Author

Channing Hamilton

Madison Tappan
NewsPeople NewsTexas

Knightvest Capital Appoints Madison Tappan as Chief Investment Officer

by Channing Hamilton

DALLAS — Knightvest Capital, a Dallas-based investment company, has appointed Madison Tappan to the position of chief investment officer. In his new role, he will oversee Knightvest’s acquisition strategy and lead efforts to expand the firm’s multifamily portfolio across various Sun Belt markets. Tappan will also deploy capital from Knightvest’s second investment fund, with a focus on acquiring 2000s-era properties and renovating them. Most recently, Tappan served as a managing director of acquisitions at Knightvest, focusing on investment opportunities in the Dallas-Fort Worth area. He previously served as a vice president …

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Park Sierra
CaliforniaFinanceNewsWestern

G.H. Palmer Associates Receives $168 Million Refinancing for Santa Clarita Asset

by Channing Hamilton

SANTA CLARITA, CALIF. — G.H. Palmer Associates has received a $168 million loan to refinance Park Sierra, a 776-unit apartment building in Santa Clarita, approximately 35 miles northwest of Los Angeles. Walker & Dunlop’s California multifamily finance team, led by Trevor Fase, arranged the financing through Freddie Mac.  Originally developed by G.H. Palmer Associates in 1987, the garden-style community offers a mix of 97 one-bedroom and 679 two-bedroom apartments. About 40 percent of the units have been rehabilitated, with additional capital investment planned. Amenities include five pools and spas, a …

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The Winslow
DevelopmentFeaturesNortheastOperationsWashington, D.C.

Construction Firms Grapple with Economic Uncertainty, NMHC Survey Shows

by Channing Hamilton

WASHINGTON, D.C. — Economic uncertainty has continued to be a primary concern for multifamily construction and development firms. More than half say current and future projects have experienced construction delays, according to the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Construction & Development Activity. Fifty-eight percent of respondents stated they had experienced construction delays between January and March in the jurisdictions in which they operate. The most frequently cited causes for delays were economic uncertainty (68 percent) and economic feasibility (68 percent); followed by permitting, entitlement and professional services (58 percent); availability of construction …

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New YorkNewsNortheastPeople News

Lorimer Capital Hires Connor Lopes as Managing Director

by Channing Hamilton

NEW YORK CITY — Lorimer Capital has hired Connor Lopes to the role of managing director of asset management. In this role, Lopes will oversee the company’s portfolio performance, risk management and loan servicing. He will work to manage Lorimer Capital’s loan portfolio and asset performance.  Prior to joining Lorimer Capital, Lopes served as a senior vice president of construction asset management with Citi Community Capital.  Lorimer Capital is a New York City-based lender. Evan Bell, Ilan Rubinstein and Erez Rubinstein launched the company earlier this year.

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DevelopmentNewsTexas

Trademark to Develop 321-Unit Project in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Locally based owner-operator Trademark Property Co. will develop Westbend Residences, a 321-unit project in Fort Worth’s University District. Units will come in one-, two- and three-bedroom floor plans. A few penthouse units will also be available on the top floor. The property will feature two pools, a fitness center and dog spa, as well as 4,500 square feet of retail space. Construction is slated to begin in the second quarter of 2025 and complete in late 2026. The project is situated on 3.5 acres within Trademark’s …

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Cosmopolitan on the Canal
IndianaInvestment SalesMidwestNews

PRP Acquires Cosmopolitan on the Canal in Indianapolis

by Channing Hamilton

INDIANAPOLIS — PRP has purchased Cosmopolitan on the Canal, a 218-unit asset located in the Canal Walk District of downtown Indianapolis, for an undisclosed price. The property is situated in proximity to the $4.3 billion Indiana University Health expansion, as well as the Indiana University Indianapolis and Purdue University campuses. Cosmopolitan on the Canal was originally built in 2010. According to Apartments.com, the community features a mix of studio, one- and two-bedroom units. Amenities include fitness center, laundry facilities, a clubhouse, fitness center and lounge. PRP plans to renovate the property. The seller was not disclosed.

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The BW
CaliforniaInvestment SalesNewsWestern

FAMH Group Acquires The BW in Los Angeles for $58.1 Million

by Channing Hamilton

LOS ANGELES — FAMH Group Ltd. has acquired The BW, a 78-unit community located in the Brentwood neighborhood of Los Angeles, from California Landmark Group for $58.1 million. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. The BW was completed in 2013. The community offers a mix of studio, one-, two- and three-bedroom units. Amenities include a rooftop lounge with a jacuzzi, fitness center, business center, electric vehicle charging stations and …

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The Villas at Tuttle
FinanceFloridaNewsSoutheast

Lynd Group Secures $132.5 Million Refinancing for South Florida Property

by Channing Hamilton

ROYAL PALM BEACH, FLA. — The Lynd Group has secured a $132.5 million bridge loan from MF1 Capital to refinance the construction loan for The Villas at Tuttle Royale, a 401-unit asset in Royal Palm Beach, roughly 12 miles west of West Palm Beach. New York-based S3 Capital provided the original $126 million construction loan to Lynd Group in March 2023. The Villas at Tuttle is located within Tuttle Royale, a 200-acre mixed-use project. Situated at 11200 Nicole Drive, The Villas at Tuttle comprises 26 buildings. The garden-style community offers one-, …

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FeaturesFinanceFrom the MagazinesInvestment SalesMidwestNortheastSoutheastTexasWestern

As Mortgage Rates Drop, Expect 1031 Exchange Deals to Pop

by Channing Hamilton

For most of 2024, relatively high property values combined with rising interest rates priced buyers out of the market for new commercial and residential real estate acquisitions.  This slowdown has not only impacted investors and homeowners, but it’s also affected the entire real estate industry — from lenders to appraisers, brokers, law firms, title insurance companies and beyond.  Because Section 1031 exchange activity moves in lockstep with the real estate investment cycle, activity for qualified intermediaries has slowed as well. Section 1031 exchanges traditionally have been used by investors to …

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The Jasper
ColoradoDevelopmentFinanceNewsWestern

First Stone Development Secures $15.8 Million in Construction Financing for Denver Project

by Channing Hamilton

DENVER — First Stone Development has received $15.8 million in financing for the construction of The Jasper, a property located at 4353 Tennyson St. in Denver’s Berkeley neighborhood. The Jasper will offer 34 apartments and 2,700 square feet of street-level retail space. Phillip Gause and Jim Wilkins of Marcus & Millichap Capital Corp.’s Denver office worked on behalf of the borrower to secure $2 million in preferred equity and $13.8 million in debt. The construction loan was placed with a debt fund and features a two-year term.

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