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Finance

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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MetWest Residential in Tampa, Florida
DevelopmentFinanceFloridaNewsSoutheast

ZOM Living, MetLife Investment Management Secure $63 Million in Construction Financing for MetWest Residential in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — ZOM Living and MetLife Investment Management have secured $63 million in construction financing for MetWest Residential, a 375-unit project located within the Westshore District of Tampa. Looney Ricks Kiss designed the community. MetWest Residential will rise eight stories. The community will offer studio, one-, two- and three-bedroom apartments ranging from 576 to 1,601 square feet. Amenities will include a pool with an outdoor deck, courtyard, fitness center, co-working and conference spaces, a dog park and a lounge on the eighth floor. MetWest Residential will also feature 3,000 …

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Rialto West in New York City
Affordable HousingDevelopmentFeaturesFinanceOperations

Will New Tax Abatement Program Targeting NYC Be a Game-Changer for Affordable Housing Developers?

by Channing Hamilton

NEW YORK CITY — The New York state legislature has approved a new tax break program as part of the recently passed 2024-2025 budget to address the dearth of housing supply in and around Manhattan. Lawmakers say the program could increase affordable housing development throughout New York City, but some New York City residents are skeptical the program will do much to address the issue. 485-x was introduced as part of the New York state legislature’s budget for fiscal year 2025, which runs from April 1, 2024, to March 31, …

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The District at SoCo in Austin, Texas
FinanceInvestment SalesNewsTexas

Northmarq Arranges $23 Million Acquisition Loan for The District at SoCo in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Northmarq has negotiated $23.6 million in acquisition financing for The District at SoCo, a 215-unit property located near Austin’s downtown area. Located at 501 E. Oltorf Street, The District at SoCo offers amenities such as a pool, fitness center, dog park, outdoor kitchen and Amazon package lockers. Jesse Lemos of Northmarq’s Nashville Debt and Equity team brokered the loan through the company’s in-house Fannie Mae team. The loan was structured on a 5-year term. The borrower was not disclosed.

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Affordable HousingFinanceMassachusettsNewsNortheast

MassHousing Provides $9.6 Million in Financing for Affordable Housing Community in Worcester, Massachusetts

by Channing Hamilton

WORCESTER, MASS. — MassHousing has provided $9.6 million in financing for The Aurora, an affordable housing complex in the central Massachusetts city of Worcester. The borrower, The Community Builders, plans to use the proceeds to fund renovations and preserve the property’s affordability status for the next 20 years. The Aurora comprises 85 units across five stories. The building originally opened in 1898 as a hotel and was converted to residential use in the 1980s. The community is affordable to households earning up to 30, 50 and 60 percent of the …

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John Williams
Affordable HousingDevelopmentFinanceIndustry VoicesMidwestNortheastSoutheastTexasWestern

Public-Private Partnerships: A Creative Approach to Increasing Affordable Housing Supply

by Channing Hamilton

— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …

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Citra in Phoenix
ArizonaFinanceInvestment SalesNewsWestern

Institutional Property Advisors Brokers Sale of 72-Unit Citra in Phoenix

by Channing Hamilton

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Citra, a 72-unit property in Phoenix. Apartment Ventures acquired the community from Investors Capital Group. Citra was built in 2005 and offers two-bedroom apartments. The average unit size is 1,068 square feet. Amenities include covered parking, a fitness center and a pool with a spa. IPA’s Steve Gebing and Cliff David, in conjunction with Paul Bay, Darrell Moffitt and Adam Saylor of Marcus & Millichap, represented the seller and procured the …

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200 Quannapowitt in Wakefield, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

JLL Capital Markets Arranges Development Capitalization of 200 Quannapowitt Near Boston

by Channing Hamilton

WAKEFIELD, MASS. — JLL Capital Markets has arranged a capitalization for the development of 200 Quannapowitt, a 440-unit project in the Boston suburb of Wakefield. The borrower and developer was Cabot, Cabot & Forbes. JLL worked on behalf of the developer to secure the joint venture equity with Equity Residential (NYSE: EQR). Brett Paulsrud, Andrew Gray and Mike Shepard led the JLL Capital Markets Advisory team. Situated on Lake Quannapowitt, the community will include one-, two- and three-bedroom apartments. Eighteen percent of units will be designated as affordable. Income restrictions …

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FinanceInvestment SalesMidwestNewsOhio

BWE Provides $14.5 Million Acquisition Loan for Affordable Page Tower in Cincinnati

by Channing Hamilton

CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing complex in Cincinnati. BWE’s Victor Agusta originated the loan, which features a seven-year term, 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years. Page Tower was constructed in 1971. The building rises 14 stories and offers amenities such as a community room, mail room and central laundry area. The property also includes 7,500 square feet of …

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