Finance

Serena Vista Apartments in Fountain Valley, California

Northmarq Provides $60 Million Refinancing for Two Properties in Orange County, California

by Channing Hamilton June 6, 2024

FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to facilitate the refinancing of two communities in Orange County. Northmarq provided $40 million for the refinancing of Serena Vista Apartments, which was built in Fountain Valley in 1970. The company also provided $20 million for Villa del Sur in Santa Ana, which was constructed in 1969. The two properties total 284 units in one- and two-bedroom floor plans. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Debt + Equity team in Newport Beach …

June 6, 2024

Finance Massachusetts News Northeast

KeyBank Provides $24 Million Agency Loan for Refinancing of Pine Brook Place in Haverhill, Massachusetts

by Channing Hamilton June 5, 2024

HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac agency loan for the refinancing of Pine Brook Place, a 240-unit complex located in the northern Boston suburb of Haverhill. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co. Pine Brook Place was built on nine acres in 1974. The property offers studio, one- and two-bedroom apartments across 10 buildings. Community amenities include a pool, courtyard and onsite laundry facilities.

June 5, 2024

California Finance News Western

Gortikov Capital Arranges $101 Million Refinancing for The Clarendon in Los Angeles

by Channing Hamilton June 5, 2024

LOS ANGELES — Santa Monica-based Gortikov Capital has negotiated a $101 million loan for the refinancing of The Clarendon, a 335-unit property in the Woodland Hills neighborhood of Los Angeles. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund. The borrower was AMCAL Housing, a developer headquartered in Agoura Hills, California. The Clarendon was built in 2020. The community offers studio, one-, two-, three-bedroom floor plans. Apartments feature in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry …

June 5, 2024

Panelists at the “Who is building, developing and investing in the Southeast?” panel at InterFace Affordable Housing Southeast

Affordable Housing Development Features Finance

InterFace Panel: Workforce Housing Growth Limited by Lack of Incentives for Developers, Investors

by Channing Hamilton June 5, 2024

ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically, this means there is a large market to serve by building workforce housing communities. However, while some …

June 5, 2024

Affordable Housing Development Finance News

MassDevelopment Provides $21.8 Million in Bond Financing for Affordable Housing Project in Boston

by Channing Hamilton June 3, 2024

BOSTON — MassDevelopment has provided $21.8 million in tax-exempt bond financing for a 63-unit affordable housing project current underway in Boston’s Hyde Park neighborhood. The borrower and developer is an affiliate of B’nai B’rith Housing. Eastern Bank purchased the bond. The Massachusetts Executive Office of Housing & Livable Communities provided $16.1 million in tax credit equity for the project. The development will offer one-bedroom apartments for households earning 30, 50 or 60 percent or less of the area median income.

June 3, 2024

Berkadia Development Finance Florida News Southeast

Berkadia Arranges $97 Million Construction Loan for The Carlton at Robinson Gateway in Palmetto, Florida

by Channing Hamilton June 3, 2024

PALMETTO, FLA. — Berkadia has negotiated a $97 million construction loan for The Carlton at Robinson Gateway, a 610-unit development in Palmetto. Mitch Sinberg, Bryan Brown, Matt Robbins, Scott Wadler and Brad Williamson of Berkadia arranged the financing through Goldman Sachs Private Bank, a division within its Wealth Management platform. The Mahaffey Apartment Co., the borrower and developer, expects to break ground on the community this summer. Esterline Construction is the general contractor on the project. The Carlton at Robinson Gateway will offer one-, two- and three-bedroom units ranging from …

June 3, 2024

The Arcadian in Fort Lauderdale, Florida

Affordable Housing Development Finance Florida News Southeast

Centennial Bank Provides $84.4 Million Construction Loan for Affordable Housing Project in Fort Lauderdale, Florida

by Channing Hamilton June 3, 2024

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan to facilitate the construction of The Arcadian, an affordable housing development located in the Sistrunk District of Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila LLC, was the borrower and developer. Situated at 640 NW 7th Avenue, The Arcadian will comprise 478 apartments. The property also includes 15,000 square feet of ground-floor retail and a 212,000-square-foot parking garage. Units will be available to households earning between 100 and …

June 3, 2024

Annual Absorption and Deliveries in Philadelphia Apartment Market (2016-2023)

Development Finance Investment Sales Market Reports Northeast Pennsylvania

A Tale of Two Multifamily Markets in Philadelphia

by Channing Hamilton June 3, 2024

Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.) Historically, investors also haven’t differentiated between suburban Philadelphia, namely …

June 3, 2024

Finance Georgia News Southeast

Walker & Dunlop Brokers $78.6 Million Refinancing for Ann Street Lofts in Savannah, Georgia

by Channing Hamilton May 31, 2024

SAVANNAH, GA. — Walker & Dunlop has brokered a $78.6 million bridge loan to facilitate the refinancing of Ann Street Lofts, a 389-unit property in Savannah’s Historic District. Ann Steet Lofts was completed in 2023 and rises six stories. The property offers 162 studios, 51 one-bedroom units, 19 two-bedroom apartments and 10,000 square feet of retail space. Amenities include co-working spaces, an art studio, fitness center and EV charging stations. The borrower and developer, Tidal Real Estate Partners LP, plans to use the five-year loan retires previous construction debt on …

May 31, 2024

Finance News Oklahoma Texas

MMCC Arranges $6.7 Million Refinancing of Prairie Breeze Townhomes in Harrah, Oklahoma

by Channing Hamilton May 31, 2024

HARRAH, OKLA. — Marcus & Millichap Capital Corp. (MMCC) has negotiated a $6.7 million loan for the refinancing of Prairie Breeze Townhomes, a 56-unit community in the eastern Oklahoma City suburb of Harrah. The loan carries 12 months of interest-only payments and a 30-year amortization schedule. The lender and borrower were not disclosed. Prairie Breeze Townhomes was built in 2013. The property consists entirely of three-bedroom apartments.

May 31, 2024

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