Author

Channing Hamilton

Rialto West in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Secures Construction Financing for $125 Million Affordable Housing Project in Hell’s Kitchen

by Channing Hamilton

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan. Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless …

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ArizonaInvestment SalesNewsWestern

Cushman & Wakefield | PICOR Brokers $6.1 Million Sale of Wasko Modern Apartments in Tucson, Arizona

by Channing Hamilton

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has negotiated the sale of Wasko Modern Apartments, a community located at 2302 E. Fort Lowell Road in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the deal. The investment property comprises 38 units across 30,280 square feet. 

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Affordable HousingCaliforniaDevelopmentNewsWestern

Community Housing Opportunities Corp. Opens $36 Million Affordable Housing Project in Palm Springs, California

by Channing Hamilton

PALM SPRINGS, CALIF. — Community Housing Opportunities Corp. has opened Monarch Apartment Homes, a 60-unit affordable housing complex in Palm Springs. The $36 million development is situated on a 3.6-acre site. Monarch Apartment Homes is affordable to tenants earning between 30 and 60 percent of the area median income. Amenities include a splash pad, barbeque areas, in-unit laundry facilities, a community room and walking paths. The project was designed by Maria Song, AIA, LEED & AP.

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Island Terrace in Chicago
Affordable HousingDevelopmentFinanceIllinoisMidwestNews

Merchants Capital Provides $103 Million to Rehabilitate Affordable Housing Community in Chicago

by Channing Hamilton

CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …

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Roberto Pesant, senior managing director, investment sales, Berkadia Miami
BerkadiaFeaturesFloridaInvestment SalesSoutheast

Q&A With Roberto Pesant of Berkadia: Renter, Investor Demand for Luxury Apartments Expected to Remain Strong in Miami

by Channing Hamilton

Multifamily & Affordable Housing Business sat down with Roberto Pesant, senior managing director of investment sales with Berkadia’s Miami office, to discuss the demand for luxury communities in Miami — from both renters and investors. MAHB: The latest Berkadia report forecasts that average effective rent will be $2,569 by the fourth quarter of this year. Is the market overbuilt toward Class A/luxury properties, and if so, who’s renting these pricey units?  Roberto Pesant: Demand for the urban, luxury product is coming from a number of sources. Some part of it comes …

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Investment SalesNewsTexas

Muskin | Elam Group Brokers Sale of 30-Unit Mint House at The Hatchery in Austin

by Channing Hamilton

AUSTIN, TEXAS — Muskin | Elam Group has arranged the sale of Mint House at The Hatchery, a 30-unit community located at 49 Navasota Street, just southeast of downtown Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed seller in the off-market transaction. Vista Bank provided acquisition financing on behalf of the buyer, Resolute Capital. The seller was operating the property as a short-term rental facility at the time of the sale.

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Anacapa Canyon in Camarillo, California
CaliforniaDevelopmentNewsSeniors HousingWestern

Kennedy Wilson Nears Completion of 32-Acre Anacapa Canyon in Camarillo, California

by Channing Hamilton

CAMARILLO, CALIF. — Kennedy Wilson is nearing completion of Anacapa Canyon, a 32-acre master-planned development in the southern California city of Camarillo. Anacapa Canyon will comprise 310 market-rate units, as well as 170 income-restricted units for senior citizens. The affordable seniors housing units are fully preleased to qualified renters. Anacapa Canyon will also feature 109 for-sale, single-family homes. Planned amenities include multiple pools and spas, a community garden, game room, event lounge, fitness center, dog parks and green spaces. The first move-ins are underway. The project is slated to complete …

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Marketplace at Liberty Crossing in Wilmer, Texas
Affordable HousingDevelopmentNewsOperationsTexas

Asset Living Takes Over Management of 318-Unit Affordable Housing Complex Near Dallas

by Channing Hamilton

WILMER, TEXAS — Asset Living has been awarded management of Marketplace at Liberty Crossing, a 318-unit affordable housing development in the Dallas suburb of Wilmer. The project is the second phase of the development of the Liberty Crossing Master Planned Community. Marketplace at Liberty Crossing will offer one-, two-, three- and four-bedroom units. The property will also include ground-floor retail space. A construction timeline and income restrictions for the community were not disclosed.

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FinanceFloridaNewsSoutheast

Greystone Provides $419.6 Million to Refinance 85-Story Panorama Tower in Miami

by Channing Hamilton

MIAMI — Greystone Commercial Capital has provided $419.6 million to refinance Panorama Tower, an 85-story mixed-use complex in Miami. The financing package consists of $85 million in agency-compliant subordinate debt and a $334.6 million Freddie Mac Optigo senior loan funded by Greystone Servicing Co. LLC. The loan carries a five-year term and 35-year amortization. Panorama Tower offers 821 units. The property also includes 112,731 square feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage and an attached 19-story, 208-room Hyatt Centric Hotel.

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CaliforniaFinanceNewsWestern

Cronheim Arranges $56 Million in Permanent Financing for Three-Property Portfolio in Los Angeles

by Channing Hamilton

LOS ANGELES — Cronheim Mortgage has arranged $56 million in permanent financing for a three-property portfolio in Los Angeles. Andrew Stewart and Allison Villamagna of Cronheim secured the financing on behalf of the borrower, 4SITE Real Estate. Cronheim arranged $37 million, $10.9 million and $8.1 million in financing for the properties, respectively. The portfolio includes Barranca Los Angeles, 4Mica Apartments and Arroyo Los Angeles. Barranca Los Angeles totals 200 apartment units and offers amenities such as a pool, spa, gym, yoga studio, workspaces, outdoor garden terrace and BBQ area. 4Mica …

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