Finance

The-Vibe-Miami
FinanceFloridaNewsSoutheast

JLL Arranges $50.8M ReFi for The Vibe in Miami

by Lynn Peisner

MIAMI — JLL Capital Markets has arranged a $50.8 million refinancing fixed-rate, CMBS loan for STRE Management and Lloyd Jones. The sponsors are refinancing The Vibe, a two-building community in Miami’s Little Havana neighborhood. Located at 700 Southwest 1st St., the 194-unit affordable housing community was completed in 2021. The one-, two- and four-bedroom units are reserved for renter households earning 80 to 120 percent of area median income. The property also includes 7,625 square feet of fully leased commercial space. Units are currently 96.4 percent leased. Jesse Wright, Joshua …

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Junction-at-Rockledge-Florida
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

Thompson Thrift Secures $463M Construction Takeout Loan for Eight New Sun Belt Properties

by Lynn Peisner

TERRE HAUTE, IND. — JLL has arranged $463 million in bridge financing for an eight-property portfolio owned by Terre Haute-based Thompson Thrift. Barings provided the floating-rate construction takeout loan for the newly completed properties, comprising 2,412 units, in Florida, Georgia and Arizona. The loan retired existing construction loans across all properties, which were completed throughout 2025 and 2026 in seven metro areas. Each property features amenities such as 24-hour fitness centers, resort-style pools, resident social hubs with coffee bars, pickleball courts, dog parks with pet spas, business centers and outdoor …

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The-Dylan-Hercules
Affordable HousingCaliforniaFinanceInvestment SalesNewsWestern

Interstate Equities Buys Bay Area’s The Dylan for $83.5M

by Lynn Peisner

HERCULES, CALIF. — Hercules Development Partners has sold The Dylan in Hercules, 24 miles north of San Francisco, to Interstate Equities Corp. for $83.5 million. JLL arranged the sale on behalf of the seller as well as a $54.3 million Freddie Mac acquisition loan for Los Altos, California-based Interstate Equities. Completed in 2022, The Dylan is a five-story community comprising 217 market-rate units and 15 affordable units. Rent restrictions were not disclosed. The property features studios, one- and two-bedrooms and a lounge with a community kitchen; a sports lounge with …

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Chasen-Richmond
FinanceNewsSoutheastVirginia

Capital Square Lands $86.5M Refinancing for Richmond Development

by Lynn Peisner

RICHMOND, VA. — Capital Square has obtained an $86.5 million bridge refinancing loan from an unnamed lender for Chasen, a 352-unit property completed in phases from 2025 to 2026 in the Scott’s Addition area of Richmond. Capital Square broke ground on the project in April 2023. Walker & Dunlop’s Alexandra Huffman, Justin Nelson, Andrew Tapley, PJ Feichtmeier, Eric Norris and Jared Diedrich arranged the financing. Chasen consists of three six- and seven-story residential buildings on about 2.5 acres. The community offers studio, one-, two- and three-bedroom units, 5,000 square feet …

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JPE-DC
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Joint Venture Obtains $40M Loan for Office-to-Residential Conversion in Washington, D.C.’s West End

by Lynn Peisner

WASHINGTON, D.C. — Jemal Real Estate Strategies (JRES), JLS Capital and DivcoWest have formed a joint venture to convert a 342,000-square-foot office building in D.C.’s West End into approximately 323 apartments, including about 36 affordable housing units. Madison Realty Capital has provided a $40 million loan to the development team to support the property’s acquisition and predevelopment costs. FILLAT+ Architecture is the architect, and CBG Building Co. is general contractor. JRES is a private investment platform founded by Norman Jemal, who is senior managing principal at Washington, D.C.-based Douglas Development, …

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Ram-Four-Hialeah-Florida
BerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Berkadia Arranges Acquisition and ReFi Loans Totaling $36.7M for Three Florida Deals

by Lynn Peisner

FORT LAUDERDALE, FLA. — Berkadia has arranged three loans for Fort Lauderdale-based Rental Asset Management (RAM) for three Florida properties. RAM obtained a $10.3 million acquisition loan for RAM Four Hialeah, a 54-unit community in Hialeah that was completed in August. The firm also has refinanced two assets: The Devonshire (36) units in Miami Springs with a $3.24 million Freddie Mac loan and Summer Lake Villas in New Port Richey with a $23.2 million Freddie Mac loan. The Devonshire was developed in 1964, and Summer Lake Villas was built in …

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Stuart-Gardens-Newport-News
Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Merchants Capital Arranges $97.8M for Renovation of Historic Virginia Affordable Housing Property

by Lynn Peisner

NEWPORT NEWS, VA. — Seattle-based affordable housing developer Vitus has begun a $70 million rehabilitation of the 491-unit Stuart Gardens community in Newport News. Merchants Capital arranged $97.8 million in permanent and bridge financing for the project, including a $62.8 million HUD-insured loan and $35 million in equity bridge financing. Vitus will modernize the residences, which were constructed in 1941 and are listed on the Virginia Landmarks Register and the National Register of Historic Places. The community originally served as defense housing for military personnel and wartime workers. According to …

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Reside-on-Jackson-Chicago
FinanceIllinoisMidwestNews

Northmarq Arranges $24.7M Refinancing for Chicago Property

by Lynn Peisner

CHICAGO — Locally based Newcastle Investors has refinanced Reside on Jackson, a 93-unit property in Chicago, with a $24.7 million Fannie Mae loan arranged by Kevin McCarthy of Northmarq. The permanent fixed-rate financing is structured on a five-year term. Located at 1241 and 1245 W. Jackson Blvd., the community was built in 2016 and includes one- and two-bedroom apartments as well as bicycle storage, 24-hour maintenance and concierge services and a rooftop gathering space with grills.

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Ibex-Yonkers
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Joint Venture Breaks Ground on $140M Mixed-Income Development at Yonkers Lifestyle Center

by Lynn Peisner

YONKERS, N.Y. — A joint venture of Saber-Hightower, Rafferty Real Estate and Eagle Realty Group, a subsidiary of Western & Southern Financial Group, has begun construction of The Ibex at Ridge Hill, a 17-story, 282-unit project located at Ridge Hill, an approximately 1.2 million-square-foot open-air lifestyle center in Yonkers. Bank OZK is providing construction financing for the $140 million project. The building will include 28 affordable units. The development team did not disclose rent restrictions, but the City of Yonkers’ regulations generally require 40 percent of affordable units to serve …

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Lenox-Harlem
FinanceNew YorkNewsNortheast

Olnick Organization Secures $170.5M Refinancing for Harlem Property

by Lynn Peisner

NEW YORK CITY — The Olnick Organization, a New York City-based development and property management firm founded in 1946, has refinanced one of its legacy assets, Lenox Terrace, with a $170.5 million loan provided by Chase Commercial Bank. Walker & Dunlop’s Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Michael Ianno and Cody Ela arranged the financing. Six 16-story buildings house Lenox Terrace’s 1,696 units, most of which are rent-regulated. The property, located at 484 Malcolm X Blvd. in Central Harlem, was developed in 1958 and …

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