Finance

Lofts-at-1835-Arch-Philadelphia
FinanceInvestment SalesNewsNortheastPennsylvania

GY Properties Obtains $44 Million Fannie Mae Acquisition Loan for Philadelphia’s The Loft at 1835 Arch

by Lynn Peisner

PHILADELPHIA — Walker & Dunlop has arranged a $44 million Fannie Mae acquisition loan for GY Properties’ purchase of The Lofts at 1835 in Philadelphia. The sale was first announced in November. Originally built in 1928 and redeveloped in 2000, the 17-story, 191-unit building was sold by Brookfield Properties and acquired by an affiliate of locally based GY Properties, which owns a portfolio of assets concentrated in the Mid-Atlantic. According to the Philadelphia Business Journal, the total acquisition cost was $60 million. The new ownership plans to add units to …

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Willow-Glen-Illinois
FinanceIllinoisMidwestNews

The Lynd Group Secures $66 Million Refinancing for Willow Glen in Chicago Suburbs

by Lynn Peisner

WILLOW GLEN, ILL. — The Lynd Group has secured a $66 million refinancing for Willow Glen, a 224-unit community in the Chicago suburb of Willow Glen. The refinancing repays the project’s construction loan and replaces it with a new financing package consisting of a $58 million Barclays-originated CMBS senior loan and an $8 million mezzanine loan provided by Ghisallo Capital. Lynd Development, in partnership with West Point Builders, built the project, which opened in 2023.  Willow Glen consists of 188 apartment units and 36 three-story townhomes. Amenities include a clubhouse …

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Residences-at-Prairiefire-Overland-Park
FinanceInvestment SalesKansasMidwestMissouriNews

Northmarq Arranges $65.7 Million Loan for Acquisition of Residences at Prairiefire in Overland Park, Kansas

by Lynn Peisner

OVERLAND PARK, KAN. — Northmarq has arranged a $65.7 million Freddie Mac acquisition loan for sponsor Price Brothers. The locally based owner/operator has acquired Residences at Prairiefire, a 426-unit community that was built in 2014. Neither a total purchase price nor a seller’s name was disclosed. Units are offered as one-, two- and three-bedroom floor plans. Amenities include a cyber café, business center, a pool and poolside lounge with a TV, outdoor kitchen space, a car-care center and package management services. The community is located in the Prairiefire mixed-used district …

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KeyBank-SLC
Affordable HousingDevelopmentFinanceNewsUtahWestern

KeyBank Secures $43.3 Million for Two Salt Lake City Affordable Housing Developments

by Lynn Peisner

SALT LAKE CITY — KeyBank has secured $43.3 million in financing on behalf of the Housing Authority of Salt Lake City for a redevelopment and an adjacent ground-up affordable housing construction project. The projects include Sunrise Metro, a renovation of an existing 100-unit, four-story structure with the addition of 18 new units to the second floor, and Atkinson Stacks, a 100-unit new-construction building. KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie …

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Belvedere-Place-Baltimore
Affordable HousingDevelopmentFinanceMarylandNewsNortheast

WinnDevelopment Begins Construction of $44 Million Affordable Housing Community in Baltimore

by Lynn Peisner

BALTIMORE — WinnDevelopment, along with nonprofit partners BRIDGES Community Development Corp. and Bon Secours Unity Properties, have secured financing for the $44 million Residences at Belvedere Place in northwest Baltimore. The development includes 83 units of affordable housing as well as 8,442 square feet of commercial space. Financing partners for the project include the Maryland Department of Housing & Community Development (MD-DHCD), which delivered Low-Income Housing Tax Credits (LIHTC), tax-exempt bond financing and a subordinate loan; the City of Baltimore, which provided additional gap financing; Bank of America, which is …

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One-West-End-Charlotte
FinanceNewsNorth CarolinaSouth CarolinaSoutheast

Gordon Capital Secures Loans for Two Townhome Communities in the Carolinas

by Lynn Peisner

CHARLOTTE, N.C. and GREENVILLE, S.C. — Walker & Dunlop has arranged $47.8 million in bridge refinancings for two townhome rental communities in North Carolina and South Carolina. Michael Stepniewski, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Brown, Edward Leboyer and Nicholas Gilhooley arranged two floating-rate, interest-only loans provided by ACRES Capital on behalf of borrower Gordon Road Capital. The properties include One West End, an 86-unit community at 2701 Rozzelles Ferry Road in Charlotte and Maybrook Terraces, a 50-unit community located at 206 N. Leach St. in Greenville.

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Fletcher-Southlands-Aurora
ColoradoFinanceInvestment SalesNewsWestern

Kennedy Wilson Buys The Fletcher Southlands in Aurora, Colorado, for $94.8 Million, Secures $61.8 Million Acquisition Loan

by Lynn Peisner

AURORA, COLO. — Kennedy Wilson (NYSE: KW) has acquired The Fletcher Southlands in Aurora’s Southlands submarket for approximately $94.8 million from CBRE Global Investors. JLL Capital Markets has arranged a $61.8 million Freddie Mac acquisition loan for Kennedy Wilson. The Fletcher Southlands, located at 22959 E. Smoky Hill Road, was built in 2001 on a 23-acre site and features one- to four-bedroom units and amenities that include a pool and hot tub, fitness and business centers, a gaming area, covered parking, a dog park, package lockers, grills, valet trash services, …

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Element-Collective-Madison
Affordable HousingDevelopmentFinanceIndianaMichiganMidwestNewsWisconsin

Cinnaire Closes on $134 Million LIHTC Fund Backing 12 Affordable Housing Developments

by Lynn Peisner

LANSING, MICH. — Cinnaire, a Lansing-based affordable housing investment nonprofit, has closed a $134 million Low-Income Housing Tax Credit (LIHTC) fund that will finance 12 affordable housing developments in five states. Examples of the new construction and redevelopment projects that Fund 44 will support include: Chamberlain House. A new-construction, 40-unit development in Rochester, Indiana. The developer is Housing Directions and Village Management Co. East Bay Flats. An acquisition-rehabilitation project in Traverse City, Michigan, this 64-unit community will support individuals who are at risk of homelessness. On-site supportive services, including substance-use …

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The-FInch-Hoschton
FinanceGeorgiaNewsSoutheast

Ares Real Estate Secures $109 Million ReFi for Two North Atlanta Assets

by Lynn Peisner

ACWORTH, HOSCHTON, GA. — Newmark has arranged a $109.5 million loan for Ares Real Estate to refinance two Atlanta-area assets. ACORE Capital was the lender, with Jordan Roeschlaub, Nick Scribani, Chris Kramer and Sam Speciale leading Newmark’s team. The two properties are The Knox in Acworth and The Finch in Hoschton, delivered in late 2023 and early 2024 respectively and comprising 638 units. Both offer resort-style pools, fitness centers, resident lounges and media rooms and outdoor gathering areas.

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Dan-McGue-Coldwell-Banker
CaliforniaFinanceIndustry VoicesInvestment SalesOperationsWestern

Why Renter Demand Is Surging Across the San Francisco Bay Area

by Lynn Peisner

After several years of uncertainty, the San Francisco metro area multifamily housing market is showing clear signs of recovery. The first half of 2025 brought the largest expansion in multifamily demand in years. The 12-month trailing absorption surged to 3,700 units as of the third quarter, one of the highest levels in a decade. Vacancy rates have dropped to 5.1 percent, the lowest since 2014, and apartment rents are up 5.6 percent, placing San Francisco among the top metros in the nation for rent growth. Although sale prices had remained …

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