Finance

PCCP Provides $45 Million Refinancing for The Dylan in Portland, Oregon

by Channing Hamilton July 12, 2024

PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, a 232-unit property in Portland. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan. The Dylan was constructed in 2022. Located at 3883 S. Moody Ave., the community offers 19 studios, 185 one-bedroom and 28 two-bedroom units. The average unit size is 724 square feet. Amenities include communal workspaces, a fitness center, resident lounge, dog wash station, …

July 12, 2024

Connecticut Development Finance News Northeast

JLL Arranges $165 Million Construction Financing for Phase II of The Corbin District in Darien, Connecticut

by Channing Hamilton July 10, 2024

DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use development in downtown Darien. JLL Capital Markets represented the developer, locally based Baywater Properties, to secure a $102 million loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen led the JLL Capital Markets team that arranged the total financing package. Once complete, The Corbin District will comprise 11 buildings featuring 112 apartments, as well as 78,810 square feet of retail …

July 10, 2024

West Side Square in Jersey City, New Jersey

Development Finance New Jersey News Northeast

Partnership Secures $169 Million Construction Loan for 477-Unit Development in Jersey City, New Jersey

by Channing Hamilton July 9, 2024

JERSEY CITY, N.J. — West Side Square Development Fund, a partnership between LanTree Developments, Altree Developments Inc., Lanterra Developments Inc. and Westdale Properties, has received a $169 million construction loan for West Side Square in the Journal Square neighborhood of Jersey City. Bravo Property Trust provided the debt. West Side Square will offer 477 units in studio, one- and two-bedroom floor plans. Amenities will include coworking space, an outdoor deck with a pool and grilling stations, fitness center, community room and dog run. The property will also feature 9,841 square …

July 9, 2024

Affordable Housing Development Finance New York News Northeast

Partnership to Undertake $275 Million Renovation of Affordable Sack Wern Houses in the Bronx

by Channing Hamilton July 8, 2024

NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …

July 8, 2024

Development Finance Midwest Missouri News

JLL Capital Markets Arranges $12.7 Million Equity Investment for Waldo District in Kansas City, Missouri

by Channing Hamilton July 2, 2024

KANSAS CITY, MO. — JLL Capital Markets has arranged a $12.7 million equity investment for the construction of Waldo District in the Waldo neighborhood of Kansas City. JLL worked on behalf of the borrower, EPC Real Estate Group, to secure the equity investment with a national fund manager. Mark Erland and Kevin Barron led the JLL Capital Markets team. Atlanta-based architect BRR designed the community. Waldo District will comprise 284 units across six stories. Community amenities will include a clubhouse, media area with wine lounge, golf simulator and e-sports, fitness center, …

July 2, 2024

Pointe Grande Dawsonville in Dawsonville, Georgia

Finance Georgia News Southeast

KeyBank Provides $42.9 Million Agency Refinancing for Pointe Grande Dawsonville in Atlanta Suburb

by Channing Hamilton June 28, 2024

DAWSONVILLE, GA. — KeyBank Real Estate Capital has provided a $42.9 million Fannie Mae loan for the refinancing of Pointe Grande Dawsonville, a 300-unit asset in the Atlanta suburb of Dawsonville. Justin Ownby and Patrick Fitzgerald of KeyBank’s Commercial Mortgage Group originated the financing on behalf of the borrower, Central Florida-based Hillpointe. Pointe Grande Dawsonville was built between 2022 and 2023. The garden-style community comprises 12 three-story buildings on a 23.5-acre site. Amenities include a fitness center, pool with private cabanas, 24-hour conference and business center, Starbucks coffee and tea …

June 28, 2024

Finance News Southeast Tennessee

Woodfield Development Secures $53.7 Million in Financing for Margaux Midtown in Nashville, Tennessee

by Channing Hamilton June 27, 2024

NASHVILLE, TENN. — Woodfield Development has secured a $53.7 million senior loan for the refinancing of Margaux Midtown, a 292-unit community in Nashville. Built in 2023, Margaux Midtown offers amenities such as a fitness center, clubroom with mini duck bowling, yoga room, work pods, complimentary coffee, sky lounge and rooftop terrace, speakeasy, pool, podcast room and more. BWE provided the financing through its proprietary bridge program. Adam Bieber and Alec Jenkins from BWE’s Washington, D.C. office structured the loan.

June 27, 2024

Aeolian Building in Meriden, Connecticut

Affordable Housing Connecticut Development Finance News Northeast

Trinity Financial Secures $51.5 Million in Financing for Conversion Project in Meriden, Connecticut

by Channing Hamilton June 27, 2024

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a conversion project in Meriden, located about halfway between New Haven and Hartford. The sponsor, Trinity Financial, will use the funds to redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into a mixed-income community. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Once converted, the property will comprise 82 apartments. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. …

June 27, 2024

Finance Investment Sales News Washington Western

Washington Federal Bank Completes Sale of $2.8 Billion in Multifamily Loans

by Channing Hamilton June 26, 2024

SEATTLE — Washington Federal Bank, a wholly owned subsidiary of WaFd Inc., has sold approximately $2.8 billion of multifamily commercial real estate loans to Bank of America. Bank of America will sell the loans to funds managed by Pacific Investment Management Co. The packaged loans all came from WaFd’s acquisition of Luther Burbank Savings in March. The sale of the CRE loans was not a condition of the merger. The sale was executed at no loss to WaFd and provides immediate liquidity, according to the seller.

June 26, 2024

Affordable Housing Development Finance Georgia News Southeast

Atlanta BeltLine, Invest Atlanta Approve $172 Million Budget for Affordable Housing Development, Trail Construction

by Channing Hamilton June 26, 2024

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. The budget totals $172 million, a 12 percent increase over the 2024 budget. The funding will be directed toward a goal set in 2005 to develop 5,600 units of affordable housing in Atlanta by 2030. The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

June 26, 2024

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