Tuesday, November 26, 2024
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2125 N Davidson in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

JLL Arranges $132.9 Million in Financing for 389-Unit Development in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C — JLL has arranged a total of $132.9 million in construction financing for a 389-unit project located at 2125 N Davidson in Charlotte’s Mill District. Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL brokered a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender.  2125 N Davidson will offer studio, one-, two- and three-bedroom units with an average size of 762 square feet. …

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FinanceInvestment SalesNew YorkNewsNortheast

Derby Copeland Provides $20.8 Million in Acquisition Loans for Two Buildings in Manhattan

by Channing Hamilton

NEW YORK CITY — Locally-based lending and investment company Derby Copeland Capital has provided two acquisition loans totaling $20.8 million for a pair of buildings in the New York City borough of Manhattan. The undisclosed borrower plans to use portions of the proceeds to fund capital improvements. In the first transaction, Derby Capital provided $17 million for a building comprising 31 units and ground-floor retail space in the East Village. In the second deal, the firm provided $3.8 million for a 20-unit building in Manhattan’s Rose Hill neighborhood.

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FinanceInvestment SalesNewsTexas

Marcus & Millichap Capital Corp. Arranges $23 Million Acquisition Loan for Maravilla in Dallas

by Channing Hamilton

DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $23 million acquisition loan for Maravilla, a 310-unit community in northwest Dallas. Ralph Rader of MMCC arranged the 10-year, fixed-rate loan on behalf of the buyer, a partnership led by Granite Towers Equity Group. According to Apartments.com, the property was built in 1967 and offers studio, one-, two- and three-bedroom floor plans. Units range in size from 450 to 1,350 square feet. Amenities include multiple pools, a clubhouse, pet park, playground, soccer field and outdoor grilling and dining stations. …

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Robert Kaplan of Cushman & Wakefield
DevelopmentFinanceFloridaIndustry VoicesInvestment SalesSoutheast

Miami Market Deep Dive with Cushman & Wakefield’s Robert Kaplan

by Channing Hamilton

Miami is bolstered by a strong tourism sector and population growth, but how has the market fared through the economic tumult of 2023? Multifamily & Affordable Housing Business (MAHB) recently interviewed Robert Kaplan, executive managing director at Cushman & Wakefield, about the state of the market. Kaplan and his team are the newest members of Cushman & Wakefield’s Equity, Debt & Structured Finance group, which provides a full-spectrum financial services platform to both domestic and international clients. MAHB: Can you contrast the differences in multifamily transactions in Miami between 2023 and 2022? Kaplan: …

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Affordable HousingFinanceGeorgiaNewsSoutheast

BWE Originates $14.2 Million Freddie Mac Loan for Villages at Carver in Atlanta

by Channing Hamilton

ATLANTA — BWE has originated a $14.2 million Freddie Mac Forward tax-exempt loan for Villages at Carver, a 220-unit mixed-income community in Atlanta. The borrower was not disclosed. The loan will be used to fund renovations and permanent financing for the garden-style community. The loan features an 18-year fixed rate with two years of interest-only payments and has a 40-year amortization. As part of the recapitalization of the property, the Georgia Department of Housing and Community Affairs also allocated new four percent Low-Income Housing Tax Credits. Villages at Carver is …

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CaliforniaFinanceNewsWestern

Colliers Arranges $27.8 Million to Refinance Edgeway in Bellflower, California

by Channing Hamilton

BELLFLOWER, CALIF. — The Colliers Structured Finance Group (SFG) has negotiated a $27.8 million Fannie Mae loan for the refinancing of Edgeway, a 91-unit complex in the Los Angeles suburb of Bellflower. Jonathan Lee, Bill Hyatt and Shahin Yazdi of Colliers SFG arranged the loan, which is priced at 5.5 percent for five years. The borrower was Serrano Development Group. Built in 2023, Edgeway offers one-, two- and three-bedroom apartments with quartz countertops, in-unit washers and dryers, stainless steel appliances and private balconies. Community amenities include a pool, spa and …

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J.G. Whittier in Seattle
FinanceNewsWashingtonWestern

JLL Capital Markets Arranges $11.9 Million Refinance of J.G. Whittier in Seattle

by Channing Hamilton

SEATTLE — JLL Capital Markets has brokered $11.9 million to refinance J.G. Whittier, a 54-unit community in Seattle’s Ballard neighborhood. JLL worked on behalf of the borrower, FFV Crown Hill LLC, to secure the five-year, fixed-rate loan through National Life Group. Seth Heikkila and Steve Petrie led the JLL Capital Markets Debt Advisory team. Recently built in 2023, J.G. Whittier offers studio, one- and two-bedroom units. Amenities include a rooftop pet play area, rooftop deck with green space, fireplace lobby and lounge, media room, EV charging stations and business center. The …

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FinanceMichiganMidwestNews

JLL Capital Markets Arranges $30 Million to Refinance Two Communities in Michigan

by Channing Hamilton

PORTAGE AND MT. PLEASANT, MICH. — JLL Capital Markets has negotiated $30 million to refinance Davis Creek Apartments and Canterbury East in Michigan. JLL represented the borrower, The Millennia Cos., to secure the loan through Citigroup Inc. Jillian Mariutti and Alex Staikos led the JLL Capital Markets Debt Advisory team. Situated at 5419 Meredith Street in Portage, Davis Creek Apartments was built in 1969 and renovated in 2013. The property comprises a total of 407 apartments, including 33 studios, 276 one-bedroom and 98 two-bedroom units. Amenities include two enclosed dog parks, …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $8.5 Million to Refinance 334-Unit Property Near Detroit

by Channing Hamilton

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan to refinance a 334-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and David Ruff of BFG negotiated the loan through Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.

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FinanceInvestment SalesNewsTexas

Colliers Mortgage Provides Acquisition Loan for Northwood Apartment Homes in Fort Worth

by Channing Hamilton

FORT WORTH, TEXAS — Colliers Mortgage has provided financing for the acquisition of Northwood Apartment Homes, a 100-unit community in Fort Worth. Fritz Waldvogel of Colliers Mortgage originated the five-year Fannie Mae loan through a partnership with Old Capital Lending. The borrower was not disclosed. Northwood Apartment Homes was built in 1972. The property comprises six two-story buildings and one clubhouse, as well as onsite laundry facilities and outdoor grilling and dining stations.

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