Finance

Affinius Capital Provides $75 Million Refinancing for Solesta SeaSide in Dania Beach, Florida

by Channing Hamilton November 27, 2024

DANIA BEACH, FLA. — Affinius Capital has provided a $75 million loan for the refinancing of Soleste SeaSide, a 340-unit property located at 4 N. Federal Highway in Dania Beach, about five miles south of Fort Lauderdale, Florida. Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop arranged the financing on behalf of the borrower, The Estate Cos. Soleste SeaSide rises eight stories and offers a mix of studio, one-, two- and three-bedroom apartments. The property also features parking, a health club with a yoga/spin room, 12,800 square …

November 27, 2024

Finance Investment Sales News Southeast Virginia

Berkadia Provides $37 Million Acquisition Loan for Commonwealth Apartments in Richmond Suburb

by Channing Hamilton November 26, 2024

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit community located at 5401 Commonwealth Centre Parkway in Midlothian, 15 miles west of Richmond, Virginia. The property was built in 2022 and features a gaming lounge and fitness center, among other amenities. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the agency loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns …

November 26, 2024

Affordable Housing California Finance News Western

Nuveen Real Estate Receives $400 Million from CalPERS for Affordable Housing Fund

by Channing Hamilton November 26, 2024

SACRAMENTO, CALIF. — Nuveen Real Estate has received an allocation of $400 million from the California Public Employees Retirement System (CalPERS) for the company’s Nuveen Real Estate U.S. Affordable Housing Fund. Nuveen states that the fund, which launched in 2023, aims to preserve housing for renters earning less than 80 percent of the area median income (AMI), with a concentration of households earning less than 60 percent of AMI. This allocation follows CalPERS’ previous $100 million investment to the fund in June 2024, bringing CalPERS’ total commitment to the fund …

November 26, 2024

Finance News South Carolina Southeast

Greystone Provides $26 Million Refinancing for Reserve at Ridgewood in Myrtle Beach, South Carolina

by Channing Hamilton November 26, 2024

MYRTLE BEACH, S.C. — Greystone has provided a $26 million Freddie Mac loan to Eskay Management for the refinancing of Reserve at Ridgewood, a 180-unit asset in Myrtle Beach. The non-recourse, fixed-rate loan features a five-year term and 30-year amortization, with interest-only payments for the first two years of the term. Avi Kozlowski of Greystone originated the financing on behalf of the borrower. Reserve at Ridgewood was originally constructed in 1998. The garden-style community consists of 15 residential buildings. Units come in two- and three-bedroom layouts. Tenants have access to …

November 26, 2024

Slate at Fishers District in Indianapolis

Development Finance Indiana Investment Sales Market Reports Midwest

Indianapolis Employment Growth Leads to Spike in Renter Demand

by Channing Hamilton November 22, 2024

Known as the crossroads of America, Indianapolis offers a unique intersection of affordability, industry and Midwestern charm. According to research from Indiana University’s Kelley School of Business, 2.14 million people — or nearly one out of every three Hoosiers — lives in the Indianapolis metro region. Indianapolis’ growth rate last year outpaced Cincinnati, Louisville, Kentucky, Cleveland, Detroit and Chicago. It’s not hard to see why, especially when looking at the economic opportunities within the region and the state as a whole. Several Fortune 500 companies, such as Eli Lilly, the …

November 22, 2024

Development Finance Florida News Southeast

Clearline Real Estate Receives $94.5 Million in Construction Financing for 24-Story Tower in Miami

by Channing Hamilton November 21, 2024

MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …

November 21, 2024

Affordable Housing Finance News Northeast Operations Washington, D.C.

FHFA Increases Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by Channing Hamilton November 20, 2024

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …

November 20, 2024

Finance Industry Voices Investment Sales Southeast

Why Deal Flow Will Pick Up in the Southeast in 2025

by Channing Hamilton November 20, 2024

All the talk in multifamily circles in 2023 and throughout 2024 has been about the impending “maturity wall” of loans set to expire. This wall, many have said, would stir up a wave of distress that would create “generational buying opportunities” from the fallout of the overleveraged, floating-rate acquisitions and new developments delivered at the top of the market. How has that played out? Buying opportunities haven’t yet materialized, and the multifamily investment sales market remains flatlined. How can that be given the record number of trades at the top …

November 20, 2024

Affordable Housing Development Finance Georgia News Southeast

Advantage Capital Provides $53 Million in Financing for Three Affordable Housing Projects in Metro Atlanta

by Channing Hamilton November 19, 2024

ATLANTA AND LAWRENCEVILLE, GA. — Advantage Capital has leveraged roughly $53 million in state Low-Income Housing Tax Credits to finance the development of three communities in the Atlanta metropolitan area. The properties total 623 apartments, which will be available to families and seniors earning at or below the area median income. Zimmerman Properties will use the financing to develop The Flats at Stone Hogan, a $99.9 million, 256-unit project, and The Villas at Stone Hogan, a $68.9 million, 192-unit complex for seniors over the age of 55. Both properties are …

November 19, 2024

Soleste NoMi Beach in North Miami Beach, Florida

Finance Florida News Southeast

The Estate Cos. Secures $110 Million Refinancing for Soleste NoMi Beach in Miami Suburb

by Channing Hamilton November 19, 2024

NORTH MIAMI BEACH, FLA. — Miami-based developer The Estate Cos. has received a $110 million loan for the refinancing of Soleste NoMi Beach, a 367-unit community in North Miami Beach, roughly 17 miles north of Miami. Brian Gaswirth, Paul Adams and Val McWilliams of JLL Capital Markets arranged the floating-rate loan through Ares Management Corp. Located at 16395 Biscayne Blvd., Soleste NoMi Beach rises 22 stories. The building houses a mix of one-, two- and three-bedroom apartment units with an average size of 914 square feet. Residents have access to amenities such as a …

November 19, 2024

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