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Finance

Elements at Saratoga Lake in Saratoga Springs, New York
FinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $67.5 Million Refinancing for Elements at Saratoga Lake in Saratoga Springs, New York

by Channing Hamilton

SARATOGA SPRINGS, N.Y. — Dwight Mortgage Trust, an affiliate REIT of New York City-based Dwight Capital, has provided a $67.5 million bridge loan for the refinancing of Elements at Saratoga Lake in Saratoga Springs, approximately 35 miles north of Albany, New York. David Scheer and Joshua Klein of Dwight originated the financing on behalf of the borrower, Blue Iron Development. Elements at Saratoga Lake consists of 26 residential buildings and a clubhouse. The property offers 260 units in one- and two-bedroom floor plans. Amenities include indoor and outdoor pools, a …

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Ray Phoenix in Phoenix
ArizonaDevelopmentFinanceNewsWestern

JLL Capital Markets Arranges $120 Million Construction Financing for Ray Phoenix in Phoenix

by Channing Hamilton

PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for Ray Phoenix, a 26-story building in downtown Phoenix. JLL worked on behalf of the borrowers, Ray and VeLa Development Partners, to secure the loan through an affiliate of RXR Realty Investments LLC. Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. Ray Phoenix will offer 401 units in studio, one- and two-bedroom floor plans. The community will also feature 20,000 square feet of amenity space, including a fitness center, yoga …

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Natura by Murbeck in Gainesville, Florida
DevelopmentFinanceFloridaNewsSoutheast

Meridian Capital Group Arranges $67.5 Million Construction Loan for Natura by Murbeck in Gainesville, Florida

by Channing Hamilton

GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan to facilitate the construction of Natura by Murbeck, a 315-unit community located at 6224 S.W. 20th St. in Gainesville. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Murbeck Investments is the borrower and developer. Natura by Murbeck will offer one-, two- and three-bedroom apartments. Planned amenities include a pool, pickleball courts, gym and garages. Monthly rents at the property will range from $1,780 to $2,800. A construction timeline was not disclosed.

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An unnamed project in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

Concord Summit Capital Arranges $75 Million Construction Financing for Development in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Concord Summit Capital has arranged $75 million in financing for the development of a community in Charlotte. Daniel Eidson of Concord Summit arranged the financing on behalf of the borrower, whose identity was not disclosed. The borrower plans to use the funds to refinance the existing land loan and complete construction. Once completed, the community will offer amenities such as a pool and sun deck, rooftop terrace, fitness center, private work and conferencing spaces, a top-floor lounge and kitchen with a bar, garage parking with EV chargers, …

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Dallas-Fort Worth
DevelopmentFinanceFrom the MagazinesMarket ReportsTexas

Dropoff in New Construction Will Drive Future Rent Growth in Dallas

by Channing Hamilton

The multifamily sector in Dallas-Fort Worth has faced a challenging capital market environment over the past year. But like its counterparts in the Sun Belt, the local market has proven to be resilient based on economic performance, employment and population growth, as well as other market fundamentals. Sentiments about the commercial real estate sector in Dallas-Fort Worth, as a result, have turned very positive since the start of the year, though a significant number of investors remain cautiously optimistic. Employment indicators in Dallas-Fort Worth best displayed the resilience we saw …

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DevelopmentFinanceFloridaNewsSoutheast

WMG Development Appoints Todd Bleakley as Vice President of Multifamily

by Channing Hamilton

WINTER GARDEN, FLA. — WMG Development (WMG), an investment and development company based in Winter Garden, has appointed Todd Bleakley as its first Vice President of Multifamily. Bleakley has led market-rate institutional developments totaling approximately 10,000 units across the state of Florida. Prior to joining WMG, Bleakley managed boutique, regional and national development offices throughout the Southeast. He is a licensed Florida Real Estate Broker and has completed the Certified Commercial Investment Member program.

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Kanvas in Los Angeles
CaliforniaFinanceNewsWestern

Priority Group Brokers $21.6 Million Recapitalization for Kanvas in Los Angeles

by Channing Hamilton

LOS ANGELES — Priority Capital Advisory (PCA) has arranged $21.6 million in financing for the recapitalization of Kanvas, a 67-unit community in Los Angeles’ Koreatown submarket. Zachary Streit of PCA arranged the financing through BOLOUR. EGC Real Estate Group was the borrower.  The unit mix includes 13 studios, 33 one-bedroom and 21 two-bedroom apartments. Seven units are set aside as affordable. Amenities include a rooftop amenity deck, fitness center, courtyard, storage space, bicycle parking and underground and surface vehicle parking. The property also includes 1,105 square feet of ground-floor retail space.

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DevelopmentFinanceIllinoisMidwestNews

Concord Summit Capital Arranges $10 Million in Construction Financing for Property in Chicago

by Channing Hamilton

CHICAGO — Concord Summit Capital LLC has arranged $10 million in mezzanine financing for the construction of a community in Chicago. Once completed, the property will offer amenities such as a fitness center, lounge, game room, private event space, outdoor pool and ground-floor co-working spaces. Daniel Eidson, David Larson and Keegan Burger of Concord Summit arranged the financing, which included a senior loan with a C-PACE component. The lender and borrower were not disclosed.

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FinanceNewsTexas

Greystone Negotiates $22.9 Million in Financing for The Barcelona on Chisolm Trail in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Greystone has arranged $22.9 million in financing for The Barcelona on Chisolm Trail, a 248-unit property in Fort Worth. The Barcelona on Chisolm Trail will comprise 17 buildings on a 10-acre site. Amenities include a pool, playground, dog park, outdoor lounge areas, business center, fitness center and a clubhouse. The borrower was MBP Capital Partners. Lance Wright, Thomas Wayda and Dante Distefano of Greystone arranged a $19.5 million bridge loan through an undisclosed debt fund. Matthew Zisler of Greystone also brokered a $3.4 million preferred equity …

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ColoradoDevelopmentFinanceNewsWestern

BWE Arranges $39.4 Million Construction Financing for 199-Unit Project in Pueblo, Colorado

by Channing Hamilton

PUEBLO, COLO. — BWE has negotiated a $39.4 million HUD 221(d)(4) loan to facilitate the construction of Pueblo Springs, a 199-unit community in Pueblo. James Swanson of BWE’s Phoenix office originated the non-recourse, fully assumable loan, which features a 40 year, fully amortizing term. Pueblo Springs will offer amenities such as a clubhouse, fitness center, business center, community room, bike storage, pool, BBQ and picnic areas, walking paths, 24-hour emergency staff, and gated entry. The borrower and developer was Arizona-based ESH Development LLC. Colorado Structures Inc. is the general contractor …

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