LOS ANGELES — Cronheim Mortgage has arranged $56 million in permanent financing for a three-property portfolio in Los Angeles. Andrew Stewart and Allison Villamagna of Cronheim secured the financing on behalf of the borrower, 4SITE Real Estate. Cronheim arranged $37 million, $10.9 million and $8.1 million in financing for the properties, respectively. The portfolio includes Barranca Los Angeles, 4Mica Apartments and Arroyo Los Angeles. Barranca Los Angeles totals 200 apartment units and offers amenities such as a pool, spa, gym, yoga studio, workspaces, outdoor garden terrace and BBQ area. 4Mica …
The combination of sustained job and population growth has put St. Charles County in the “Show-Me State” on the map and served as a catalyst for multifamily development. Buoyed by the presence of several multinational companies such as Amazon, General Motors and MasterCard, the county is home to several thriving suburbs northwest of St. Louis and posted a nearly 15 percent increase in population from 2010 to 2022. The number of residents rose from 360,485 to an estimated 413,803 during that period, according to the U.S. Census Bureau. St. Charles …
ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry …
LOS ANGELES — JLL Capital Markets has arranged $5.5 million in permanent, non-LIHTC Forward financing for Alvarado Apartments and Temple Apartments, two affordable housing complexes in Los Angeles. JLL worked on behalf of the borrower, Brilliant Corners, to secure the 15-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital. Anson Snyder led the JLL Capital Markets Debt Advisory team. Alvarado Apartments is located at 916 N. Alvarado Street and comprises 24 units. The 42-unit Temple Apartments is situated at 2812 W. Temple Street. Both communities …
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a high-rise project located at 255 E. 39th St. in the Murray Hill neighborhood of Manhattan. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. The building will rise 20 stories and will include 157 units, as well as 4,687 square feet of commercial space and an affordable housing component. The project …
Merchants Capital Provides $348 Million for Rehabilitation of Affordable Housing Complex in Brooklyn
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing community in Brooklyn. The financing complements a $635.6 million Permanent Affordability Commitment Together initiative from the New York City Housing Authority. The sponsor, a partnership consisting of BRP Cos., Fairstead and Urbane, will use the funds to renovate Reid Park Rock and deliver enhanced social services programs to the community. The partnership will also handle property management responsibilities. Reid Park Rock currently houses approximately 3,500 people …
WARWICK, R.I. — Fantini & Gorga, a mortgage banking firm headquartered near Boston, has arranged a $3.3 million bridge loan for a development project in Warwick. The site currently serves as a parking lot. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through an undisclosed, Connecticut-based bridge lender. The borrower, Skydra Development, plans to construct a four-story, 210-unit community on the site. The property will offer one- and two-bedroom apartments.
SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three properties in North Texas. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal. The interest-only loan carries a two-year term with two six-month extension options. One of the assets is located in Sherman, 65 miles north of Dallas. The other two are in Denison, 75 miles north of Dallas. All three properties were …
MIAMI — JLL Capital Markets has arranged $60.9 million in construction takeout refinancing for The Kavista, a 282-unit development within the El Portal neighborhood of Miami. JLL worked on behalf of the borrower, Barrington Brothers, to secure the two-year, floating rate loan through Värde Partners. Melissa Rose, Michael DiCosimo and Maddy McMillen led the JLL Capital Markets Debt Advisory Team. Upon completion in February of 2024, TheKavista will offer one-, two- and three-bedroom units, as well as amenities such as a pool, lounge, theater, fitness center and EV chargers. The building …
BONITA SPRINGS, FLA. — Madison Communities and Heitman have secured a $44 million construction loan for Madison Bonita Springs, a 252-unit project in the southwest Florida city of Bonita Springs. Patterson Real Estate Advisors arranged the funds through First Citizens Bank on behalf of the developers. BenCo is the general contractor. The development team plans to deliver the community by the end of 2025.