NEW YORK CITY — Apollo Global Management has provided a $275 million loan for the refinancing of 63-67 Wall Street, an 816-unit complex consisting of two buildings in Lower Manhattan. Units come in studio, one and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace with a lounge and grilling stations, game room, golf simulator, library, children’s playroom and business center. The buildings were originally constructed for office use: 67 Wall Street was built in 1921 as the headquarters for the Munson Shipping Co., while 63 Wall Street was completed …
Finance
CHARLOTTE, N.C. — A joint venture comprising MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church. The project will convert the former Duke Energy headquarters, located at 526 S. Church St. in Charlotte, into a 460-unit community with 57,000 square feet of retail space. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, …
JERSEY CITY, N.J. — Alpine Residential has received $81.2 million in financing for Atlas and Starling, two properties located in the Bergen-Lafayette section of Jersey City. Thomas Didio, Thomas Didio Jr. and Michael Mataras of JLL Capital Markets originated the two five-year, interest only fixed-rate Freddie Mac loans. The proceeds will be used to take out the existing construction loans, which were also arranged by JLL. Located at 270 Johnston St., Atlas comprises 169 apartments, including 11 affordable units. The community was built in 2025. Starling is located at 66 Monitor St. and offers …
Late last summer, optimism ran steady across the multifamily investment sales market. Prior to the Federal Reserve’s initial rate cut in September 2024, interest rates had remained stable throughout the year. The outlook was positive. But that more ebullient market proved temporary. The Fed’s interest rate cut had a positive effect on the secured overnight financing rate (SOFR), which fell from 5.3 percent on Sept. 18, 2024, to 4.3 percent in early February 2025. The U.S. 10-year Treasury yield rose during the same period. On Sept. 18, 2024, the 10-year …
CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion project in Charlottesville. The development team, which broke ground on phase II last month, includes Piedmont Housing Alliance and National Housing Trust. Phase II of Kindlewood will consist of 100 apartments, half of which are replacement units for existing residents. The rest will be new affordable housing units. The development team expects to deliver the second phase in fall 2026. The last tranche of financing was $9.6 …
GRESHAM, ORE. — PH Development LLC has received $15.9 million in financing for the development of Woodland Flats, a hotel-to-multifamily conversion project located at 2752 NE Hogan Drive in Gresham, about 17 miles west of Portland. The project includes the conversion of an existing hotel into 120 apartments, as well as 6,400 square feet of ground-floor retail space. Units will come in studio, one- and two-bedroom floor plans. Monthly rates will range from $1,200 to $1,600 per month. Community amenities will include a pool, fitness center and exterior courtyard. Tom Wilson, …
SANDUSKY, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.3 million loan for the refinancing of a portfolio of four properties totaling 112 units within the “Thumb Region,” the lower peninsula of Michigan. The portfolio features a mix of studio to three-bedroom units. Luke Lamoreaux of MMCC arranged the loan with a Michigan-based bank on behalf of the private borrower. The three-year loan featured a 6.9 percent interest rate with 12 months of interest-only payments followed by a 25-year amortization.
JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces. Thomas Didio, Thomas Didio Jr. and Michael Mataras …
NEW YORK CITY — Merchants Capital has provided $316 million in financing for the second phase of Alafia, a 634-unit affordable and supportive housing project located in the East New York neighborhood of Brooklyn. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package consists of a $192.7 million construction loan, which Bank of America provided in conjunction with Merchants Capital, as well as $174.8 million in 4 percent Low-Income Housing Tax Credit equity. Additionally, Merchants Capital provided $48.7 million …
LEWISVILLE, TEXAS — Affinius Capital has provided a $34 million loan for the refinancing of Main & Mill, a 203-unit complex in Lewisville, 25 miles northwest of Dallas. Lauren Kaufman of JLL arranged the loan on behalf of the property owner, AMAC Development. Main & Mill consists of 143 one-bedroom and 60 two-bedroom units, as well as 6,400 square feet of retail space. Each residence features quartz countertops, stainless steel appliances, walk-in closets and full-size washers and dryers. Select units also offer private patios and balconies. Residents have access to …