Finance

Astoria Cove
DevelopmentFinanceNew YorkNewsNortheast

S3 Capital Provides $300 Million Construction Loan for Mixed-Use Development in Queens

by Channing Hamilton

NEW YORK CITY — S3 Capital has provided $300 million in construction financing for the development of a mixed-use project located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan on behalf of KS Group and Alma Realty Corp., two developers based in Newark and Long Island City, respectively.  Upon completion, the development will comprise 731 apartments across one 26-story tower and three mid-rise buildings. The project will offer affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real …

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FinanceNewsTexas

Sunrise Realty Trust Commits $46.5 Million for Refinancing of Property in Dallas

by Channing Hamilton

DALLAS — Sunrise Realty Trust Inc., a lender on the Tannenbaum Capital Group (TCG) Real Estate platform, has closed on a $46.5 million commitment to a $62 million senior loan for the refinancing of The Bohéme, a 352-unit community in Dallas. TCG Real Estate originated the loan. The remaining $15.5 million of the total loan is held by an affiliate on the TCG Real Estate platform. Kairoi Residential is the sponsor. The Bohéme was built in 2023. The community rises eight stories across from Lake Cliff Park within the Bishop …

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FinanceNew YorkNewsNortheast

Wells Fargo Provides $231 Million in Bond Financing for Manhattan Apartment Building

by Channing Hamilton

NEW YORK CITY — Wells Fargo has provided $231 million in tax-exempt bond financing for Hawthorn Park, a 54-story residential tower located at 160 W. 62nd St. on Manhattan’s Upper West Side. The building features 339 units, 271 of which are rented at market rates and 68 of which have been set aside as affordable for households earning 50 percent or less of the area median income. According to Apartments.com, Hawthorn Park was built in 2014. The property offers studio apartments with an average size of 500 square feet. Amenities …

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FinanceMidwestMinnesotaNews

Aeon Secures $39 Million for Refinancing of Affordable Housing Portfolio in Metro Twin Cities

by Channing Hamilton

NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — Aeon, a Twin Cities-based nonprofit that builds affordable housing, has received $39 million in loans to refinance a portfolio of six affordable housing communities in New Hope, Bloomington and St. Paul. Victor Agusta of BWE originated the Freddie Mac loans on behalf of Aeon. The portfolio includes Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul. The properties total 529 units, all of which are reserved for …

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Pullman Modern Urban Apartments
CaliforniaFinanceNewsWestern

Phoenix Development Co. Receives $27.8 Million in Refinancing for Property in Santa Rosa, California

by Channing Hamilton

SANTA ROSA, CALIF. — Phoenix Development Co. has received $27.8 million in refinancing for Pullman Modern Urban Apartments in Santa Rosa, about 55 miles north of San Francisco. The community consists of 114 apartments across three residential buildings located at 725 Wilson St., 755 Wilson St. and 85 8th St. The project is currently in lease-up with stabilization estimated toward the end of 2025. Gary Mozer of IPA Capital Markets, a division of Marcus & Millichap, arranged the 36-month, floating-rate nonrecourse loan, which features interest-only payments for the full term, on …

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Phase II of Midway Village
CaliforniaFinanceNewsWestern

Wells Fargo Provides $162.9 Million in Financing for Affordable Housing Project in Daly City, California

by Channing Hamilton

DALY CITY, CALIF. — Wells Fargo has provided a total of $162.9 million in financing for Phase II of Midway Village, an affordable housing project in Daly City, roughly 8 miles south of San Francisco. MidPen Housing Corp. is the borrower and developer. Phase II of Midway Village will consist of 113 units of affordable housing within one mid-rise building. Wells Fargo also provided financing for the first phase of the project, which features 147 units. Phase I of the community opened in fall 2023. The community will be rent …

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32-34 Walker St. in New York City
FinanceNew YorkNewsNortheast

Partnership Receives $32 Million in Financing for Manhattan Adaptive Reuse Project

by Channing Hamilton

NEW YORK CITY — A partnership between Urban Capital Group and Prosper Property Group has secured $32 million in financing for an adaptive reuse project in Manhattan’s Tribeca area. The borrower will use the proceeds to acquire and convert a former textile warehouse into a five-unit residential building with ground-floor retail space. Units will come in three- and floor-bedroom floor plans and will average 3,500 square feet. Local lender and private equity firm Kriss Capital provided the financing. Andy Iadeluca of New Development Capital arranged the debt. The design team …

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Park5 Luxury Rental Townhomes
Build-to-RentDevelopmentFinanceIllinoisMidwestNews

VennPoint Secures $55.6 Million in Financing for BTR Project in Chicago Suburb

by Channing Hamilton

DEERFIELD, ILL. — Schaumburg, Illinois-based investment firm VennPoint Real Estate has received $45.7 million in construction financing and $9.9 million in mezzanine financing for Park5 Luxury Rental Townhomes in Deerfield, 30 miles north of downtown Chicago. Located at 5 Parkway N, the build-to-rent (BTR) community consists of 144 units. Park5 Luxury Rental Townhomes offers two- and three-bedroom residences averaging 1,953 square feet. Each townhome will feature two-car attached garages, multi-level floor plans, yards and outdoor space. A construction timeline was not disclosed. Matthew Schoenfeldt and Mary Dooley of JLL Capital …

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Federal Housing Finance Agency Logo
Company NewsFinanceNewsOperationsPeople News

FHFA Director William Pulte Overhauls Boards of Fannie Mae, Freddie Mac

by Channing Hamilton

WASHINGTON, D.C. — William Pulte, director of the United States Federal Housing Finance Agency (FHFA), has replaced several members of the governing boards of government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. The removals were announced through regulatory filings with the Securities and Exchange Commission (SEC) on March 17.  According to The Wall Street Journal, Pulte removed eight members of the board of Fannie Mae. The removed board members were Amy Alving, Christopher Brummer, Michael Heid, Simon Johnson, Diane Lye, Diane Nordin, Chetlur Ragavan and Michael Seelig. Additionally, Pulte appointed Clinton Jones, …

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GuildHouse
DevelopmentFinanceGeorgiaNewsSoutheast

Vida Raising $47 Million Fund for Multifamily and BTR Projects in Metro Atlanta

by Channing Hamilton

ATLANTA — Vida is raising an equity fund to build two multifamily properties and one build-to-rent community in suburban Atlanta. The Atlanta-based developer has completed its seed funding round on the $47 million fund, which is entitled Vida Opportunities Fund I LLC. Vida is developing GuildHouse at 2085 Marietta Blvd. in the Upper Westside neighborhood of Atlanta. The unit mix at GuildHouse will include 354 apartment units, as well as 39 build-to-rent townhomes. Apartments will range from 550 to 1350 square feet. Townhomes will rise three stories and come in three-bedroom …

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