Finance

Waterton Contributes Equity for DAC’s Aurora, Illinois, Development

by Lynn Peisner January 27, 2025

CHICAGO — Waterton has contributed $16 million in preferred equity for the development of Residences at Eastbank, a five-story, 258-unit, mid-rise project underway in downtown Aurora, about 40 miles west of Chicago. Geneva Capital Group arranged the equity and provided a $45 million senior loan. Further support came from the City of Aurora. Construction began in May 2024 and is expected to be completed in 2026. According to the developer, DAC Developments, the total project cost is $90.4 million. Floor plans will include a mix of studios, one-, two- and …

January 27, 2025

Silver King Leadville in Leadville, Colorado

Affordable Housing Colorado Finance News Western

Cloudland Capital, Blue Hour Housing Secure Financing for Workforce Housing Asset in Leadville, Colorado

by Channing Hamilton January 24, 2025

LEADVILLE, COLO. — Cloudland Capital and Blue Hour Housing have received $5 million in financing for Silver King Leadville, a 56-unit workforce housing community in Leadville, about 100 miles west of Denver. William Haass of JLL Capital Markets arranged the five-year, fixed-rate loan through a Colorado-based credit union. Located at 2020 North Poplar St., Silver King Leadville offers 47 studios, eight one-bedroom units and one two-bedroom apartment. The average unit size is 375 square feet. Income restrictions for the community were not disclosed. Originally a 66-key hotel, the property was converted …

January 24, 2025

Boulder Creek in Greenville, South Carolina

Affordable Housing Finance Investment Sales News North Carolina South Carolina Southeast

Infinity Acquires Portfolio of 1,068 Affordable Housing Units in the Carolinas

by Channing Hamilton January 24, 2025

CAROLINAS — Infinity Real Estate Partners has received $18.8 million in financing from American South Capital Partners, a joint venture between SDS Capital Group and Vintage Realty Co., for the acquisition and renovation of a portfolio of 1,068 affordable housing units located in North Carolina and South Carolina. The portfolio consists of seven communities, which were built between 1968 and 1973 and range from 81 to 200 units. Ninety-five percent of the units are governed by HUD’s Housing Assistance Program. The properties included in the portfolio are: Infinity will use …

January 24, 2025

Finance Florida News Southeast

Encore Multifamily Receives $48.7 Million for Project in Fort Myers

by Channing Hamilton January 23, 2025

FORT MYERS, FLA. — Encore Multifamily, a division of Dallas-based Encore Enterprises, has received a $48.7 million fixed-rate HUD Section 221(d)(4) loan for the construction of Encore Daniel Falls, a 240-unit project in Fort Myers. The developer broke ground on the community in December 2025. Construction is slated to complete by the third quarter of 2026. Encore Daniels Falls will comprise 224,050 square feet of rentable space across a 6.7-acre site. Units will come in studio, one-, two- and three-bedroom floor plans. Residents will have access to amenities such as a clubhouse, …

January 23, 2025

California Development Finance News Western

Murfey Cos. Secures $46.5 Million Construction Loan for Stella Apartments in San Diego

by Channing Hamilton January 23, 2025

SAN DIEGO — Murfey Cos. has received $46.5 million in construction financing for Stella Apartments in San Diego’s North Park neighborhood. Aldon Cole, Bryan Clark and Bharat Madan of JLL Capital Markets’ Debt Advisory arranged a three-year floating-rate loan through Buchanan Mortgage Holdings, an affiliate of Buchanan Street Partners, for the borrower. Located at 3104 El Cajon Blvd., Stella Apartments will consist of 149 apartments across nine stories. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a rooftop terrace, community gym, outdoor amenity space and lobby. …

January 23, 2025

Development Finance Midwest News Ohio

KeyBank Provides $23 Million in Construction Financing for Affordable Housing Community in Trotwood, Ohio

by Channing Hamilton January 22, 2025

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided $23 million in financing for the construction of Jalen Lofts in Trotwood, roughly 8 miles northwest of Dayton, Ohio. Derek Reed and David Lacki of KeyBank CDLI structured the financing, which includes a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing. Jalen Lofts will feature 66 workforce and affordable housing units, which will be available to families who earn between 30 and 80 percent of the area median …

January 22, 2025

CityLine East in Jersey City, New Jersey

Finance New Jersey News Northeast

The PRC Group Receives $68.5 Million for Refinancing of Two Communities in Jersey City

by Channing Hamilton January 22, 2025

JERSEY CITY, N.J. — The PRC Group has received four loans totaling $68.5 million for the refinancing of CityLine East and West, two communities totaling 342 units in Jersey City. John Banas and Kris Wood of Northmarq arranged the debt on behalf of the borrower. All loans carried fixed interest rates. The direct lenders were not disclosed. Northmarq arranged a $34 million senior loan and an $8 million mezzanine loan for CityLine East, which was completed in 2021 and comprises 198 apartments. Additionally, Northmarq placed a $21.5 million senior loan …

January 22, 2025

One Seven at Belleview Station in Denver

Colorado Finance News Western

TCR, Cigna Receive $75 Million Loan for Refinancing of Mixed-Use Asset in Denver

by Channing Hamilton January 22, 2025

DENVER — A joint venture between Trammell Crow Residential (TCR) and Cigna has received a $75 million loan for the refinancing of One Seven at Belleview Station, a 250-unit mixed-use community located at 4882 S Newport St. in Denver. The borrowers will use the funds to retire the original bank construction loan. One Seven at Belleview Station consists of 215,526 square feet of residential space, as well as 7,062 square feet of fully leased retail space. The community offers a mix of studio, one-, two- and three-bedroom apartments with an …

January 22, 2025

Development Finance News North Carolina Southeast

Partnership Receives $191 Million Loan for Mixed-Use Development in Cary, North Carolina

by Channing Hamilton January 21, 2025

CARY, N.C. — A partnership consisting of Hines, Affinius Capital and Columbia Development has secured a $191 million senior mortgage for Fenton, a mixed-use development located in Cary, roughly 10 miles west of Raleigh, North Carolina. Chip Sykes and Kelsey Bawcombe of JLL arranged the loan through New York Life Real Estate Investors. Fenton was built between 2022 and 2023. The project features an apartment community — The Allison at Fenton — comprising 367 multifamily units, as well as approximately 246,000 square feet of retail space and 183,000 square feet of office space.

January 21, 2025

Build-to-Rent California Finance News Western

NexMetro Refinances Four Denver and Phoenix Properties for $300 Million

by Channing Hamilton January 20, 2025

PHOENIX AND DENVER — NexMetro Communities has recapitalized four build-to-rent (BTR) properties in Phoenix and Denver. Valued at about $300 million, the properties, comprising 849 units, are Avilla Gateway, Avilla Magnolia and Avilla Canyon, which are in Phoenix. The fourth property, Avilla Eastlake, is in Thornton, Colorado, 25 miles north of Denver. NexMetro has developed 60 projects nationwide since its founding in 2012. According to the company’s website, NexMetro’s current portfolio is made up of 43 properties. The financing structure includes $160 million in senior debt invested and managed by Blackstone. The …

January 20, 2025

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