Author

Lynn Peisner

Roseland-Dallas
Affordable HousingDevelopmentFinanceNewsTexas

Dallas Housing Authority Secures $69 Million Bond Reservation to Renovate Two Affordable Communities

by Lynn Peisner

DALLAS — The Housing Authority of the City of Dallas (DHA) has secured a $69 million bond reservation for the renovation of Roseland Townhomes and Roseland Estates, two affordable housing communities in Central Dallas. The bond reservation is not the entire project cost, rather it is an early piece of the capital stack, enabling DHA to receive 4 percent Low-Income Housing Tax Credits (LIHTC). The redevelopment will include new kitchens, bathrooms, plumbing, flooring, appliances and fixtures in the properties’ 274 units. DHA also will upgrade the recreation center, building infrastructure, …

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Compton
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

KeyBank Provides $25.9 Million Loan for Compton Affordable Housing Development

by Lynn Peisner

COMPTON, CALIF. — KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community. The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income. Additional LIHTC equity and Freddie …

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TLC-Buford
FinanceGeorgiaInvestment SalesNewsSoutheast

Walker & Dunlop Arranges $352 Million in Sales, Acquisition Financing for Two Metro Atlanta Assets

by Lynn Peisner

ATLANTA — Walker & Dunlop has arranged $352 million for the total acquisition financing and sale of Town Laurel Crossing and Manor Barrett, two communities in the Atlanta metro area that were developed in 2024 by Related Group. The 360-unit Town Laurel Crossing, which was rebranded as Timberline View following the acquisition, is located in Buford, 38 miles northeast of Atlanta. Manor Barrett, now known as The Row at Barrett, is a 347-unit community in Kennesaw, 29 miles northwest of Atlanta. Walker & Dunlop’s team that arranged the sales of …

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Glenbrooke-Sarasota
FloridaInvestment SalesNewsSoutheast

Franklin Street Arranges Sale of Glenbrooke in Sarasota, Florida

by Lynn Peisner

SARASOTA, FLA. — Trinity Property Group has acquired Glenbrooke Apartments in Sarasota for $10.8 million. The seller was an entity doing business as RGMD LLC. Franklin Street arranged the sale, representing the buyer in the transaction. The 40-unit property was built in 1994. Trinity is planning interior renovations for about half the property as well as upgrading amenities and curb-appeal details during its hold period. The property features a pool, gazebo and a clubhouse.

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Residences-on-16th-Naples
FloridaInvestment SalesNewsSoutheast

Sharp Key Capital Buys Naples Asset for $12.5 Million

by Lynn Peisner

NAPLES, FLA. — Sharp Key Capital has acquired Residences on 16th in Naples from Opus Reserve LLC for $12.5 million. Marcus & Millichap’s Sam Ferguson, Ned Roberts and Jason Hague represented Opus in the transaction. Residences on 16th is located at 5194 16th Place Southwest on a 5-acre site comprising 16 two-story buildings. The 63-unit community offers primarily two-bedroom apartments, with one three-bedroom unit and one studio. Recent capital improvements include kitchen and bathroom upgrades in most of the units and a new roof that was installed in 2019.

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Montecito-Houston
Investment SalesNewsTexas

Atlantic Pacific Buys Montecito in Houston

by Lynn Peisner

HOUSTON — Blue Atlantic Partners, an affiliate of Atlantic Pacific Cos., has acquired Montecito Apartments in Houston’s Uptown-Galleria neighborhood. The 299-unit property offers a mix of one-, two- and three-bedroom floor plans ranging from 669 to 2,091 square feet. The community’s amenities include a pool, fitness center, clubhouse and a multi-level parking garage. The new owner will manage the property and also is planning a multi-million-dollar renovation including interior upgrades with quartz countertops, amenity enhancements and exterior improvements. With this purchase, Atlantic Pacific’s Texas portfolio consists of 33 properties, totaling …

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White-Houses-Harlem
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

New York City Housing Authority Locks in $272.6 Million in Redevelopment Funds for Harlem Properties

by Lynn Peisner

NEW YORK CITY — The New York City Housing Authority (NYCHA) has closed on the financing for a $272.6 million renovation of Metro North Plaza and Gaylord White Houses, two public housing communities in East Harlem. The properties were selected to be part of the Permanent Affordability Commitment Together (PACT) program, created by the City as part of a larger plan to modernize public housing. NYCHA needs more than $78 billion to fully restore and renovate all its buildings, but, according to the City’s website, the federal government has only …

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Rivair-San-Diego
CaliforniaDevelopmentNewsWestern

Fairfield Opens LEED-Certified Community in San Diego

by Lynn Peisner

SAN DIEGO — Locally based Fairfield has opened Rivair Apartment Homes in San Diego’s Misson Valley neighborhood. The 316-unit community features floor plans as studios and one- and two-bedrooms. Fairfield achieved LEED Gold certification for Rivair. Some of the green features include energy-efficient systems and water-saving fixtures. Amenities include a resort-style pool, a rooftop deck, a fitness center, coworking spaces and electric vehicle charging stations.

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Keely-Downs
Affordable HousingFinanceIndustry Voices

How HUD Borrowers Can Bring Additional Financing to Their Capital Stack

by Lynn Peisner

The U.S. Department of Housing and Urban Development (HUD), has long provided a great option for multifamily borrowers: long-term, fixed-rate mortgage insurance programs such as the 221(d)(4) program for new construction and substantial rehabilitation and the 223(f) program for acquisition or refinancing of existing assets, both of which offer up to 40-year amortization, non-recourse debt and competitive interest rates. HUD loans have traditionally been thought of as protecting borrowers from high-interest-rate risk and other volatility experienced in conventional real estate finance markets. Yet even with the stability of HUD-insured loans, …

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zoe-apartments-waco
DevelopmentFinanceNewsTexas

Concord Summit Arranges $34 Million Bridge Loan for Surge Investment Group

by Lynn Peisner

LACY LAKEVIEW, TEXAS — Concord Summit Capital has arranged a $34 million bridge loan on behalf of Surge Investment Group’s Zoe Apartments in Lacy Lakeview, six miles north of Waco, Texas. The loan is a precursor to a long-term HUD takeout loan once the property reaches stabilized occupancy. Situated on a 10.3-acre site along Interstate 35, Zoe Apartments features six three-story residential buildings with a unit mix offered as one- and two-bedroom floor plans. Amenities include a resort-style pool with a pool house, a clubhouse, grilling areas, two pickleball courts, …

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