Finance

What Missouri’s Expanded Tax Credit Program Means for Rural Affordable Housing Development

by Lynn Peisner September 21, 2026

By Chris Fields Historic tax credits have funded multifamily and affordable housing development in older buildings for decades. Missouri’s recent legislative changes have now expanded this funding source. Gov. Mike Kehoe signed HB3080 on July 13, 2026, restoring and expanding the state’s Historic Preservation Tax Credit program under a new name: the Missouri Historic, Rural Revitalization and Development Act. For developers working on adaptive reuse and historic rehabilitation projects, the changes are significant. The credit rate for qualifying rural projects, those located outside St. Louis and Kansas City, rises from …

September 21, 2026

Finance Investment Sales News Washington Western

Mesa West Funds $27M Loan for Timberland Partners’ Acquisition of Metro Seattle Asset

by Lynn Peisner September 21, 2026

ISSAQUAH, WASH. — Mesa West Capital has funded a $27 million acquisition loan for Timberlane Partner’s purchase of Vista Ridge, a 91-unit community in Issaquah, 17 miles southwest of Seattle. The seller was Vancouver, British Columbia-based Belkorp Holdings. The total acquisition cost was $37 million. Vista Ridge is an eight-building, garden-style community located at 201 Mountain Park Blvd. SW. Built in 1992, the property spans 7 acres and consists of two- and three-bedroom units with an average size of 1,106 square feet. Community amenities include a fitness center, covered parking, …

September 21, 2026

Development Finance Massachusetts News Northeast

Dinosaur Capital Partners Receives $45.8M Loan for Metro Boston Development

by Lynn Peisner September 21, 2026

LEXINGTON, MASS. — Boston-based Dinosaur Capital Partners has obtained a $45.8 million construction loan to build 7 Hartwell Avenue, a 130-unit, ground up project in the Boston suburb of Lexington. JLL’s Anthony Cutone, Madeline Joyce, Michael Schwarze and Joe Marinaro arranged the loan through Affinius Capital. Slated for completion in June 2028, 7 Hartwell Avenue will consist of a five-story community featuring studios, one-, two- and three-bedroom units, including 20 affordable units. Rent restrictions were not disclosed. The development also will include 132 parking spaces, a courtyard with grilling stations, …

September 21, 2026

141-Willoughby-Brooklyn-Northwind-New-York

Development Finance New York News Northeast

Northwind Group Provides $427M in Loans for Two Office-to-Residential Conversions in New York City

by Lynn Peisner September 18, 2026

NEW YORK CITY — Northwind Group has provided $427 million in construction loans for two metro New York office-to-residential projects. The real estate private equity firm and debt fund manager funded a $208 million first mortgage construction loan for 141 Willoughby Street, a 24-story tower in Brooklyn. The borrowers/developers are Capstone Equities and BH3 Fund Advisors, who acquired the office property in 2025 and spent the past year in predevelopment planning for the building’s partial conversion to multifamily. Loan proceeds retired existing debt and will fund the redevelopment of 239 …

September 18, 2026

Affordable Housing Berkadia Development Finance News Northeast Washington, D.C.

Carr Properties Obtains $92M for Office Conversion in D.C.’s Foggy Bottom

by Lynn Peisner September 17, 2026

WASHINGTON, D.C. — Locally based Carr Properties is redeveloping a vacant office building at 2121 Virginia Ave. in Washington, D.C.’s Foggy Bottom neighborhood. Berkadia has arranged a $92 million construction loan through PNC Bank. Carr paid $23.5 million for the property in November 2025. The project was awarded a 20-year property tax abatement through D.C.’s Housing in Downtown program, an incentive aimed at encouraging commercial-to-residential conversions. Carr plans 30 affordable units as part of the roughly 300-unit project. Rent restrictions have not officially been disclosed, but they are expected to …

September 17, 2026

Affordable Housing Finance News Washington Western

Newmark Arranges $55M Refinancing for Swell Apartments in Seattle

by Lynn Peisner September 16, 2026

SEATTLE — Newmark has arranged a $55 million loan on behalf of Mack Real Estate Group, Silverstein Properties and Cantor Fitzgerald to refinance Swell Apartments, a 200-unit community in Seattle. Jordan Roeschlaub, Chris Kramer, Sam Speciale and Lance Tillman arranged the financing with Tokyo-based ORIX, a commercial real estate finance and investment firm. Completed in 2024, Swell Apartments, in Seattle’s Yesler Terrace neighborhood, is comprised of market-rate and affordable units — restricted to tenants earning 60 to 80 percent of area median income — and amenities such as a rooftop …

September 16, 2026

Development Finance News Northeast Washington, D.C.

Rushmark Secures Financing for $136M Development Near Metro D.C. Commuter Station

by Lynn Peisner September 15, 2026

FALLS CHURCH, VA. — Rushmark has secured financing to develop a $136 million apartment community in West Falls Church. FCP provided $22 million of preferred equity, and PNC contributed a $92 million senior construction loan. Patrick McGlohn, Brian Crivella, Yalda Ghamarian, Brian Gould, Bill Gribbin and Patrick Cunningham of Berkadia DC Metro led the transaction. Located at the corner of Falls Church Drive and West Falls Station Boulevard, the seven-story community will offer a mix of one- and two-bedroom apartments and such amenities as work-from-home spaces, a clubroom, speakeasy and …

September 15, 2026

Finance New Jersey News Northeast

JLL Arranges $75M Loan for Russo Development’s Vermella Harrison in New Jersey

by Lynn Peisner September 15, 2026

HARRISON, N.J. — JLL has arranged a $75 million refinancing loan for Vermella Harrison, a 398-unit community at 1100 Frank E. Rogers Blvd. in Harrison, about 12 miles west of Manhattan. An unnamed life insurance company was the lender, and the borrower was Russo Development. Completed in 2015, Vermella Harrison is a six-story building offering studio, one- and two-bedroom units and a fitness center and yoga studio, bocce ball court, dog run, rooftop terrace, pool and clubhouse. The property is approximately 97 percent occupied and includes five ground-floor retail spaces …

September 15, 2026

Development Finance Midwest News Ohio

ErieView Secures $217.6M in Construction Financing for Cleveland Tower Redevelopment

by Lynn Peisner September 14, 2026

CLEVELAND — ErieView Development, led by Cleveland’s Kassouf family, is redeveloping the 40-story Erieview Tower into a 210-room W Cleveland hotel, 215 W-branded rental apartments and renovated office space. Brown Gibbons Lang & Co. served as financial adviser and arranged roughly $217.6 million in financing for the residential and hotel phases. The hotel and apartments are slated to open in late 2027. In 2018, The Kassouf family acquired the largely vacant office tower, built in 1964. The conversion will introduce both Ohio’s first W Hotel and the W brand’s first …

September 14, 2026

Finance Illinois Midwest News

Draper and Kramer Commercial Finance Group Arranges $93.5M for The Elizabeth in Chicago

by Lynn Peisner September 14, 2026

CHICAGO — Draper and Kramer’s Commercial Finance Group (CFG) has arranged a $93.5 million loan on behalf of Chicago-based Sterling Bay and Denver-based Ascentris for a refinancing of The Elizabeth. The 28-story, 350-unit tower at 225 N. Elizabeth St. in Chicago’s Fulton Market was completed in 2024 and includes 10,000 square feet of street-level retail space. The architect was Hartshorne Plunkard Architecture. CFG senior vice presidents Bill Barry and Bill Stewart arranged the loan.

September 14, 2026

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