Finance

Westermark-Sugar-Land
DevelopmentFinanceNewsTexas

Elm Real Estate Group Secures Construction Financing for The Westermark in Sugar Land, Texas

by Lynn Peisner

SUGAR LAND, TEXAS — Patterson Real Estate Advisory Group has arranged a construction loan for The Westermark, a 165-unit project in the southwestern Houston suburb of Sugar Land. The Westermark will consist of two five-story buildings containing studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, resident lounge and coworking space. Wintrust Commercial Real Estate provided the loan to the developer, Elm Real Estate Group, which is an affiliate of Indianapolis-based KCG Cos. Neither a construction timeline nor the loan amount was disclosed.

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FinanceFloridaNewsSoutheast

Trevato Development Group Lands $78 Million Refinancing for Jacksonville Development

by Lynn Peisner

JACKSONVILLE, FLA. — Trevato Development Group has refinanced The Station at San Marco, a 345-unit project in the San Marco neighborhood of Jacksonville. An undisclosed insurance company funded the $78 million loan to take out construction debt. The property was completed in 2024 and is located at 1230 Hendricks Ave. Trevato is a sister company to Jacksonville-based multifamily developer Block One Ventures.

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Cressmoor
DevelopmentFeaturesFinanceInvestment Sales

BTR Investors Rethink Development Risk

by Lynn Peisner

By Douglas Kelin and Bryan Pritchard Build-to-rent (BTR) has quickly become one of the most prominent strategies in residential real estate. In 2024 alone, the number of BTR homes delivered in the United States was approximately 10 times higher than it was a decade earlier. While that growth shows no signs of slowing, the version of build-to-rent that investors are pursuing today looks very different from the development-heavy model of just a few years ago. A combination of regulatory pressure, shifting market conditions and strategic refinement is pushing the sector …

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200-w-ocean-Long-Beach
CaliforniaFinanceNewsWestern

JLL Arranges $46.3M Refinancing for Luxury Asset in Long Beach, California

by Lynn Peisner

LONG BEACH, CALIF. — JLL has arranged a $46.3 million refinancing for 200 W. Ocean, a 106-unit community in downtown Long Beach. The name of the sponsor was not disclosed. The property is an adaptive reuse of a former Class-B office building that was redeveloped into a multifamily property atop a three-story subterranean garage. The property, delivered in August 2022, features an amenity deck with a pool and fireplaces, a fitness center and smart-entry features. JLL Capital Market’s Debt Advisory team representing the borrower was led by Jeff Sause, Jacob …

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Berkshire-Crossing-Hanford
CaliforniaFinanceNewsWestern

Dwight Capital Provides $23M HUD Loan to Refinance Berkshire Crossing in Hanford, California

by Lynn Peisner

HANFORD, CALIF. — Dwight Capital has provided a $23 million HUD refinancing loan for borrowers Fresno Supreme Inc. and Santa Lucia Ventures, owners of Berkshire Crossing, a 92-unit community completed in 2022. Located in Hanford, approximately 33 miles south of Fresno, California, Berkshire Crossing features one-, two- and three-bedroom units and such amenities as a pool, hot tub, fitness center, package lockers and a clubhouse. Dwight Capital’s Keith Hoffman and Aaron Kirshtein led the transaction.

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Affordable HousingArizonaDevelopmentFinanceNewsWestern

UDG Breaks Ground on Phase II of Phoenix Affordable Housing Development

by Lynn Peisner

PHOENIX — Ulysses Development Group (UDG) has broken ground on Salt River Flats 2, a 168-unit affordable housing community located at 4027 S. 13th St. in Phoenix. The project will offer apartments to families and individuals earning up to 60 percent of area median income. Salt River Flats 2 is adjacent to Denver-based UDG’s first project in Arizona, Salt River Flats, which includes 196 multifamily units and opened in the spring of 2024. Funding was secured through a variety of sources, including the Arizona Industrial Development Authority, which provided $34.5 …

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south-pointe-Miami
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $21.5M Refinancing For 170-Unit Miami Community

by Lynn Peisner

MIAMI — Berkadia has arranged a $21.5 million loan on behalf of Rental Asset Management (RAM) to refinance South Pointe Apartments, a 170-unit community located in the West Perrine neighborhood of Miami. Matthew Robbins, Mitch Sinberg, Scott Wadler, Brad Williamson and Hugo Hernandez of Berkadia Boca Raton secured the financing on behalf of RAM, a Fort Lauderdale, Florida-based multifamily owner and operator. The five-year, fixed-rate Fannie Mae loan features full-term interest-only payments and a 35-year amortization schedule. Located at 17800 SW 107th Ave., the 1971-built development is a two-story, garden-style …

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Optima-Verdana-Wilmette
FinanceIllinoisMidwestNews

Optima Obtains $60M Refinancing for Metro Chicago Development

by Lynn Peisner

WILMETTE, ILL. — Walker & Dunlop has arranged a $60 million Freddie Mac loan for Optima, a developer with offices in Illinois and Arizona. The loan is take-out construction financing for Optima Verdana, a 100-unit community completed in 2023. The property, located in Wilmette, approximately 18 miles north of Chicago, also features 5,900 square feet of ground-floor retail. The Walker & Dunlop team was led by Dave Hendrickson, Pat Modig, Jonathan Paine, Mo Beler, Will Crittenberger and Philippe LaPointe.

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Parc-Place-Miami-Gardens
FinanceFloridaNewsSoutheast

The Lynd Group Obtains $34.5M Refinancing for Parc Place Apartments in Metro Miami

by Lynn Peisner

MIAMI GARDENS, FLA. — The Lynd Group has secured a $34.5 million loan, provided by A10 Capital, to refinance Parc Place, a 234-unit community in Miami Gardens, about 17 miles north of Miami. The Lynd Group, an investment, development and property management firm based in San Antonio, acquired Parc Place in 2021 for $40.8 million. The loan will support the company’s ongoing renovations. According to CEO David Lynd, monthly rent increases so far during the hold period have ranged from $120 to $150. Unit improvements include new flooring, countertops, stainless …

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

North River Partners, Amzak Capital Provide $68.5M Construction Loan for Fort Lauderdale’s Flats Flagler Gateway

by Lynn Peisner

FORT LAUDERDALE, FLA. — North River Partners and Amzak Capital Management have provided a $68.5 million construction loan to CEDARst Cos. for the development of Flats Flagler Gateway in Fort Lauderdale. The 215-unit, 12-story building at 745 N. Andrews Ave. will include a mix of studio, one-, two- and three-bedroom apartments, some of which will be offered at below-market-rate rents. Specific restrictions were not disclosed. Amenities feature a fitness center, pool, outdoor deck and coworking space. Dorskly + Yue International is the architect. Construction is expected to begin in May …

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