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 …
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.
NEW YORK CITY — First Citizens Bank has provided a $74 million loan for the refinancing of 160-unit property located at 310 Livingston Street in downtown Brooklyn. The borrower was Lonicera Partners, a locally based developer. The building rises 23 stories and offers one- and two-bedroom floor plans. Amenities include a fitness center, outdoor grilling and dining stations, a recreation room, speakeasy, library, private dining room and a sky lounge. The property also includes ground-level retail and restaurant space.
ATLANTA — There are a common set of headwinds, such as high construction costs and interest rates, facing the commercial real estate industry at large. But affordable housing development and operations come with a unique set of challenges all their own and beyond those of other sectors. Despite this, panelists at the InterFace Affordable Housing Southeast conference, held May 9 at the Cobb Galleria Centre in Atlanta, expressed an optimistic outlook for the sector. Closing out the day’s events, speakers on the “Southeast Regional Housing Authorities & Legal Update” panel …
OCEANSIDE, CALIF. — JLL Capital Markets has arranged a $5.1 million refinancing for 330 S. Home Street, a 21-unit community in Oceanside, approximately 40 miles north of San Diego. The borrower was a joint venture between Westview Real Estate and Pace Properties. JLL worked on behalf of the borrower to secure the three-year, fixed-rate loan through a regional bank. Chris Collins and Emily Pohlman led the JLL Capital Markets Debt Advisory team. The property consists of 17 apartments that were built in 1970 and renovated in 2023, as well as four newly constructed accessory …
MCDONOUGH, GA. — CBRE has negotiated $45.9 million in acquisition financing for The Preston, a 334-unit community located at 100 Preston Creek Drive in the southeast Atlanta suburb of McDonough. The borrower, ARC Multifamily, purchased the asset for $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of ARC Multifamily. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. The Preston was built in …
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale and financing of The Plaza Taos, a 164-unit community in the Phoenix suburb of Chandler. The buyer and seller were not disclosed. The Plaza Taos was built in 2023 on nine acres. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a pool and spa, pet park, indoor dog spa and outdoor kitchen with gas grills.
SEATTLE — MSquared and Kōz Development have secured $48 million in financing for Kōz in Lower Queen Anne, a 169-unit workforce housing project in downtown Seattle. The community will offer 69 units to households earning up to 80 percent of the area median income (AMI). An additional 17 apartments will be restricted through the Mandatory Housing Affordability Program for 75 years and will be available to households earning between 40 and 60 percent AMI. The remaining units will be rented as attainable workforce housing. The financing includes a $9.7 million …
MELISSA, TEXAS — Greysteel has arranged construction financing for Wolf Creek Farms, a 32-acre build-to-rent development in Melissa, approximately 40 miles north of Dallas. Wolf Creek Farms will offer 343 units in one-, two- and three-bedroom layouts. Planned amenities include a pool, fitness center, dog park, courtyards and lounges. The developer, Dallas-based Welker Properties, will break ground on the project in the fall. Construction is slated to complete by the end of 2025. The total development cost is expected to be $95 million.
BWE Provides $8.3 Million Fannie Mae Loan for Affordable Brookstone Apartments in Waukegan, Illinois
WAUKEGAN, ILL. — BWE has provided a $8.3 million fixed-rate Fannie Mae MAH loan for Brookstone Apartments, a 168-unit affordable housing complex in Waukegan, 36 miles north of Chicago. Adam Gould of BWE’s Detroit office originated the loan, which features a 10-year term with 36 months of interest-only payments and a 30-year amortization. Brookstone Apartments was built in 1986. The unit mix includes 92 one-bedroom and 76 two-bedroom units. Fifty units are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are available …