LAS VEGAS — Greystone Monticello has closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas. The funds will be used to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential future sale or permanent financing. Darryl Myrose of Greystone Monticello originated the loans. The borrower and properties were not disclosed.
COLUMBUS, OHIO — JLL Capital Markets has arranged $20 million in bridge financing for Hilliard Village, a 352-unit community in Columbus. JLL worked on behalf of the borrowers, Machine Investment Group and RH, to arrange the three-year, fixed-rate loan through The Bancorp Inc. Jamie Leachman, Medina Spiodic and Carter Wroblewski led the JLL Capital Markets Debt Advisory team representing the borrowers. Hilliard Village was originally built in 1973. Located at 3400 Twin Creeks Drive, the garden-style community is situated approximately 8 miles from Columbus’s downtown area. Units come in one-, two- and three-bedroom …
DENVER — JLL Capital Markets has negotiated a $51 Fannie Mae loan for the refinancing of Elowyn Townhomes, a 211-unit townhome-style community located at 4725 W Quincy Ave. in Denver. The property was built in 1975 on a 14.7-acre site and recently renovated in 2024. Elowyn Townhomes offers two-story units in one- and two-bedroom layouts. Units feature semi-finished, full floor plate basements, backyard patios, stainless steel appliances and fireplaces. Amenities include a pool and spa, clubhouse, barbeque grills and a sauna. The property is currently 97 percent leased. JLL worked …
LYNN, MASS. — MassDevelopment has provided $7.5 million in tax-exempt bond financing for an affordable housing development located in the northeastern Boston suburb of Lynn. The project will convert the upper portion of a commercial building into a 24-unit community. Units will be reserved for formally formerly homeless adults between the ages of 18 and 24 that earn 30 percent or less of the area median income. Eastern Bank purchased the bond. The developer, nonprofit organization Harborlight Homes, will also utilize $6.4 million in federal Low-Income Housing Tax Credits to …
BOERNE, TEXAS — Lument has provided a $42.7 million Freddie Mac agency acquisition loan for Estraya Boerne, a 288-unit mixed-income property in the northwestern San Antonio suburb of Boerne. Built in 2022, the community offers one-, two- and three-bedroom units. Half the units are subject to income restrictions, but details regarding these requirements were not disclosed. Amenities include a pool and a fitness center. James Kress of Lument originated the loan, which carries a 10-year term, fixed interest rate, 35-year amortization schedule and interest-only payments for the first five years.
CHARLOTTE, N.C. — JLL Capital Markets has arranged $25 million in joint venture equity and $69 million in construction financing for 515 Parkwood Ave, a 287-unit project located in the Mill District region of Charlotte. The complex will comprise 235,480 square feet across eight stories. Units will come in studio, one-, two-, three- and four-bedroom layouts. Planned amenities include a rooftop deck, courtyard, electric bikes, fitness center, shared dining area and coworking spaces. The property will also feature 2,945 square feet of ground-floor retail space. JLL worked alongside the developer, …
PENSACOLA, FLA. — JLL Capital Markets has negotiated financing for Preserve at Perdido, a 312-unit community in Pensacola. JLL worked on behalf of the borrower, Graycliff Capital, to secure the seven-year, fixed-rate loan through Freddie Mac. Trent Niederberger and Danté Thomas led the JLL Capital Markets Debt Advisory team. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender. Built in 2022, Preserve at Perdido features one-, two- and three-bedroom apartments with an average size of 1,201 square feet. The complex consists of 13 …
REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million loan for the refinancing of Porch + Park, a 106-unit property located at 16050 Cleveland St. in downtown Redmond, an eastern suburb of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Porch + Park was built in 2022. The community offers studio, one-, two- and three-bedroom floor plans. Amenities include a rooftop deck and a gym with row machines, yoga spaces and a boxing area. The property also includes 9,178 …
NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit complex located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management. The borrower will use the funds to complete construction of The Northern and to fund costs of lease-up. Northern I is a nine-story property comprising 64 units. Northern II rises 10 stories and offers 129 apartments. Both properties offer a …
BETHLEHEM, PA. — Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio consisting of two undisclosed garden-style communities in Bethlehem. The direct lender was not disclosed. The borrower, Larken Associates, will use the funds to cash out and allocate equity toward other projects. The borrower has made capital improvements to both assets during its ownership period, including the construction of 16 new townhomes at one property.
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