Finance

The unnamed redevelopment of the Landers, Frary & Clark plant in New Britain, Connecticut

WinnDevelopment Breaks Ground on $85 Million Adaptive Reuse Project in New Britain, Connecticut

by Channing Hamilton July 14, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on a $85 million project to convert a historic manufacturing complex in New Britain into a 154-unit community. Keith Construction is the general contractor. JCJ Architecture is the architect. Collective Design Associates and Langan Engineering and Environmental Services are providing engineering services. Bank of America provided a construction loan and more than half of the project’s funding through its investment in the low-income housing and historic tax credits generated by the development. The Connecticut Department of Housing provided $4 million in funding …

July 14, 2023

California Development Finance News Western

JLL Arranges Equity for 200-Unit Axis @ Davis in Davis, California

by Channing Hamilton July 13, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit community in Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis …

July 13, 2023

Development Finance Florida News Southeast

Fisher Brothers Breaks Ground on $117.5 Million Mixed-Use Development in Miami

by Channing Hamilton July 13, 2023

MIAMI — Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit mixed-use development located in the Wynwood neighborhood of Miami. JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million for the project. Suffolk Construction is building the community. Other members of the development team include Rockwell Group, Nichols Architects and ID & Design International. Wynhouse Miami will offer units in studio, one- and two-bedroom layouts. Amenities will include a fitness center, green space, co-working and entertainment lounges, an expo kitchen, a rooftop pool and outdoor entertainment space. The property …

July 13, 2023

Arizona Build-to-Rent Development Finance News Western

Empire Group Secures $88.5 Million to Construct BTR Community in Phoenix

by Channing Hamilton July 12, 2023

PHOENIX — Empire Group has secured a $88.5 million construction loan to develop Village at Bronco Trail, a build-to-rent (BTR) community in Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing. Village at Bronco Trail will comprise 354 units on a 30-acre site. Each unit will feature a private yard, a kitchen with quartz countertops, stainless steel appliances, full-size washers and dryers, and smart-home features. Amenities include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Empire Group expects to deliver the …

July 12, 2023

Ralston Gardens Apartments in Arvada, Colorado

Affordable Housing Colorado Development Finance News Western

KeyBank Arranges $117.7 Million in Financing for Two Affordable Projects in Denver

by Channing Hamilton July 11, 2023

DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing to Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, an 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million …

July 11, 2023

Development Finance Investment Sales News Texas

Palladium USA Breaks Ground on $48 Million Palladium McKinney in Dallas Suburb

by Channing Hamilton July 10, 2023

MCKINNEY, TEXAS — Palladium USA has begun construction on Palladium McKinney, a $48 million, 172-unit community in the Dallas suburb of McKinney. The project is being developed in partnership with the McKinney Housing Finance Corporation. The Texas Department of Housing and Community Affairs issued $23 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust. PNC Bank provided $19 million of equity for this placement. Kim Parker of Dynamic Commercial Real Estate represented Palladium in the purchase of the land. James Craig of Craig International represented the seller. Palladium …

July 10, 2023

Union at North Crossing in Waterloo, Iowa

Affordable Housing Development Finance Iowa Midwest News

The Annex Group to Build $37 Million Affordable Community in Waterloo, Iowa

by Channing Hamilton July 7, 2023

WATERLOO, IOWA — The Annex Group will develop Union at North Crossing, an affordable community in Waterloo, which is in Black Hawk County, Iowa. Union at North Crossing will be a garden style complex offering 180 units across five buildings. Units will come in one-, two- and three-bedroom layouts. The community will be affordable to households earning at or below 60 percent of the area median income. Union at North Crossing is slated to open in summer of 2024. Iowa Finance Authority issued the tax credit award and $25 million …

July 7, 2023

Village at Coral Gables in Coral Gables, Florida

Development Finance Florida News Southeast

MG Developer Secures $67.5 Million to Construct Village at Coral Gables Near Miami

by Channing Hamilton July 7, 2023

CORAL GABLES, FLA. — MG Developer has secured a $67.5 million construction loan to build Village at Coral Gables, a community in the Miami suburb of Coral Gables. Churchill Real Estate provided the loan. The complex will comprise 48 residential units — including townhomes, lofts, villas and apartments — across 17 lots. Options for floor plans at the property include two-bedroom apartments with study rooms and balconies, as well as four-bedroom townhomes. Amenities include a wellness clubhouse, a terrace lounge, a fitness center, a pool and wi-fi connectivity. MG Developer expects …

July 7, 2023

115-123 Essex St. and 125 Essex St. in Lawrence, Massachusetts

Affordable Housing Development Finance Massachusetts News Northeast

MassDevelopment, Reading Cooperative Bank Provide $6.6 Million for Affordable Housing Conversion in Lawrence, Massachusetts

by Channing Hamilton July 6, 2023

LAWRENCE, MASS. — The Jowamar Cos. has secured a $6.6 million loan to convert two vacant buildings in Lawrence, approximately 30 miles north of Boston, into a 24-unit affordable housing community. The buildings previously offered a mix of office and retail space. The retail space will be repurposed as a food hall for the community. Details on income restrictions were not disclosed. MassDevelopment and Reading Cooperative Bank provided the financing. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. …

July 6, 2023

Affordable Housing Development Finance Hawaii News Western

Joint Venture Secures Financing for $168.1 Million Affordable Community in Honolulu

by Channing Hamilton July 6, 2023

HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) secured $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in state LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing …

July 6, 2023

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