Author

Lynn Peisner

The-Corridor-Sheboygan
Investment SalesMidwestNewsWisconsin

Cushman & Wakefield Brokers $44M Sale of The Corridor in Sheboygan

by Lynn Peisner

SHEBOYGAN, WIS. — Cushman & Wakefield has brokered the $44 million sale of The Corridor, a 240-unit community in Sheboygan. Lincolnshire, Illinois-based Axiom Properties was the buyer. The seller, represented by Brad Smith, Jack Maloney and Ralph Depasquale, was Chicago-based Midloch Investment Partners. Located at 1436 Green St., the community was approximately 97 percent occupied at the time of sale. The property is subject to a tax increment financing (TIF) agreement that reimburses 65 percent of property taxes above an established base amount through 2038. Completed in 2021, The Corridor …

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Dry-Creek-Ranch-Northlake
FinanceInvestment SalesNewsTexas

Newmark Arranges $53.9M Loan for Metro Dallas Acquisition

by Lynn Peisner

NORTHLAKE, TEXAS — Newmark has arranged a $53.9 million Fannie Mae acquisition loan for Bow River Capital’s purchase of the 456-unit Dry Creek Ranch in Northlake, 42 miles north of Dallas. Institutional Property Advisors (IPA) represented the seller, Western Securities, a Canadian real estate holding company, and procured the Denver-based buyer. Completed in two phases in 2007 and 2014, Dry Creek Ranch is a controlled-access, three-story, garden-style property with a pool, playground, basketball court, on-site laundry facility, business center and car wash station. The average unit size is 927 square …

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evolv-Mansfield
FinanceInvestment SalesNewsTexas

Greybrook Realty Partners Obtains $39.2M Loan to Buy Texas Property

by Lynn Peisner

MANSFIELD, TEXAS — Cushman & Wakefield and Greystone have arranged the sale of and financing for Evolv, a 334-unit property in Mansfield, 31 miles southwest of Dallas. Greybrook Realty Partners was the buyer and borrower. Greysone’s team, led by Richard Kourbage, Garvin Lee and Gillian McIlroy, arranged a $39.2 million Fannie Mae acquisition loan. Cushman & Wakefield’s investment sales team, led by Grant Raymond and Asher Hall, represented the undisclosed seller in the transaction. Built in 2012, Evolv is a garden-style community situated on approximately 18.6 acres at 370 North …

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Viceroy-Observatory-Park-Denver
ColoradoFinanceNewsWestern

Bascom Group Secures $62.5M Refinancing for Denver Asset

by Lynn Peisner

DENVER — The Bascom Group has completed a $62.5 million refinancing of Viceroy Observatory Park, a 275-unit property less than half a mile north of the University of Denver. The property was acquired by Bascom in May 2018, the year it was developed, for $92.5 million. Jamie Kline and Kyle White of JLL arranged the financing, with Shawn Cully and Roy Bezkostny of Prime Finance providing the loan. AMC is the property manager. Units are offered as studios, one- and two-bedroom floor plans, and amenities feature a pool and hot …

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Life-Time-Living-Raleigh
DevelopmentNewsNorth CarolinaSoutheast

Life Time, Dewitt Break Ground on $200M Raleigh Tower

by Lynn Peisner

RALEIGH, N.C. — Joint venture partners Dewitt Carolinas, a locally based developer, and Life Time (NYSE: LTH), a health club operator, have broken ground on Life Time Living at The Exchange Raleigh, a 289-unit, 20-story tower. According to the Triangle Business Journal, the project cost is approximately $200 million. The development marks the launch of the second phase of construction at The Exchange Raleigh project, a $1 billion, 40-acre district in Midtown Raleigh that will include approximately 990,000 square feet of office space, up to 1,275 residential units, 300 hotel …

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23-50-Waters-Edge-Bayside
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $28.5M Sale in Bayside, Queens

by Lynn Peisner

NEW YORK CITY — Marcus & Millichap has arranged the $28.5 million sale of 23-50 Waters Edge Drive, a six-story apartment property in the Bay Terrace neighborhood of Bayside, Queens. Sean Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap represented the undisclosed seller, and procured the buyer, identified as a multigenerational family office. Constructed in 1969, 23-50 Waters Edge Drive is a gated building with a 24-hour doorman and security guard, on-site parking and garage options, an elevator, laundry room and resident storage space. Select units have private …

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HUD-Sign-DC
Affordable HousingFinanceNewsNortheastWashington, D.C.

HUD Launches ‘Express Lane’ for LIHTC Construction Loans

by Lynn Peisner

WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development (HUD) has launched a streamlined process aimed at speeding up Federal Housing Administration (FHA)-insured construction financing for affordable housing developments using Low-Income Housing Tax Credits (LIHTC). The new LIHTC Express Lane applies to qualifying new-construction loans under FHA’s Section 221(d)(4) program and targets a 30-day decision on firm loan commitments. Both 9 percent and 4 percent LIHTC projects financed with tax-exempt bonds are eligible, with no limits on loan size or number of units. Projects receiving Section 8 project-based …

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FinanceNewsTexas

Walker & Dunlop Arranges $117.3M Refinancing for Three Texas Properties

by Lynn Peisner

GEORGETOWN, LEANDER AND AUBREY, TEXAS — Walker & Dunlop has arranged three loans totaling $117.3 million to refinance three communities (960 units) in the Dallas-Fort Worth and Austin metro areas. Walker & Dunlop’s Jordan Casella, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Christopher de Raet and Nicholas Gilhooley arranged the floating-rate, interest-only loans provided by Benefit Street Partners. The properties include Austin Avenue (312) units in Georgetown, Aven Ridge (312 units) in Leander and Latitude Magnolia (336 units) in Aubrey. All three communities were built between 2021 and 2022. …

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The-Alyssa-Tempe
ArizonaFinanceNewsWestern

JLL Arranges $78.5M Refinancing for Tempe’s The Alyssa

by Lynn Peisner

TEMPE, ARIZ. — JLL has arranged a $78.5 million construction-take out loan that for The Alyssa, a 335-unit community in Tempe. The borrower was CrossHarbor Capital Partners, and the lender was Corten Real Estate, providing funds through its senior credit platform. The property was developed in 2024 and comprises studios, one-, two- and three-bedroom floor plans along with such amenities as a pool with fountain features, an outdoor lounge with a fireplace and private dining spaces, a fitness center, coworking space, coffee bar, controlled-access parking with electric vehicle charging stations …

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Nostrand-Houses-NYC
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment

by Lynn Peisner

BROOKLYN, N.Y. — The New York City Public Housing Preservation Trust, a public benefit corporation created in 2022 to finance major renovations of New York City Housing Authority (NYCHA) properties, has reached its first financial closing with the $607 million modernization of Nostrand Houses. Merchants Capital structured a $185 million taxable loan for the project, part of a broader financing package that will rehabilitate the 1,148-unit Brooklyn development. the AFL-CIO Housing Investment Trust, which acted as co-lender for the transaction, provided $50 million of the total loan. The New York …

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