Finance

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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Madrone-Mountain-View
CaliforniaDevelopmentFinanceNewsWestern

Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley

by Lynn Peisner

MOUNTAIN VIEW, CALIF. — Northmarq has arranged a $105 million refinancing of Madrone Apartments, a 272-unit community at 111 N. Rengstorff Ave. in Mountain View, 35 miles south of San Francisco. The financing was arranged on behalf of Prometheus Real Estate Group by Northmarq’s San Francisco team, led by Nathan Prouty and Andrew Slaton. The five-year, full-term interest-only loan was provided by New York Life and refinances approximately $90 million in existing debt originally arranged by Northmarq in 2016. Prometheus is planning to develop eight accessory dwelling units (ADUs) following …

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Chris-Bruen-pull-quote
FinanceInvestment SalesLeasing & MarketingMarket ReportsNewsOperations

NMHC Chief Economist Chris Bruen on Why Lending Conditions Worsened in Third Quarter

by Lynn Peisner

Multifamily owners are facing sharply worsening capital conditions even as market fundamentals have changed relatively little, according to the National Multifamily Housing Council’s latest Quarterly Survey of Apartment Market Conditions, released Oct. 22. NMHC’s quarterly survey evaluates the multifamily sector across four benchmarks: market tightness, which reflects changes in vacancy and rent conditions; apartment sales volume; equity financing availability; and debt financing conditions. In practical terms, a tighter apartment market generally means lower vacancies and stronger rent growth, while a looser market generally means higher vacancies and weaker rent growth. …

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Greybarn-Amityville
FinanceNew YorkNewsNortheast

JLL Arranges $154.3M Refinancing for Rechler Equity Partners’ Greybarn Amityville

by Lynn Peisner

AMITYVILLE, N.Y. — Rechler Equity Partners has obtained a $154.3 million refinancing loan for Greybarn Amityville, a 335-unit property in Amityville. The JLL Capital Markets team that arranged the financing was led by Peter Rotchford, Andrew Scandalios and Clayton Ross. PCCP was the lender. Developed by Rechler in three phases between 2016 and 2020, Greybarn is located at 805 Broadway in Amityville on Long Island’s South Shore. It features 335 apartments, comprising 269 market-rate units and 66 workforce units reserved for households earning up to 80 percent of area median …

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Piper-Glen-Charlotte
DevelopmentFinanceNewsNorth CarolinaSoutheast

RK Investors Secures $81M Construction Loan for Charlotte Project

by Lynn Peisner

CHARLOTTE, N.C. — CBRE has arranged an $81 million construction loan for Sutherland at Piper Glen, a 299-unit community under development by a consortium of investors led by Charlotte-based RK Investors. Western-Southern Life Insurance Co. was the lender. CBRE’s Nate Sittema, Kristen Reilley and Elliott Voreis led the transaction. Currently under construction at 9621 Elm Lane, Sutherland at Piper Glen will feature four five-story buildings built atop a single-story parking podium. The community is the first multifamily component of Greenway at Piper Glen, a 53-acre residential master-planned development by RK …

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Gateway-Villas-Las-Vegas
FinanceNevadaNewsWestern

Bascom Group Obtains $30.8M Refinancing Loan for Gateway Villas in Las Vegas

by Lynn Peisner

LAS VEGAS — The Bascom Group has refinanced Gateway Villas Apartments in Las Vegas with a $30.8 million loan. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged the financing, with Bridge Investment Group providing the loan. The Bascome Group acquired the 200-unit community in December 2021. Gateway Villas was constructed in 1984 and 1985 and comprises one- and two-bedroom units and a pool, clubhouse, fitness center, putting green and grilling area. Bascom completed a renovation program during its hold that updated amenities and repurposed …

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Sean-Lichterman-Capstan
Architecture & DesignFinanceIndustry VoicesInvestment SalesOperations

How Cost Segregation Benefits Owners, Investors, and Yes, Brokers

by Lynn Peisner

Property owners can leverage tax incentives to maximize yield on their real estate. That’s well-established. What’s not as commonly understood is the fact that those very incentives can also bring benefits to property brokers and designers, including architects and engineers. When applied appropriately through cost segregation, the same incentive can be a win for multiple parties.   Cost Segregation is a forensic, engineering-based analysis of a building’s components. Without a cost segregation study, most components of a multifamily property are depreciated over the IRS-prescribed 27.5-year recovery period for residential rental property. …

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