LOS ANGELES — BWE has arranged $220 million in loans for locally based Jamison Properties to refinance construction debt on Opus, a 428-unit high-rise in Los Angeles’ Koreatown neighborhood. Jamison broke ground on Opus in 2022 and opened the property, which consists of two towers, in 2024. Opus is managed by Greystar. Monthly rental rates range from $3,630 to $4,945, according to Apartments.com. The property was 90 percent leased at the time of the loan closing. BWE’s Max Sauerman, senior vice president, and Tyler Shebeck, vice president in BWE’s Los …
Finance
LANSING, MICH. — Cinnaire, a nonprofit financial services company based in Lansing, has raised $340 million, which will finance 33 affordable housing developments in 11 states. Dubbed Fund 43, the LIHTC financing will back a total of 2,455 affordable housing units. Haven on Main in La Crosse, Wisconsin, will be one of the projects. It will be a 70-unit community including 59 affordable units and 11 market-rate units. Eighteen units will be reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the total …
Advantage Capital Arranges Tax Credits For $51 Million D.C.-Area Affordable Housing Redevelopment
FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million. Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth. The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income. …
NAVARRE, FLA. — CBRE has arranged a $47 million loan, provided by Voya Investment Management, for Branch Properties to refinance construction debt on Elevate Navarre, a new 332-unit community in Navarre, which is a Florida Panhandle city about 22 miles east of Pensacola. Atlanta-based Branch Properties opened the property in 2023. Blake Cohen with CBRE Capital Markets’ Debt & Structured Finance in Atlanta arranged the three-year, fixed-rate, interest-only loan. Elevate Navarre consists of 11 three-story buildings and a clubhouse/leasing center situated on 20 acres. It features one-, two- and three-bedroom …
The recent surge of U.S. tariffs has added a new dimension to an already complex environment for multifamily development. As the CEO of Atlas, I’m watching these shifts closely, not just through a macroeconomic lens, but also from the practical standpoint of what they mean for builders, owners and investors in multifamily housing. The conversation isn’t just about geopolitics or trade imbalances anymore — it’s about how tariffs intersect with affordability, construction cycles, capital costs and the evolving supply-demand dynamic in the U.S. rental market. Three questions keep coming up …
By Sam Adams The need for affordable housing in the United States has never been greater, but supply is not keeping up with demand. High costs of construction and insurance, as well as elevated interest rates, make it difficult to get affordable housing development deals completed in the current environment. As a result, developers and finance leaders are looking for innovative strategies to close budget gaps and get deals done. Financial market conditions are likely to persist for the foreseeable future. However, with the right knowledge, persistence and a little …
JERSEY CITY, N.J. — Berkadia has arranged a fixed-rate, five-year Fannie Mae loan for $35.8 million for Tay Investments to refinance 829 Garfield in Jersey City. The 110-unit property, with ground-floor retail space including a daycare center, was built in 2022. Ten percent of the units are designated as affordable, but rent restrictions were not disclosed. The property offers two- and three-bedroom units with stainless-steel appliances, quartz countertops, heated bathroom flooring and private patios. Some units have direct views of New York City.
AUSTIN, TEXAS — BMC Capital has arranged $67.6 million in financing for a 300-unit project located in the greater Austin area. The name and address of the garden-style property, which was built in 2024, were not disclosed. The financing consists of a $53.5 million senior bridge loan and a $14.1 million preferred equity investment. Noah Laredo led the BMC Capital team on the placement of the financing, the debt component of which was structured with a three-year term and a 97 percent loan-to-cost ratio. The names of the direct lender, …
CHICAGO — Essex Capital Markets has arranged a refinancing for six-unit property located at 2216 West 21st Place in Chicago’s Pilsen neighborhood. The financing package includes a $795,000 fixed-rate bank loan with a 5-year term. Quinn Keenan of Essex Capital Markets arranged the loan on behalf of a local private investor. The property offers two-bedroom floor plans. The building underwent a significant renovation in 2023, including new kitchens and updated bathrooms.
AUSTIN, TEXAS — EMBREY has received financing for the construction of a 344-unit project in Austin. Texas-based Frost Bank provided the financing. The community will feature studio, one- and two-bedroom apartments. The first units are scheduled for delivery in the second quarter of 2027, with full completion slated for the second quarter of 2028. Residents will have access to a rooftop pool deck and clubhouse, fitness center, resident lounge with coworking facilities, game room, “grab and go” market, courtyard with a fireplace, outdoor kitchens, gaming lawns and a water feature. …