Finance

The 104
FinanceNewsWashingtonWestern

MainStreet Property Group Receives $19 Million in Refinancing for 115-Unit Community in Bothell, Washington

by Channing Hamilton

BOTHELL, WASH. — MainStreet Property Group has secured a $19 million loan for the refinancing of The 104 in Bothell, roughly 20 miles northeast of Seattle. Seth Heikkila and Bill Maloney of JLL Capital Markets Debt Advisory team secured the five-year, fixed-rate loan through Fannie Mae. JLL Real Estate Capital LLC will service the loan. The 104 features 115 apartments in one- and two-bedroom floor plans, averaging 773 square feet. Units feature stainless steel appliances, walk-in closets and exposed concrete details. Amenities include a lounge with kitchen, a community courtyard, …

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The Links on PGA Parkway
DevelopmentFinanceNewsTexas

Carbon Cos., Greenway Receive $125 Million in Construction Financing for Project in Frisco, Texas 

by Channing Hamilton

FRISCO, TEXAS — Carbon Cos. and Greenway Investment Co. have received roughly $125 million in construction financing for The Links on PGA Parkway, an apartment community located about 30 miles north of Dallas in Frisco. The debt, which was arranged by the Carbon Cos. internal team, will be used to complete the construction of the final two phases of the four-phase, 38-acre development. The financing includes a syndicated bank loan facility and mezzanine loan. Origin Bank arranged the syndicated bank loan, with participant banks including Simmons Bank, North Dallas Bank …

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21 West
DevelopmentFinanceNewsNortheastPennsylvania

Joint Venture Secures $67 Million Construction Financing for 21 West in Pittsburgh

by Channing Hamilton

PITTSBURGH — A joint venture between Oxford Development Co. and RDC has received a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. Nick Unkovic and Zach Barone of JLL Capital Markets arranged the four-year floating rate construction loan through Dollar Bank. A construction timeline was not disclosed. Located at 430 W General Robinson St., the project will comprise 313,000 square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on …

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800 Broadway
CaliforniaFinanceNewsWestern

Affinius Capital Originates $148.5 Million in Refinancing for San Diego Community

by Channing Hamilton

SAN DIEGO — Affinius Capital has originated a $148.5 million loan for the refinancing of 800 Broadway, a 40-story apartment building in San Diego. James Burrell of Northmarq arranged the financing on behalf of the borrower, Diamond Realty Investments. 800 Broadway features 356 market-rate units and 33 affordable units. The property features studio, one- and two-bedroom apartments, as well as two- and three-bedroom penthouses. 800 Broadway also includes 4,830 square feet of commercial space. Tenants have access to amenities such as a rooftop deck with a pool and hot tub, …

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FinanceMarylandNewsNortheast

Pealmark Provides Financing for 311-Unit Property in Hanover, Maryland

by Channing Hamilton

HANOVER, MD. — Pearlmark has provided a mezzanine loan for the refinancing of Bristol Court Apartments, a 311-unit asset in Hanover, roughly 12 miles south of Baltimore. Located within the Oxford Square planned community near the Dorsey MARC passenger rail station, Bristol Court offers one-, two- and three-bedroom apartments. Residents have access to amenities such as a pool, fitness center, yoga studio, lobby with coworking spaces and a clubroom with an entertainment kitchen and fireplace. Additional amenities include a library, lounge with a pool table, pet spa, foosball and shuffleboard, …

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The Residences at Enso
FinanceFloridaNewsSoutheast

Thorofare Capital Provides $74 Million Loan for Refinancing of Community in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — Thorofare Capital has provided a $74 million bridge loan for the refinancing of The Residences at Enso, a 304-unit asset located 20 miles east of downtown Jacksonville along the Saint Johns River. The borrower, Trevato Development Group, will use the 2.5-year floating-rate loan to repay the original construction loan on the property. Jeff Kinney and Phil Rachels of CBRE’s Jacksonville office arranged the loan. The Residences at Enso consists of nine, four-story buildings across 22 acres. Floor plans range from 669 square feet to 1,599 square feet. The …

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Potranco Commons
FinanceNewsTexas

Ladder Capital Provides $58.7 Million Loan for Refinancing of San Antonio Asset

by Channing Hamilton

SAN ANTONIO — New York City-based lender Ladder Capital has provided a $58.7 million bridge loan for the refinancing of Potranco Commons, a 360-unit community located in San Antonio’s Far West Side submarket.  Potranco Commons offers one-, two- and three-bedroom units that range from 541 to 1,355 square feet. The property comprises 15 three-story buildings. Roughly 40 percent of the units are reserved for renters earning 80 percent or less of the area median income. Amenities include a clubhouse, pool, fitness center, coffee bar, sand volleyball court, pet park, outdoor …

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Hillside Apartments
FinanceMidwestMissouriNews

Gantry Secures $10 Million Loan for Refinancing of Metro Kansas City Asset

by Channing Hamilton

INDEPENDENCE, MO. — Gantry has secured a $10 million loan for the refinancing of Hillside Apartments, a 108-unit property located at 111 Hillside Drive in Independence, 10 miles east of Kansas City. The garden-style community consists of 14 three-story buildings. The fully stabilized asset underwent a property-wide renovation. Mark Reichter and Alec Frook of Gantry arranged the financing on behalf of the borrower, a private real estate investor. Fannie Mae provided the seven-year, fixed-rate loan, which features an interest-only introductory period followed by a 30-year amortization.

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Stonington Village
ConnecticutDevelopmentFinanceNewsNortheast

READCO Secures $41.5 Million Construction Financing for Mixed-Use Project in Stonington, Connecticut

by Channing Hamilton

STONINGTON, CONN. — READCO has received $41.5 million in construction financing for Stonington Village, a 160-unit mixed-use development in Stonington, a town situated along the Long Island Sound in Connecticut’s New London County. Henry Schaffer and Madeline Joyce of JLL Capital Markets arranged the five-year, fixed-rate loan through Liberty Bank. Located at 85 Voluntown Rd., Stonington Village will feature six buildings. Units will come in studio, one-, two- and three-bedroom floor plans. Planned amenities include a clubhouse, pool and parking facilities. The project includes an affordable housing component. However, income …

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Justin Fossum
FinanceFloridaIndustry VoicesInvestment SalesNorth CarolinaSoutheastTennesseeTexas

Employment, Affordability and Growth Make These Sun Belt Markets Stand Out

by Channing Hamilton

By Justin Fossum, senior director of asset management, Hamilton Zanze In a period defined by shifting economic dynamics, demographic realignment and tightening capital markets, multifamily investors continue to seek clarity on where to find durable performance. While short-term volatility is likely to persist, certain metropolitan areas in the U.S. are demonstrating structural advantages that point to long-term outperformance. Austin, Texas; Charlotte, North Carolina; Nashville, Tennessee; and Tampa, Florida, stand out as four such markets. Each market benefits from a rare alignment of employment growth, business investment, in-migration and relative affordability, …

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