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Finance

Sack Wern Houses in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

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

by Channing Hamilton

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 …

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Waldo District in Kansas City, Missouri
DevelopmentFinanceMidwestMissouriNews

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

by Channing Hamilton

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, …

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Pointe Grande Dawsonville in Dawsonville, Georgia
FinanceGeorgiaNewsSoutheast

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

by Channing Hamilton

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 …

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FinanceNewsSoutheastTennessee

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

by Channing Hamilton

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.

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Aeolian Building in Meriden, Connecticut
Affordable HousingConnecticutDevelopmentFinanceNewsNortheast

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

by Channing Hamilton

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. …

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FinanceInvestment SalesNewsWashingtonWestern

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

by Channing Hamilton

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.

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Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

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

by Channing Hamilton

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 …

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Canyon Creek East in Lenexa, Kansas
Affordable HousingDevelopmentFinanceKansasMidwestNews

Walker & Dunlop Arranges $29.6 Million LIHTC Equity for Affordable Housing Development in Lenexa, Kansas

by Channing Hamilton

LENEXA, KAN. — Walker & Dunlop has arranged $29.6 million in federal Low-Income Housing Tax Credit equity for Canyon Creek East, an affordable housing development in the Kansas City suburb of Lenexa. The borrower, MRE Capital, plans to use the funds to finance 40 percent of the project’s total development costs. Jennifer Erixon led the Walker & Dunlop Affordable Equity team that arranged the equity. Canyon Creek East will comprise 212 units across five buildings. The community will target households earning between 30 and 80 percent of the area median …

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340 Nevins Street in Brooklyn, New York
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital, Kennedy Wilson Originate $160 Million Construction Loan for 340 Nevins Street in Brooklyn, New York

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC and Kennedy Wilson have originated a $160 million senior construction loan for 340 Nevins Street, a 320-unit apartment project in Brooklyn’s Gowanus neighborhood. A joint venture between Tavros Holdings and Charney Cos. is undertaking the development project. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the financing. 340 Nevins Street will rise 22 stories. The community will offer studio, one-, two- and three-bedroom apartments. Twenty-five percent of the units will be set aside as affordable housing. Income restrictions for these units have not …

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Mason Gray in New York City
DevelopmentFinanceNew YorkNewsNortheast

Invictus Real Estate Partners Provides $69 Million Bridge Loan for Mason Gray in Brooklyn

by Channing Hamilton

NEW YORK CITY — New York-based Invictus Real Estate Partners has provided a $69 million bridge loan for Mason Gray, a 158-unit property in Brooklyn’s Crown Heights neighborhood. The developer, Hope Street Capital, will use the funds to support minor construction work required to complete the seven-story building. Once completed, Mason Gray will feature 110 market-rate apartments, as well as 48 units designated for New York City’s 421-a Affordable Housing Program. Units will primarily come in one-bedroom floor plans. The community will offer amenities such as a fitness center, a …

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