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.
UNIVERSITY PLACE, WASH. — Berkadia has negotiated $21.5 million in financing for the purchase of The Duo Apartments, a 104-unit complex in the Tacoma, Washington suburb of University Place. The Duo Apartments offers studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet in size. Amenities include a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad …
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $75.2 million in bridge financing for 210 Clarkson, a 165-unit community in the Prospect Lefferts Garden neighborhood of Brooklyn. The financing will be used to refinance existing construction debt for the borrower, a New York family office. Meir Kessner and David Eisen at Sevenstone Capital brokered the deal. Recently completed in 2023, 210 Clarkson offers 115 market-rate units and 50 affordable units, as well as 19,500 square feet of ground-floor retail space. Apartments come in …
HOUSTON — Palladium USA, in partnership with the Harris County Housing Finance Corp. (HCHFC), has broken ground on Palladium Houston Ella, a $35 million complex in northeast Houston. The community was designed by HEDK Architects. Brownstone Construction is the general contractor. Regions Bank provided $18 million of equity and Harris County provided $4.3 million in ARPA funding for the project. Situated at 13420 Ella Blvd., Palladium Houston Ella comprises 146 units on a 7-acre site. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, fitness center, …
BREMERTON, WASH. — JLL Capital Markets has brokered $79 million to refinance Marina Square, a 270-unit community in Bremerton, 16 miles across the Puget Sound from Seattle. JLL worked on behalf of the borrower, Sound West Group, to secure the five-year, floating-rate loan through TPG Real Estate Credit. Seth Heikkila, Tom Wilson and Steve Petrie led the JLL Capital Markets Debt Advisory team. Marina Square offers studio, one- and two-bedroom units. Amenities include a roof deck with water views, a clubroom with indoor and outdoor space, public plaza, kayak launch …
DALLAS — JLL Capital Markets has arranged the $175 million facility refinancing for a three-property, 882-unit portfolio. The borrower was an investment vehicle sponsored by Willow Bridge Property Co., a full service residential property company headquartered in Dallas. Andy Scott, Michael Cosby, Bo Beidleman and Ryan Pollack of JLL arranged the loan through Fannie Mae and closed on the five-year, fixed-rate initial tranche. The financing will be used to seed a larger programmatic financing vehicle, allowing for flexibility in future transactions.
LOS ANGELES AND SHREVEPORT, LA. — American South Fund Management (ASFM), a joint venture between SDS Capital Group and Vintage Realty, has closed its second real estate fund with $174 million in equity commitments. SDS Capital Group is a Los Angeles-based impact fund manager. Vintage Realty is a property developer and manager that is headquartered in Shreveport, Louisiana. ASFM’s fund will provide preferred equity and equity financing for affordable housing projects in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. The fund includes a $50 …
ELMWOOD PARK, N.J. — JLL Capital Markets has negotiated the $49 million capitalization for the second phase of Riverwalk, a four-phase master-planned development in Elmwood Park. Phase two of Riverwalk will comprise 150 units across two buildings, and is slated to deliver in the fourth quarter of 2024. At full build-out, the community will offer amenities such as a fitness center, outdoor pool deck, lounge and a business center. The property will also feature 15,000 square feet of retail space. JLL represented the borrower, Riverwalk, to secure the $32 million …
MILWAUKEE — JLL Capital Markets has arranged $98 million for the refinancing of Ascent MKE, a 25-story high-rise community in Milwaukee. JLL worked on behalf of the borrower, an affiliate of New Land Enterprises, to secure the three-year, floating-rate loan through Barings Real Estate. Tim Joyce, Trent Niederberger, Mike Brady, Ryan Sullivan and Michael Gurwin led the JLL Capital Markets Debt Advisory team. Ascent MKE was built in 2022. The property offers 259 units in one-, two- and three-bedroom layouts. Units average 1,055 square feet in size and include smart …
CLINTON TOWNSHIP, MICH. — BWE has secured $19.8 million in acquisition financing for a portfolio totaling 326 units in the Detroit suburb of Clinton Township. The portfolio consists of 13 low-rise buildings. The properties offer a mix of one- and two-bedroom units, as well as amenities like a pool, clubhouse, tennis court, on-site laundry and parking. Adam Gould of BWE’s Detroit office originated the value-add, non-recourse bridge loan, which features three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in …