Finance

ZOM Living Secures $88 Million in Financing for Project in Phoenix

by Channing Hamilton March 28, 2025

PHOENIX — ZOM Living has secured financing for the development of Azola Desert Ridge, a 416-unit community in Phoenix. The funding includes $88 million in construction financing, as well as a joint venture equity investment from Origin Investments. Azola Desert Ridge will offer 416 units across multiple four-story buildings. The garden-style community will feature one-, two- and three-bedroom apartments ranging from 730 to 1,533 square feet. Amenities include a pool and deck, fitness center, dog park, pet grooming salon, glam room, podcast room, individual offices for residents and a self-service market …

March 28, 2025

Development Finance New York News Northeast

S3 Capital Provides $210M Construction Loan for Mixed-Use Development in Brooklyn

by Channing Hamilton March 28, 2025

NEW YORK CITY — S3 Capital has provided a $210 million construction loan for a 28-story mixed-use project located at 6208 Eighth Ave. in the Sunset Park neighborhood of Brooklyn. Chicago-based Watermark Capital is the project’s sponsor. The company obtained the financing alongside its joint venture partner, Rubin Equities. Once completed, the development will consist of 497 apartment units and 100,000 square feet of retail space. Residents will have access to shared amenities such as a fitness center, rooftop terrace, bike storage, a yoga room, sauna, screening room and coworking spaces. The project is …

March 28, 2025

Development Finance New York News Northeast

S3 Capital Provides $300 Million Construction Loan for Mixed-Use Development in Queens

by Channing Hamilton March 27, 2025

NEW YORK CITY — S3 Capital has provided $300 million in construction financing for the development of a mixed-use project located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan on behalf of KS Group and Alma Realty Corp., two developers based in Newark and Long Island City, respectively. Upon completion, the development will comprise 731 apartments across one 26-story tower and three mid-rise buildings. The project will offer affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real …

March 27, 2025

Finance News Texas

Sunrise Realty Trust Commits $46.5 Million for Refinancing of Property in Dallas

by Channing Hamilton March 27, 2025

DALLAS — Sunrise Realty Trust Inc., a lender on the Tannenbaum Capital Group (TCG) Real Estate platform, has closed on a $46.5 million commitment to a $62 million senior loan for the refinancing of The Bohéme, a 352-unit community in Dallas. TCG Real Estate originated the loan. The remaining $15.5 million of the total loan is held by an affiliate on the TCG Real Estate platform. Kairoi Residential is the sponsor. The Bohéme was built in 2023. The community rises eight stories across from Lake Cliff Park within the Bishop …

March 27, 2025

Finance New York News Northeast

Wells Fargo Provides $231 Million in Bond Financing for Manhattan Apartment Building

by Channing Hamilton March 26, 2025

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story residential tower located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building features 339 units, 271 of which are rented at market rates and 68 of which have been set aside as affordable for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014. The property offers studio apartments with an average size of 500 square feet. Amenities …

March 26, 2025

Finance Midwest Minnesota News

Aeon Secures $39 Million for Refinancing of Affordable Housing Portfolio in Metro Twin Cities

by Channing Hamilton March 26, 2025

NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — Aeon, a Twin Cities-based nonprofit that builds affordable housing, has received $39 million in loans to refinance a portfolio of six affordable housing communities in New Hope, Bloomington and St. Paul. Victor Agusta of BWE originated the Freddie Mac loans on behalf of Aeon. The portfolio includes Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul. The properties total 529 units, all of which are reserved for …

March 26, 2025

California Finance News Western

Phoenix Development Co. Receives $27.8 Million in Refinancing for Property in Santa Rosa, California

by Channing Hamilton March 26, 2025

SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments in Santa Rosa, about 55 miles north of San Francisco. The community consists of 114 apartments across three residential buildings located at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, arranged the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on …

March 26, 2025

California Finance News Western

Wells Fargo Provides $162.9 Million in Financing for Affordable Housing Project in Daly City, California

by Channing Hamilton March 25, 2025

DALY CITY, CALIF. — Wells Fargo has provided a total of $162.9 million in financing for Phase II of Midway Village, an affordable housing project in Daly City, roughly 8 miles south of San Francisco. MidPen Housing Corp. is the borrower and developer. Phase II of Midway Village will consist of 113 units of affordable housing within one mid-rise building. Wells Fargo also provided financing for the first phase of the project, which features 147 units. Phase I of the community opened in fall 2023. The community will be rent …

March 25, 2025

Finance New York News Northeast

Partnership Receives $32 Million in Financing for Manhattan Adaptive Reuse Project

by Channing Hamilton March 24, 2025

NEW YORK CITY — A partnership between Urban Capital Group and Prosper Property Group has secured $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. Units will come in three- and floor-bedroom floor plans and will average 3,500 square feet. Local lender and private equity firm Kriss Capital provided the financing. Andy Iadeluca of New Development Capital arranged the debt. The design team …

March 24, 2025

Build-to-Rent Development Finance Illinois Midwest News

VennPoint Secures $55.6 Million in Financing for BTR Project in Chicago Suburb

by Channing Hamilton March 21, 2025

DEERFIELD, ILL. — Schaumburg, Illinois-based investment firm VennPoint Real Estate has received $45.7 million in construction financing and $9.9 million in mezzanine financing for Park5 Luxury Rental Townhomes in Deerfield, 30 miles north of downtown Chicago. Located at 5 Parkway N, the build-to-rent (BTR) community consists of 144 units. Park5 Luxury Rental Townhomes offers two- and three-bedroom residences averaging 1,953 square feet. Each townhome will feature two-car attached garages, multi-level floor plans, yards and outdoor space. A construction timeline was not disclosed. Matthew Schoenfeldt and Mary Dooley of JLL Capital …

March 21, 2025

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