VALLEJO, CALIF. — Prime Residential has received a $91.5 million loan to refinance Blue Rock Village, a 560-unit property the company owns in Vallejo, 36 miles north of San Francisco. Walker & Dunlop’s Bryan Frazier and Blake Hockenbury arranged the 10-year, full-term interest-only loan at a fixed rate from Freddie Mac. Blue Rock Village was developed in two phases in the mid 1980s. The property consists of 41 buildings housing a total of 560 units, a leasing office, a fitness center and a maintenance building, all situated on about 36 …
Finance
Vanbarton Group Secures $250 Million Loan for Manhattan Multifamily Conversion Project
NEW YORK — Vanbarton Group has received $250 million in financing to convert the former Roman Catholic Archdiocese of New York headquarters into 420 multifamily units. Eldridge Real Estate Capital Management provided the acquisition and construction loan. The financing included the $103 million acquisition cost. CBRE’s Doug Middleton and Pierre Hills advised the archdiocese on the sale of the property, and Greenberg Traurig represented Vanbarton Group. The 20-story, approximately 400,000-square-foot building in the Sutton Place neighborhood had been the headquarters for the archdiocese since 1973 and was known as the …
Berkadia Arranges $107.3 Million Refinancing of Three Vintage Properties In Central Florida
ORLANDO, FLA. — Berkadia has arranged $107.3 million in debt to refinance a three-property, 944-unit portfolio owned by Tampa, Florida-based Robbins Property Associates. The assets are located in and around Orlando. Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Brad Williamson and Vice President Hugo Hernandez of Berkadia Boca Raton and Miami arranged the 10-year, fixed-rate Freddie Mac loan. The deal closed on June 30. The properties are the 460-unit Briarcrest at Winter Haven, built in 1972; Legend Oaks in Tampa with 416 units that was constructed in …
NEW YORK — KeyBank Community Development Lending and Investment (CDLI) has appointed Jon Burckin to senior business development banker on the equity distribution team. He is based in the firm’s New York City office and reports to Stacie Nekus, team leader for an equity growth initiative within CDLI. In this role, Burckin is responsible for raising capital and bringing in new investors for CDLI’s affordable housing equity syndication platform across the United States.
Moderno Development Group Locks in $117 Million Refinancing for Fort Lauderdale Project
FORT LAUDERDALE, FLA. — JLL has arranged a three-year, floating-rate $117 million loan for Miami-based Moderno Development Group. The borrower will use the loan to refinance construction debt for Rivr Lofts, a 352-unit property Moderno completed in November 2024. The name of the lending institution was not disclosed. Rivr Lofts in Fort Lauderdale is currently 65 percent leased and includes a mix of studios and one- and two-bedroom residences. Amenities include a rooftop pool and lounge with river, city and ocean views, a fitness center and 3,000 square feet of …
By John Nelson Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 …
SAYREVILLE, N.J. — JLL Capital Markets has arranged a $36 million construction loan on behalf of Kaplan Cos. The Highland Park, New Jersey-based, family-owned developer is using the loan to finance construction of Camelot on Main, a 142-unit property in Sayreville, about 34 miles south of Midtown Manhattan. Provident Bank provided the funds. Kaplan has already begun site work, having spent about $5 million on the project so far. Construction is slated for completion in 2027. Camelot on Main will feature 134 market-rate and eight affordable units within six buildings. …
Mirka Lands KeyBank Loans for Affordable Housing Development in Oceanside, California
OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have finalized $74.8 million in loans for Mirka Investment’s El Camino Real Apartments, which are being developed in Oceanside, about 38 miles north of San Diego. CDLI’s and CMG’s loans make up part of the $137.5 million total funding package that will enable the construction of the 111-unit affordable housing community reserved for renters earning between 30 and 80 percent of area median income (AMI). A completion date was not disclosed. CDLI provided a …
DENVER — JLL Capital Markets has arranged a $65.5 million construction loan on behalf of Formativ, a locally based investment and development firm that is building 3850 Blake, a 310-unit property in Denver’s River North (RiNo) district. Formativ broke ground on the 16-story affordable-housing property in June and estimates construction will be complete in the third quarter of 2027. Units will be offered as a mix of studios and one-bedroom floor plans and are rent capped for residents earning between 70 and 100 percent of area median income. Amenities include …
CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). Those figures are a sharp contrast from the first quarter of 2024 when deliveries (135,652) outstripped absorption (103,826). Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s …