Wednesday, December 18, 2024
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Lynn Peisner

Valor at the Realm apartments
Investment SalesNewsTexas

Bright Realty Sells DFW Luxury Property to Weidner Apartment Homes

by Lynn Peisner

LEWISVILLE, TEXAS — Bright Realty has sold Valor at The Realm in Lewisville to Weidner Apartment Homes for an undisclosed price. JLL arranged the sale. Bright Realty developed the 260-unit property in 2021. It includes approximately 35,000 square feet of retail. Residents have access to amenities such as a resort-style pool and yoga studio. Units are available with one or two bedrooms. Valor at the Realm is located within The Realm at Castle Hills, a 324-acre master-planned development in the Dallas-Fort Worth metroplex.

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Sam Adams KeyBanc
FinanceIndustry Voices

Tax-Exempt Bonds Present Unique Opportunity to Secure Low-Cost Debt

by Lynn Peisner

Today, the inverted yield curve has created challenges for borrowers to secure debt. The curve describes the condition when long-term U.S. Treasury debt interest rates are less than short-term interest rates. This is particularly evident in the cost of capital for construction loans. Despite these challenges, sophisticated and experienced affordable housing debt providers are finding creative solutions to meet borrower needs. In particular, borrowers are taking advantage of the lower-cost option of tax-exempt bonds, primarily funded by institutional municipal capital providers instead of only looking to commercial banks. Balancing Taxable …

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Affordable housing property in Pennsylvania
Affordable HousingFinanceInvestment Sales

FHFA Announces 2024 Multifamily Loan Purchase Caps for GSEs

by Lynn Peisner

​​​​​​​​​​​Washington, D.C. — The Federal Housing Finance Agency (FHFA), the organization that regulates Fannie Mae and Freddie Mac, has set 2024 multifamily loan purchase caps for $70 billion for each enterprise for a combined total of $140 billion. FHFA will require that at least 50 percent of the enterprises’ multifamily businesses be mission-driven, affordable housing. Examples of “mission-driven” housing include loans on properties subsidized by the Low-Income Housing Tax Credit (LIHTC) program, loans on properties covered by a Section 8 Housing Assistance Payment contract where the contract limits tenant incomes …

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Industry Voices

Necessity Will Drive AI Adoption in Commercial Real Estate

by Lynn Peisner

— By Jack Swoboda and Ross Piermarini, co-founders, SymmetRE — We are living in a unique moment. A transition period. The advancements made in artificial intelligence (AI) in the past year have put a massive spotlight on the technology. Practical use cases that were once a dream are now becoming a reality. Before we dig deeper into the effects AI can have within commercial real estate, it is important to first define the types of technologies we are talking about. The term “artificial intelligence” gets thrown around pretty freely these …

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Peter Dicorpo, COO, Brook Farm Group
DevelopmentIndustry VoicesInvestment Sales

Multifamily Developers Adapt as Strong Demand Meets a Volatile Economy

by Lynn Peisner

— By Peter DiCorpo, COO, Brook Farm Group — The multifamily sector has been on a tremendous run for more than a decade, attracting record levels of new construction and capital and generating strong rent growth that has occasionally reached into the double digits. However, given the recent economic and market headwinds, some might conclude that this notable level of activity is over, but that is not the case. Instead, there are clear signs that this sector is poised for long-term growth and will continue to deliver solid returns for …

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The pool at Villa Annette
CaliforniaDevelopmentFinanceNewsWestern

Dwight Mortgage Trust Provides $36.3 Million Bridge Loan for New Inland Empire Development

by Lynn Peisner

MORENO VALLEY, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property that is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of …

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Affordable HousingDevelopmentNew JerseyNewsNortheast

Klein Enterprises Breaks Ground on New Jersey Mixed-Income Development

by Lynn Peisner

METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …

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ArizonaInvestment SalesNewsWestern

RSN Property Group Buys Phoenix Value-Add Property for $20.3 Million

by Lynn Peisner

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap Senior Vice Presidents Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. The IPA capital markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing. The Gallery is a two-story, …

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The Village at Eastpointe's pool area
BerkadiaContent PartnerFinanceFloridaNewsSoutheast

Berkadia Arranges $51.5 Million Refinancing of Village at Eastpointe in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Berkadia has arranged the $51.5 million refinancing of The Village at Eastpointe Apartments in Fort Lauderdale on behalf of R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale. Freddie Mac provided a $42.5 million, five-year, fixed-rate loan. The preferred equity provider, RCG Longview, contributed $8.96 million in equity to the deal. The 296-unit property was developed in 1974 and renovated in 2022. Units are offered in one- and two-bedroom floor plans ranging from 750 to 950 square feet. Amenities include a fitness center, …

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District Detroit renderings
Market ReportsMichiganMidwest

Reinvention of Detroit Accelerates

by Lynn Peisner

The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …

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