Finance

Riverwalk-Phase-III-&-IV
FinanceNew JerseyNewsNortheast

JLL Arranges $131.1 Million Refinancing for New Jersey Asset

by Lynn Peisner

ELMWOOD PARK, N.J — JLL Capital Markets has arranged a $131.1 million loan for a private company headed by Bernard F. Langan to refinance Riverwalk Phase III and IV. The five-year, floating-rate loan was sponsored by MF1 Capital LLC, a joint venture between Limekiln Real Estate and Berkshire Residential. Riverwalk Phase III & IV (also known as The Landings at Riverwalk) consists of four buildings situated on a 7-acre site along the Passaic River. Phase III, comprising 240 units across two buildings, was completed in early 2023 and is currently 85 …

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Royal-Palms-Main-Street
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Ceiba Groupe Receives $40.2 Million Construction Loan for Jacksonville Project

by Lynn Peisner

JACKSONVILLE, FLA. — Ceiba Groupe, a Fort Lauderdale-based developer, has received a $40.2 million construction loan for Royal Palms Main Street, a community in Jacksonville that is slated for completion in the first quarter of 2027. JLL arranged and Crestline Investors originated the loan. The 227-unit community Royal Palms Main Street will feature 168 elevator-serviced, garden-style apartments and 59 townhomes. Units will be offered as one- and two-bedroom apartments and three- and four-bedroom townhomes. Amenities include a clubhouse, a pool, fitness center, a dog park and spa, a playground, climate-controlled …

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Asher
DevelopmentFinanceFloridaNewsSoutheast

PGIM Provides Tampa Developer $110 Loan for Asher Residences

by Lynn Peisner

TAMPA, FLA. — PGIM Real Estate has provided a $110 million, five-year, interest-only, fixed rate loan to Cascade Investment for the refinancing of Asher Residences in Tampa. The 22-story building is a part of the Water Street development downtown and was completed in December 2021. Strategic Property Partners, the developer of Asher Residences as well as the master developer of Water Street Tampa, is a subsidiary of Cascade Investments. The community contains 490 units, including 97 furnished residences that are operated as part of a partnership with ROOST Apartment Hotels. …

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Canyon-Reserve
ColoradoFinanceNewsWestern

Mesa West Sponsors $52 Million ReFi Loan for Metro Denver Asset

by Lynn Peisner

WESTMINSTER, COLO. — Mesa West Capital has provided an affiliate of Crow Holdings Capital with a $52 million loan to refinance debt on Canyon Reserve at the Ranch. The 256-unit, garden-style property is located 12 miles north of Denver in Westminster. The 17-building Canyon Reserve at the Ranch was developed in 1984 and fully renovated in 2022. Units are comprised of a mix of one- and two-bedroom floor plans. Amenities include a resort-style pool, grills, a fitness center and a dog park.

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Easton-Riverview
BerkadiaFinanceFloridaNewsSoutheast

Joint Venture Secures $56.6 Million to Refinance Easton Riverview in Ruskin, Florida

by Lynn Peisner

RUSKIN, FLA. — Berkadia has arranged a $56.6 million loan to refinance The Easton Riverview in Ruskin, 27 miles south of Tampa, Florida. The borrower/owner is a joint venture of Cross Lake Partners of New York, GreenPointe Holdings of Jacksonville, Florida, and Rivers Residential LLC of Atlanta. Mesa West Capital provided the loan. Built in 2023 on 15 acres, The Easton Riverview offers a mix of one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, 24-hour fitness center with yoga room, two dog parks, electric vehicle charging …

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Riverview
BerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Category Five Buys Florida Portfolio for $32.3 Million

by Lynn Peisner

SUNRISE, FLA. — Category Five Real Estate has acquired a four-property portfolio in Sunrise, about 10 miles west of Fort Lauderdale. The South Florida-based private equity firm paid approximately $32.3 million, which included a $21 million loan funded by Santander and arranged by Berkadia. The four assets in the portfolio were constructed between 1969 and 1973 and total 185 units. The properties are Sunrise Gardens, La Haina, Lake Success and Riverview.

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805-Lea
FinanceNewsSoutheastTennessee

Walker & Dunlop Arranges $105 Million Refinancing for Nashville Mixed-Use High-Rise

by Lynn Peisner

NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan provided by Nuveen to refinance 805 Lea in downtown Nashville. Key Real Estate Co. is the owner/borrower. The 356-unit high-rise, mixed-use property was developed in 2021 and includes 10,203 square feet of ground-floor retail across three store spaces. Amenities include a 24-hour concierge service, a 29th-floor sky lounge, a saltwater pool, a fitness center and two outdoor fire pits.

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Citra-Sunnyvale
CaliforniaFinanceInvestment SalesNewsWestern

JLL Arranges Sale, Loan for Silicon Valley Deal

by Lynn Peisner

SUNNYVALE, CALIF. — JLL Capital Markets has arranged the sale of and acquisition financing for Citra, a 147-unit community in Sunnyvale. JLL represented the undisclosed seller. The buyer was Prime Residential, a San Francisco-based multifamily owner and operator. JLL Real Estate Capital, a Freddie Mac Optigo lender, also provided a $44.2 million loan for Prime Residential. Citra, located at 745 S. Bernardo Ave., was developed in 1968 and renovated in 2019. The garden-style property is comprised of one- and two-bedroom units and includes such amenities as a half-acre, landscaped terrace …

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Madonna-Manor
Affordable HousingFinanceInvestment SalesMississippiNewsSoutheast

Regions Arranges $117.3 Million Financing Package for Mississippi Affordable Housing Acquisition

by Lynn Peisner

JACKSON, MISS. — Regions Affordable Housing has provided $117.3 million in financing to Vitus Group, an affordable housing developer, investor and owner with offices in Seattle and New York City. With the financing package, Vitus will acquire and rehab three affordable housing properties in Jackson: Village Apartments, Commonwealth Apartments and Madonna Manor, which are now known as the Jackson Trio portfolio. The properties are a mix of townhomes, garden-style apartments and a 13-story high-rise building for seniors. Altogether, the properties total 77 buildings and 613 units. Regions’ financing package included …

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Affordable HousingFinanceNew YorkNewsNortheast

Fairstead, Invesco to Rehab Two New York Section 8 Properties

by Lynn Peisner

NEW YORK CITY — Fairstead and Invesco Real Estate will invest $20 million to renovate two affordable housing properties, Linden Apartments in Upper Manhattan and Locust Apartments in the Bronx. The joint venture team acquired the properties in 2021. All residences in the developments are protected by project-based Section 8 contracts that guarantee household rent caps at 50 percent of area median income. The Linden consists of 301 homes across 11 buildings while the Locust community is comprised of 409 homes across eight buildings. The two sites are part of …

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