NEW YORK CITY — The New York City Council’s subcommittee on zoning and franchises and committee on land use have approved a proposal to invest $5 billion in affordable housing and related infrastructure. The initiative paves the way for the development of roughly 80,000 new rental units throughout New York City over the next 15 years. Known as the “City of Yes for Housing Opportunity,” the program would fund new housing development, as well as infrastructure upgrades at existing properties across the city’s five boroughs, which have a combined rental …
DALLAS-FORT WORTH — An affiliate of Miami-based investment firm Atlantic Pacific Cos. has received Freddie Mac agency loans totaling $112.4 million for the refinancing of three communities in the Dallas-Fort Worth metropolitan area. The financing consists of a $40 million loan for Atlantic Stonebriar, a 294-unit asset located in The Colony, about 30 miles north of Dallas; $42.3 million in debt for Atlantic McKinney, a 343-unit community in McKinney, which is also roughly 30 miles north of Dallas; and a $30.2 million loan for Atlantic Station, a 324-unit development in …
CHICAGO — Locally based Synergy Development has received a $56 million senior construction loan and $12.5 million in equity for the Phase I of Yorktown Reserve, the redevelopment of Chicago’s Yorktown Mall. The first phase of the project will deliver 271 apartments. A construction timeline was not disclosed. Frank Montalto of IPA Capital Markets secured the debt with a local bank and arranged the equity with an institutional investor.
DANIA BEACH, FLA. — Affinius Capital has provided a $75 million loan for the refinancing of Soleste SeaSide, a 340-unit property located at 4 N. Federal Highway in Dania Beach, about five miles south of Fort Lauderdale, Florida. Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop arranged the financing on behalf of the borrower, The Estate Cos. Soleste SeaSide rises eight stories and offers a mix of studio, one-, two- and three-bedroom apartments. The property also features parking, a health club with a yoga/spin room, 12,800 square …
MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit community located at 5401 Commonwealth Centre Parkway in Midlothian, 15 miles west of Richmond, Virginia. The property was built in 2022 and features a gaming lounge and fitness center, among other amenities. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the agency loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns …
SACRAMENTO, CALIF. — Nuveen Real Estate has received an allocation of $400 million from the California Public Employees Retirement System (CalPERS) for the company’s Nuveen Real Estate U.S. Affordable Housing Fund. Nuveen states that the fund, which launched in 2023, aims to preserve housing for renters earning less than 80 percent of the area median income (AMI), with a concentration of households earning less than 60 percent of AMI. This allocation follows CalPERS’ previous $100 million investment to the fund in June 2024, bringing CalPERS’ total commitment to the fund …
MYRTLE BEACH, S.C. — Greystone has provided a $26 million Freddie Mac loan to Eskay Management for the refinancing of Reserve at Ridgewood, a 180-unit asset in Myrtle Beach. The non-recourse, fixed-rate loan features a five-year term and 30-year amortization, with interest-only payments for the first two years of the term. Avi Kozlowski of Greystone originated the financing on behalf of the borrower. Reserve at Ridgewood was originally constructed in 1998. The garden-style community consists of 15 residential buildings. Units come in two- and three-bedroom layouts. Tenants have access to …
Known as the crossroads of America, Indianapolis offers a unique intersection of affordability, industry and Midwestern charm. According to research from Indiana University’s Kelley School of Business, 2.14 million people — or nearly one out of every three Hoosiers — lives in the Indianapolis metro region. Indianapolis’ growth rate last year outpaced Cincinnati, Louisville, Kentucky, Cleveland, Detroit and Chicago. It’s not hard to see why, especially when looking at the economic opportunities within the region and the state as a whole. Several Fortune 500 companies, such as Eli Lilly, the …
MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …