Finance

A 3D render of Michigan Street Commons in Milwaukee.

Bear Real Estate Group Secures $20.6 Million in Construction Financing for Michigan Street Commons in Milwaukee

by Channing Hamilton May 3, 2023

MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …

May 3, 2023

The Pines of Perinton in Fairport, New York

Affordable Housing Development Finance New York News Northeast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner April 13, 2023

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

April 13, 2023

Finance Indiana Midwest News

Weiss Refinances Indiana Property With $54 Million Loan

by Lynn Peisner April 11, 2023

MERRILLVILLE, IND. — Draper and Kramer has arranged a $54 million loan on behalf of Weiss Entities to refinance Prairie Point and The Reserve at Prairie Point apartments in Merrillville, which is about 43 miles south of Chicago. The five-year, fixed-rate loan was funded by a life insurance company lender. Prairie Point and The Reserve comprises 440 townhome-style units and was built between 2002 and 2015, with most recent renovations taking place in 2018. Amenities include a clubhouse, fitness center, resort-style heated pool, a playground and a regulation-sized sand volleyball …

April 11, 2023

A 3D render of Eastrail Flats, a modern rustic style multifamily building.

Development Finance News Washington Western

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton March 30, 2023

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

March 30, 2023

A 3D render of Kōz on Alderwood, a contemporary-style black and white multifamily building.

Development Finance News Washington Western

MSquared, Kōz Development Secure $54 Million for Seattle Project

by Channing Hamilton March 20, 2023

SEATTLE — MSquared and Kōz Development have closed on financing for Kōz on Alderwood, a 200-unit mixed-income development in Seattle. The project is being financed by $35 million in debt from Coastal Community Bank, $13 million in equity from MSquared and $6 million in equity from Kōz Development investors, for a total of $54 million. Kōz on Alderwood will offer studio, one- and two-bedroom apartments. Half of the units will be set aside for households earning up to 80 percent of the area median income. Construction on the project is …

March 20, 2023

A 3D render of Overland and Ayres, a gray and white contemporary style building.

California Development Finance News Western

JLL Arranges $84 Million for GPI’s Overland and Ayers Project in Los Angeles

by Channing Hamilton March 17, 2023

LOS ANGELES — JLL Capital Markets has arranged an $84 million, floating-rate construction loan through Citizens Financial Group for an affiliate of GPI Cos. Los Angeles-based GPI is building Overland and Ayres, a 201-unit project in West Los Angeles. The six-story building will contain 56 studios, 97 one-bedroom units, 39 two-bedroom units and nine townhomes. Overland and Ayers will be complete in 2024. The JLL team was led by Kevin Mackenzie, Greg Brown, Jeff Sause, Sam Godfrey and Charlie Vorsheck.

March 17, 2023

A bird's eye view of the Beacon in Jersey City.

Finance New Jersey News Northeast

Greystone Provides $257.2 Million Loan for The Beacon in Jersey City, New Jersey

by Channing Hamilton March 14, 2023

JERSEY CITY, N.J. — Greystone has provided a $257.2 million, fixed-rate Freddie Mac loan for The Beacon, a six-building complex with 1,155 apartment units. The borrower, Stamford, Connecticut-based Building and Land Technology (BLT), will use the loan to refinance construction debt from the redevelopment of the site. The Beacon was an adaptive reuse of a historic hospital in Jersey City. It opened as the Jersey City Medical Center Complex in 1936 before its conversion to high-end apartments between the early 2000s and 2016, according to Jersey Digs. Greystone’s Judah Rosenberg …

March 14, 2023

Affordable Housing Finance Midwest News Wisconsin

NewPoint Provides $20.6 Million in Construction Financing for Affordable Development in Milwaukee

by Kari Lloyd March 8, 2023

MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based developer Bear Real Estate Group is developing the project, which is scheduled for completion in spring 2024. The loan was arranged by Cesar Diaz, a managing director at NewPoint, and structured as a NewPoint Impact 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing and Economic Development Authority. Raymond James was the LIHTC equity syndicator. Launched …

March 8, 2023

Affordable Housing Finance News Northeast Washington, D.C.

FHFA Confirms Disbursement of $545 Million for Affordable Housing Programs

by Kari Lloyd March 8, 2023

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …

March 8, 2023

Development Finance Illinois Midwest News

The Habitat Company Secures Financing for Phase II of $200 Million Mixed-use Ogden Commons in Chicago

by Kari Lloyd March 8, 2023

CHICAGO — Chicago-based The Habitat Company has secured financing for the second phase of Ogden Commons, a $200 million mixed-use, mixed-income project in the North Lawndale neighborhood on Chicago’s west side. Upon completion, the development will offer over 350 mixed-income units and 120,000 square feet of commercial and retail space. The development will be known as OC Living. With financing in place, construction has already started on OC Living’s first phase, a 92-unit building that will consist of 90 percent affordable units with the remaining units offered at market-rate. Planned …

March 8, 2023

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