Tuesday, November 26, 2024
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Finance

Pier 19 Residences & Marina in Miami
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Brokers $54.5 Million Refinancing for Pier 19 Residences & Marina in Miami

by Channing Hamilton

MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit high-rise community located along the Miami River in downtown Miami. Neology Development was the borrower. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo. Pier 19 Residences & Marina was built in 2011 as condominiums. Neology Development acquired the asset in 2018 and converted the property into apartments. Monthly rates range from $2,300 to $4,500. Pier 19 Residences & Marina features …

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880 Atlantic Ave. in New York City
DevelopmentFinanceNew YorkNewsNortheast

Walker & Dunlop Arranges $110 Million Construction Loan for 246-Unit Project in Brooklyn

by Channing Hamilton

NEW YORK CITY — Walker & Dunlop has arranged a $110 million construction loan for a 246-unit development to be located at 880 Atlantic Ave. in the Prospect Heights neighborhood of Brooklyn. Units will come in studio, one- and two-bedroom floor plans. The property will also include 13,000 square feet of commercial space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the financing on behalf of the developer, EMP Capital Group. QuadReal Property Group provided the financing.

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Forum Flats in Troy, Michigan
FinanceInvestment SalesMarket ReportsMichiganMidwest

Why Metro Detroit Should Be on Apartment Investors’ Radar Screens

by Channing Hamilton

The multifamily market in Detroit, characterized by its mature and stable nature, boasts robust operating fundamentals, making it an attractive investment destination. While markets across the country are facing swells of new apartment deliveries resulting in oversupply, Detroit is forecast to easily absorb all new units that come online in 2024.  In fact, 4,896 units are expected to be absorbed in 2024 while only 4,072 new units will be delivered — illustrating the strong, stable demand across the metro area.  The positive outlook for rent growth is another encouraging sign. …

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DevelopmentFinanceNewsTexas

Colliers Mortgage Provides $32.9 Million Construction Financing for Deer Park Apartments in Decatur, Texas

by Channing Hamilton

DECATUR, TEXAS — Colliers Mortgage has closed a $32.9 million HUD loan to facilitate the construction of Deer Park Apartments in Decatur, about 40 miles north of Fort Worth. Fritz Waldvogel arranged the financing through a partnership with Old Capital Lending. The loan carries a 40-year term and amortization. The borrower was Deer Park Apts QOZB LLC. Deer Park Apartments features 204 apartments in one-, two- and three-bedroom floor plans. Amenities include a fitness center, business center, community room, pool, mail center, billiards room, outdoor lounge area, outdoor grills and …

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FinanceInvestment SalesNew JerseyNewsNortheast

BridgeInvest Provides $34.5 Million Acquisition Financing for The Pennington in Passaic, New Jersey

by Channing Hamilton

PASSAIC, N.J. — BridgeInvest has provided a $34.5 million loan to The Birch Group to finance the acquisition of The Pennington, a 147-unit property in the New York City suburb of Passaic. The Pennington is situated on 3.6 acres at 119-231 Pennington Ave. Amenities include a community room, children’s playroom and male and female gyms. According to the property website, units come in studio, one-, two- and three-bedroom layouts.

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Union at Purple Heart Trail in Wichita, Kansas
Affordable HousingDevelopmentFinanceKansasMidwestNews

Annex Group Underway on $61 Million Affordable Housing Development in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — The Annex Group is underway on the construction of Union at Purple Heart Trail, a $61 million affordable housing project in Wichita. Purple Heart Trail will consist of 240 apartments across two four-story buildings. Units will be available to households earning at or below 60 percent of the area median income. Planned amenities include a community center with a fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Construction is slated to complete in early 2026. The development team for …

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Cityville on 9th in Des Moines, Iowa
FinanceInvestment SalesIowaMidwestNews

ARTISAN Capital Group, Eastham Capital Acquire 312-Unit Cityville on 9th in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — A partnership between ARTISAN Capital Group and Eastham Capital has acquired Cityville on 9th, a 312-unit community located in downtown Des Moines. The property was built in three phases between 2015 and 2018. ACG secured Fannie Mae loan assumptions for two of the phases. West Bank, a local bank, provided financing for the third phase. The sale price and seller were not disclosed. Cityville on 9th offers 42 studios, 162 one-bedroom, 99 two-bedroom and 9 three-bedroom units. Amenities include a pool, dog park, courtyard, fitness center, …

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DevelopmentFinanceNewsTexas

David B. Norton Brokers $18.7 Million in Financing for 125-Unit Project in San Antonio Suburb

by Channing Hamilton

BOERNE, TEXAS — David B. Norton Inc. has negotiated $18.7 million in construction and equity financing for a 125-unit development in the northwest San Antonio suburb of Boerne. The borrower and direct lender were not disclosed. The project will comprise 98,000 square feet of rentable space across five stories. Units will come in studio, one- and two-bedroom floor plans with an average size of 782 square feet. Construction will begin immediately and is slated to complete in about 18 months.

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Burnside Farms Apartments in Columbia, South Carolina
DevelopmentFinanceNewsSouth CarolinaSoutheast

Walker & Dunlop Arranges $62 Million Construction Financing for Burnside Farms Apartments in Columbia, South Carolina

by Channing Hamilton

COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments in Columbia. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers, South Coast Property Investments and Abacus Capital. Burnside Farms Apartments will comprise 308 apartments. A portion of the community will be set aside as affordable housing, but the number of units and income restrictions for the affordable units were not disclosed. The property will …

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3rd and Grand in Kansas City, Missouri
DevelopmentFinanceMidwestMissouriNews

JLL Capital Markets Arranges $12.9 Million Equity Investment for 245-Unit Community in Downtown Kansas City

by Channing Hamilton

KANSAS CITY, MO. — JLL Capital Markets had arranged $12.9 million equity investment for the construction of 3rd and Grand, a 245-unit community in the River Market neighborhood of downtown Kansas City. The borrowers were EPC Real Estate Group and Copaken Brooks. JLL worked on behalf of the borrower to secure the investor, a national fund manager. Mark Erland and Kevin Barron led the JLL Capital Markets team. 3rd and Grand is situated at 201 and 255 Grand Blvd. The five-story development will house studio, one- and two-bedroom apartments. Planned …

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