DENVER — Kevin Wieland has joined Tower Capital as a Senior Vice President. In this role, Wieland will arrange debt and equity capital for investors to acquire, develop, reposition or refinance commercial projects in the Rocky Mountain Region and key West Coast markets. Wieland previously served more than 13 years at LaSalle Investment Management, where he was responsible for originating, sourcing, structuring, underwriting, and closing more than $1.3 billion in debt investments. He also held positions at Wells Fargo, CIM GROUP and Cushman Realty Corp. Wieland received a bachelor’s in …
WASHINGTON, D.C. — Community Three Development has secured $17 million in construction financing for The Thread, the second phase of a redevelopment project in Washington, D.C. The project involves the conversion of the Grimke School building and surrounding properties into a mixed-use development. Clearwater Capital Management arranged the financing, which includes a senior loan from City First Bank and C-PACE financing facility from Stonehill PACE. Community Three Development completed the first phase of the redevelopment in July 2021. The property currently includes the African American Civil War Museum, the headquarters …
DALLAS — ZOM Living has secured a $109 million refinancing for Atelier Dallas, a residential tower in Dallas’ Arts District. Atelier Dallas broke ground in 2018 and was designed by architecture firm Stantec. The building comprises 10 penthouses, 53 lofts and 364 high-rise units. Amenities include a pool, yoga lawn, outdoor lounge with a grilling area, fitness center, co-working space, wine lockers and a pet spa. The property also offers 15,000 square feet of retail space and two levels of underground public parking. Atelier Dallas is located in walking distance …
LAWRENCEBERG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit property in Lawrenceburg, approximately 26 miles west of Cincinnati. Built in 1999, Tuscany Bay offers two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, playground, TV room and fitness center. The property is located 17 miles from the Amazon Air Hub, a $1.5 billion air cargo facility at the Cincinnati/Northern Kentucky International Airport. With the acquisition of Tuscany Bay, Revitate Cherry Tree has completed investment in its multifamily fund with a $110 million portfolio comprising 841 …
MARIETTA, GA. — Walton Communities has secured $45 million HUD-insured loan for the refinancing of Kinstone Columns Drive, a 384-unit community in Marietta, a northern suburb of Atlanta. Brandon Baksh and Karnveer Bal of Dwight Capital originated the loan, which features a 25-basis-point Green Mortgage Insurance Premium. Kinstone Columns Drive comprises 29 three-story buildings, three townhomes, two pool bathhouses, and a leasing office and clubhouse across 30.5 acres. Amenities include a fitness center, business center, playground, tennis court, walking trail, picnic area, sports courts and two pools.
GERMANTOWN, TENN. — A joint venture between Passco Companies and Avenida Partners has secured $24.1 million to refinance Avenida Watermarq, a lakefront 161-unit building in Germantown, which is an eastern suburb of Memphis, Tennessee. Knighthead Funding provided the loan. Avenida Watermarq offers one- and two-bedroom floor plans across four stories. The community includes amenities such as a fitness center, library, courtyard, swimming pool, grill area, game room, pet park, theater, art studio and detached garages.
MORENO VALLEY, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $36.3 million bridge loan to refinance Villa Annette Apartments in Moreno Valley, a city in the Inland Empire region of California, about 64 miles east of Los Angeles. Latco Enterprises owns the 220-unit property that is newly built and currently in lease-up. Proceeds from the bridge loan will be used to pay off existing construction debt. Villa Annette sits on 11 acres and comprises 14 two- and three-story buildings that offer a mix of …
— By Marc Hershberg, Topaz Capital Group — The multifamily industry has grown massively over the past decade. Total transaction volume was up 250 percent from 2012 to 2018, the biggest year on record. For many, 2020 or 2021 were their best years yet. Even when faced with multiple headwinds in 2022 that included ongoing supply chain disruptions, rising inflation and interest rate hikes, the overall resiliency of commercial real estate was on display. Now, however, we are faced with more economic uncertainty than we’ve experienced in the past 15 …
FORT LAUDERDALE, FLA. — Berkadia has arranged the $51.5 million refinancing of The Village at Eastpointe Apartments in Fort Lauderdale on behalf of R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale. Freddie Mac provided a $42.5 million, five-year, fixed-rate loan. The preferred equity provider, RCG Longview, contributed $8.96 million in equity to the deal. The 296-unit property was developed in 1974 and renovated in 2022. Units are offered in one- and two-bedroom floor plans ranging from 750 to 950 square feet. Amenities include a fitness center, …
NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …