Author

Lynn Peisner

Affordable housing property in Pennsylvania

​​​​​​​​​​​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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— 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

— 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

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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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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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

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

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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Gindi Capital and Avery Hall's Brooklyn development

BROOKLYN, N.Y. — Gindi Capital and Avery Hall have secured $110 million in construction financing for the development of a 13-story, 193-unit building at the intersection of Gowanus and Park Slope in Brooklyn. The team broke ground on the project in 2022 and is set to complete construction in 2024. JLL arranged the loan, and Affinius Capital provided the funds. Located on a city block on 4th Avenue between Union and Sackett streets in Brooklyn, the mixed-income project will deliver 193 apartments. Amenities include a rooftop lounge and pool, coworking …

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Cantabria Bradenton community

BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold Cantabria in Bradenton to an institutional buyer for $59 million. According to the Florida Division of Corporations, the buyer is Star Lake Fund III, an affiliate of JP Morgan Investment Management. Wolfson built Cantabria Bradenton in conjunction with publicly traded home builder Lennar. The property sits on 36 acres and consists of 184 units, including 172 attached townhomes and 12 detached single-family homes. The three- and four-bedroom single-family and townhouse units are equipped with attached garages and …

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