NEW YORK — KeyBank Community Development Lending and Investment (CDLI) has appointed Jon Burckin to senior business development banker on the equity distribution team. He is based in the firm’s New York City office and reports to Stacie Nekus, team leader for an equity growth initiative within CDLI. In this role, Burckin is responsible for raising capital and bringing in new investors for CDLI’s affordable housing equity syndication platform across the United States.
FORT LAUDERDALE, FLA. — JLL has arranged a three-year, floating-rate $117 million loan for Miami-based Moderno Development Group. The borrower will use the loan to refinance construction debt for Rivr Lofts, a 352-unit property Moderno completed in November 2024. The name of the lending institution was not disclosed. Rivr Lofts in Fort Lauderdale is currently 65 percent leased and includes a mix of studios and one- and two-bedroom residences. Amenities include a rooftop pool and lounge with river, city and ocean views, a fitness center and 3,000 square feet of …
By John Nelson Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 …
SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027. Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. …
OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have finalized $74.8 million in loans for Mirka Investment’s El Camino Real Apartments, which are being developed in Oceanside, about 38 miles north of San Diego. CDLI’s and CMG’s loans make up part of the $137.5 million total funding package that will enable the construction of the 111-unit affordable housing community reserved for renters earning between 30 and 80 percent of area median income (AMI). A completion date was not disclosed. CDLI provided a …
DENVER — JLL Capital Markets has arranged a $65.5 million construction loan on behalf of Formativ, a locally based investment and development firm that is building 3850 Blake, a 310-unit property in Denver’s River North (RiNo) district. Formativ broke ground on the 16-story affordable-housing property in June and estimates construction will be complete in the third quarter of 2027. Units will be offered as a mix of studios and one-bedroom floor plans and are rent capped for residents earning between 70 and 100 percent of area median income. Amenities include …
CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). Those figures are a sharp contrast from the first quarter of 2024 when deliveries (135,652) outstripped absorption (103,826). Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s …
QUEENS, N.Y. — New York and Miami-based real estate developers Baron Property Group (BPG) and LargaVista Cos. have secured a $388.5 million construction loan for 30-25 Queens Boulevard, a 46-story mixed-use high-rise in Long Island City. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing. Ayush Kapahi, principal and founding partner at commercial real estate advisory HKS Real Estate Advisors, and Anthony Ledesma, principal and founding partner of real estate advisory firm DIA Capital Group, arranged the loan. Construction, currently underway, on 30-25 Queens Boulevard …
MIAMI — Walker & Dunlop has arranged an $87.3 million loan on behalf of Kushner Companies and PTM Partners to retire construction-phase debt on 2000 Biscayne in Miami. The property, located on Biscayne Boulevard, is a 36-story residential tower featuring 420 apartments. The joint venture development team completed construction in October 2024. The W&D New York Capital Markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Stepniewski, Jordan Casella, Christopher de Raet and Stanley Cayre were advisors to the borrowers. Corebridge Financial provided the capital for …
TAMPA, FLA. — Berkadia has arranged approximately $38.3 million in debt and equity for the refinancing of Pointe at Carrollwood owned by Miami-based Beacon Realty Group. Beacon bought the 224-unit Tampa asset in 2022 as a value-add acquisition and has since invested about $3.6 million in capital improvements. The firm will use the financing to retire existing acquisition debt. The property is currently 95 percent occupied. Berkadia arranged a $29.9 million, five-year fixed-rate Freddie Mac loan. In addition, Miami-based Atlantic Pacific Companies, a privately owned real estate firm, provided a …
