California Development Finance News Western

JLL Arranges $42.7 Million to Construct Elements Apartments in Santa Maria, California

by Channing Hamilton September 22, 2023

SANTA MARIA, CALIF. — JLL Capital Markets has arranged $42.7 million in construction take-out financing for Elements Apartments in Santa Maria. JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management. Matt Stewart, Alex Olson, Chad Morgan and Jacob Michael led the debt advisory team. Construction on Elements Apartments began in summer 2021, and the 167-unit community was 80 percent complete when the loan closed. The complex comprises six buildings. The project is slated for completion by January 2024.

September 22, 2023

Finance Investment Sales News Washington Western

Institutional Property Advisors Brokers $32.4 Sale of Trellis in Federal Way, Washington

by Channing Hamilton September 21, 2023

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA) has arranged the sale and financing of Trellis, a 111-unit property in Federal Way. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million. Trellis was built in 1985 on 8.6 acres. The community offers 33 one- and two-story duplexes and fourplexes. Units come in two- and three-bedroom floor plans with an average size of 1,000 square feet. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller and procured the buyer. Brian Eisendrath, …

September 21, 2023

Pearl Street District in Jacksonville, Florida

Development Finance Florida News Southeast

Gateway Jax Acquires 22 Acres in Downtown Jacksonville for $2 Billion Mixed-Use Project

by Channing Hamilton September 21, 2023

JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The Jacksonville Downtown Development Review Board has approved the conceptual plan for the $500 million first phase of the project, which is called Pearl Street District. Phase one include three buildings in the North Core district of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. Gateway Jax plans to break ground midway through …

September 21, 2023

Madison Farms in Charlotte, North Carolina

Development Finance Leasing & Marketing Midwest North Carolina Northeast Operations Southeast Texas Western

How to Serve the Middle-Class Market

by Channing Hamilton September 21, 2023

— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …

September 21, 2023

The Berkley Riverfront sites in Kansas City

Affordable Housing Development Finance Investment Sales Kansas Market Reports Midwest

Buyers Retreat, Development Peaks in Kansas City

by Channing Hamilton September 20, 2023

While investment sales activity has slowed in the Kansas City apartment market due to the spike in interest rates, development is continuing at a brisk pace. RealPage reports that 8,582 units were under construction in metro Kansas City as of the second quarter. This number is on par with the second quarter of 2022 when 8,422 units were under construction, and significantly higher than the second quarter of 2021 (6,889 units) and the second quarter of 2020 (7,354 units). Total deliveries in 2023 are expected to rank as the second …

September 20, 2023

Finance News Northeast Pennsylvania

SCOPE Capital Group Secures Arranges $16 Million in Financing for The Washington Apartments in Philadelphia

by Channing Hamilton September 20, 2023

PHILADELPHIA — SCOPE Capital Group has arranged $16 million in bridge-to-HUD financing for The Washington Apartments, a 72-unit complex in Philadelphia’s Kensington neighborhood. An undisclosed regional bank provided the three-year, interest-only loan to the borrower and developer, Philadelphia-based Trinity Realty Cos. Units come in one- and two-bedroom layouts with an average size of 881 square feet. Amenities will include a fitness center, business center and a rooftop deck, as well as ground-floor commercial space.

September 20, 2023

Development Finance Montana News Western

Berkadia Arranges $72.9 Million for Phase Two of 19th & Graf Apartment Homes in Bozeman, Montana

by Channing Hamilton September 20, 2023

BOZEMAN, MONT. — Berkadia has arranged $72.9 million in construction financing for the second phase of the existing 19th & Graf Apartment Homes in Bozeman. The second phase of the project will include 260 units in one-, two- and three-bedroom layouts. Amenities will include a clubhouse with a community room, fitness center, yoga studio, game room, resident lounge, business center, sports simulator and a pool with cabanas, outdoor grilling stations and lawn games. Construction on the entire project is set to be completed by September 2025. The general contractor is Dick …

September 20, 2023

California Development Finance News Western

Cityview, Stockbridge Begin Constructing 265-Unit Apollo in Los Angeles’ South Bay

by Channing Hamilton September 18, 2023

LOS ANGELES, CALIF. — Cityview and Stockbridge have broken ground on Apollo, a 265-unit development in Los Angeles’ South Bay area. Two long-term lenders of Cityview, City National Bank and Banc of California provided construction financing for the project. Apartments at Apollo will come in studio, one- and two-bedroom floor plans. Planned amenities include a pool, co-working center, fitness center, courtyards, entertainment lounge, and a community room with a kitchen for community-hosted cooking classes. Apollo is slated for completion in 2025.

September 18, 2023

California Finance Investment Sales News Western

IPA Arranges $62 Million in Acquisition Financing for DUO Apartments in San Jose, California

by Channing Hamilton September 18, 2023

SAN JOSE, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $62 million in acquisition financing for DUO Apartments, a 301-unit asset in San Jose. The loan features a 10-year, interest-only term and is fixed at 5.4 percent. DUO Apartments was built in 2020 on a 4.6-acre site, 11 miles from San Jose’s downtown area. IPA’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the undisclosed borrower. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.

September 18, 2023

Affordable Housing Development Finance New Jersey News Northeast

NJEDA Approves $90 Million in Tax Credits for Mixed-Use Building in Newark, New Jersey

by Channing Hamilton September 14, 2023

NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for a mixed-use building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans. Of the total unit count, 70 will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.

September 14, 2023