Finance

Venetian Apartments in Fort Myers, Florida

Berkadia Arranges $217 Million Recapitalization for Three-Property Portfolio in Central Florida

by Channing Hamilton July 20, 2023

ORLANDO AND FORT MYERS, FLA. — Berkadia has arranged $217 million in debt and equity financing for the recapitalization of a portfolio in Orlando and Fort Myers. Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia South Florida arranged the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. Freddie Mac provided a $185.4 million, fixed-rate loan with a 10-year term at a 60 percent loan-to-value. Related Fund Management provided $31.8 million in preferred equity. The portfolio comprises 1,139 units across …

July 20, 2023

Arkansas Finance Investment Sales News Southeast

Greystone Arranges $50 Million to Acquire Fountaine Bleau in North Little Rock, Arkansas

by Channing Hamilton July 19, 2023

NORTH LITTLE ROCK, ARKANSAS — Greystone has arranged a $50 million loan for the acquisition of Fountaine Bleau, a 435-unit complex in North Little Rock. Greystone’s Dan Sacks and Avi Kozlowski originated the Fannie Mae Delegated Underwriting and Servicing loan. David Singer of Callaway Capital acted as correspondent on the transaction. Fountaine Bleau comprises 18 buildings on a 20-acre site. The community offers one-, two- and three-bedroom units. The buyer plans to renovate the property with energy- and water-saving features such as new thermostats, lighting, washing machines, faucets and showerheads, …

July 19, 2023

California Finance News Western

JLL Arranges $11.8 Million Financing for Affordable Housing Community in Los Angeles

by Channing Hamilton July 19, 2023

LOS ANGELES — JLL Capital Markets has arranged $11.8 million in forward permanent financing for Third Thyme, a 104-unit affordable community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. The loan will be serviced by JLL Real Estate Capital. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credit and public funds. Income restrictions were not disclosed.

July 19, 2023

Arizona Development Finance News Western

StarPoint Properties Secures $52 Million to Develop Dobson Station in Mesa, Arizona

by Channing Hamilton July 19, 2023

MESA, ARIZ. — StarPoint Properties has procured $52 million for the construction of Dobson Station, a 245-unit community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Dobston Station will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion in 2024.

July 19, 2023

Finance News Texas

JLL Arranges $255 Million Credit Facility for Single-Family Rental Portfolio Across Texas

by Channing Hamilton July 18, 2023

DALLAS — JLL has arranged a $255 million credit facility for SimplyHome, a Houston-based developer of single-family rental properties. The developer’s holdings encompass more than 10,000 units across 100 submarkets. Colby Mueck, Matthew Putterman, Laura Brown and Davis Burnett of JLL secured the credit facility though Churchill Real Estate. The facility refinanced an initial portfolio of homes located in the Houston, Dallas-Fort Worth, San Antonio and Bryan/College Station markets.

July 18, 2023

California Finance News Western

Greystone, Affinius Arrange $172 Million Refinancing for Rise Koreatown in Los Angeles

by Channing Hamilton July 18, 2023

LOS ANGELES — Greystone Commercial Capitaland Affinius Capital have brokered a $135 million mortgage loan for the refinance of Rise Koreatown, a high-rise community in Los Angeles’ Koreatown neighborhood. Greystone and Affinius Capital arranged a syndicated funding, which originates institutional structured commercial mortgage loans including subordinate debt for all major property types. The property was built in February 2023 by Rescore Property Group, a private REIT and affiliate of Encore Capital Management. Rise Koreatown comprises 363 units and 47,417 square feet of retail space on a 2.3-acre site.

July 18, 2023

Affordable Housing Development Finance Indiana Investment Sales Market Reports Midwest

Indianapolis Emerges As ‘Star of the Midwest’

by Channing Hamilton July 17, 2023

CBRE has dubbed the Indianapolis apartment market “The Star of the Midwest” due to a combination of factors: its business-friendly climate, bustling life sciences and technology sectors, and exceptional rent growth. The giant real estate services firm points out in its 2023 Indianapolis Multifamily Market Overview that Indianapolis led the nation in year-over-year effective rent growth in October, November and December 2022 based on data from Yardi Matrix. In December, Indy posted an 11.4 percent increase in effective rents on an annual basis, the only metroplex to produce double-digit year-over-year growth. Despite …

July 17, 2023

Finance Kentucky News Southeast

Greystone Brokers $42.3 Million in Financing for 800 Tower City Club Apartments in Louisville, Kentucky

by Channing Hamilton July 17, 2023

LOUISVILLE, KY. — Greystone has arranged a $42.3 million Fannie Mae Delegated Underwriting & Servicing loan for 800 Tower City Club Apartments in Louisville. The non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with three years of interest-only payments. Anthony Cristi brokered the deal on behalf of 800 City Apartments LLC. The building rises 29 stories and offers studio, one- and two-bedroom units. The property was built in 1963.

July 17, 2023

Finance Georgia News Southeast

McKinley Homes Secures $52.2 Million Loan to Refinance Seven88 West Midtown in Atlanta

by Channing Hamilton July 17, 2023

ATLANTA — McKinley Homes has received a $52.2 million loan to refinance and lease-up 142 units within Seven88 West Midtown in Atlanta’s Midtown West neighborhood. David Perlman, Edward Prosser and Scott Sumida of Thorofare Capital originated the loan. Ben Nevid, Drew Anderman, Naphtali Marrus and Elliot Braude at Meridian Capital Group arranged the financing. Built in 2020, Seven88 West Midtown comprises 279 units and 8,639 square feet of ground floor retail space. Units come in studio, one-, two- and three-bedroom layouts, and feature outdoor space or balconies, quartz countertops, hardwood …

July 17, 2023

Finance New York News Northeast

Slate Property Group Secures $85 Million Refinancing for Dutch House in New York City Suburb

by Channing Hamilton July 14, 2023

NEW YORK CITY — Slate Property Group has secured an $85 million refinancing for Dutch House, a mixed-use development in the New York City neighborhood of Long Island City. PCCP is the lender for the financing package. Developed by Slate Property Group and Avenue Realty Capital in 2022, Dutch House offers 186 rental units, as well as 21,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom layouts. Amenities include a lobby with concierge service, a modern fitness center, bike storage, recreation room with a pool table …

July 14, 2023

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