone wishing to donate all or a portion of proceeds can do so online. This year, a Pop-Up Shop at St. Paul's Centre at 62 Peter Street North will open at 7:30 a.m. to offer garage sale maps and vendor tables. Complimentary hamburgers will be available from Harvey's Orillia from 11 a.m. to 2 p.m. while supplies last. Participants are encouraged to advertise their sales on social media using the #OrilliaGarageSaleDay, and follow city signage rules for promoting locations. Signs can't be attached to utility poles or trees and must be removed within 24 hours.
