Thursday, November 28, 2024
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Finance

This line graph shows the effective funds rate versus the inflation rate for the period from 2020 through Nov. 1 of this year. (Source: St. Louis Federal Reserve, Origin Investments)
FeaturesFinanceIllinoisMidwestNewsOperations

Origin Report: Variable-Rate Loans Reaching Maturity Will Spawn Unique Investment Opportunities in 2024

by Channing Hamilton

CHICAGO — An analysis from Origin Investments (Origin) predicts a tumultuous 2024, with concerns of a recession and elevated interest rates likely to continue. Despite this, the Chicago-based real estate fund manager expects next year to bring unique opportunities for multifamily investors to secure protected positions in the capital structure and enhance investment returns. “The volume of variable-rate bank loans — made when the Secured Overnight Financing Rate was 0 percent and the 10-year Treasury note yield was below two percent — coming due in 2024 will create a generational …

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42 West Broad Street in Mount Vernon, New York
FinanceNew YorkNewsNortheast

JLL Arranges $93 Million Loan to Refinance 42 West Broad Street in Mount Vernon, New York

by Channing Hamilton

MOUNT VERNON, N.Y. — JLL Capital Markets has arranged a 93 million loan to refinance 42 West Broad Street, a high-rise community in Mount Vernon. The borrower was a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. Kellogg Gaines and Geoff Goldstein led the JLL Debt Advisory team. Canadian institutional lender Otera Capital provided the loan. Situated in Mount Vernon’s Fleetwood neighborhood, 42 West Broad Street comprises 249 units across 16 stories. Units come in studio, one-, two- and three-bedroom …

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Woodmont Way at West Windsor in West Windsor, New Jersey
FinanceNew JerseyNewsNortheast

JLL Brokers Refinancing for 443-Unit Woodmont Way at West Windsor Near Trenton, New Jersey

by Channing Hamilton

WEST WINDSOR, N.J. — JLL Capital Markets has arranged permanent financing for Woodmont Way at West Windsor, a garden-style community in West Windsor, 12 miles northeast of Trenton, New Jersey. The borrower, Woodmont Properties, will use the funds to refinance the property. Thomas Didio, Thomas Didio Jr., Salvatore Buzzerio and Benjamin Morgenthal led the JLL Capital Markets Debt Advisory team, which represented Woodmont Properties in the transaction. Woodmont Way at West Windsor was built in 2022. The property comprises 443 units across 13 buildings. Units come in one-, two- and three-bedroom …

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Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Advantage Capital Provides Financing for Affordable Housing Development in South Hill, Virginia

by Channing Hamilton

SOUTH HILL, VA. — Advantage Capital has provided financing to construct Mecklenburg Manor, a 51-unit affordable housing community in South Hill, a rural town 80 miles south of Richmond. Mecklenburg Manor will comprise seven buildings. The complex will offer one-, two- and three-bedroom units to households earning between 40 and 60 percent of the area median income.  The company has partnered with Gateway Development Associates and NFP Affordable Housing Corp. to construct the community. Advantage Capital invested in the development through the Virginia Housing Opportunity Tax Credit program, which is …

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Randolph Perimeter in Sandy Springs, Georgia
DevelopmentFeaturesFinanceNewsNortheastOperationsWashington, D.C.

Legislation to Establish Workforce Housing Tax Credit Introduced in U.S. Congress

by Channing Hamilton

WASHINGTON, D.C. — Senate Finance Committee Chair Ronald Wyden (D-Ore.), Sen. Daniel Sullivan (R-Alaska) and U.S. Representatives James Panetta (D-Calif.) and Michael Carey (R-Ohio) have introduced the Workforce Housing Tax Credit Act into the U.S. House and Senate. The bipartisan proposal would establish a Workforce Housing Tax Credit (WHTC) that would complement the Low-Income Housing Tax Credit (LIHTC). The Workforce Housing Tax Credit Act would establish a public-private partnership that allows state housing agencies to issue credit allocations to developers through a competitive process. These credit allocations would then subsequently …

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FinanceFloridaNewsSoutheast

Greystone Provides $22 Million to Refinance Three Communities in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Greystone has provided a total of $22 million to refinance three communities in Tampa. The loans feature a private-label offering and carry five-year terms with fixed rates and 30-year amortizations, including interest-only payments for periods ranging one to five years. Anthony Cristi, managing director at Greystone, originated the financing. The properties include: the 33-unit Palms at Humphrey; the 36-unit Oaks at University; and the 95-unit Uptown Gardens.

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Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

Stryant Investments to Redevelop Historic Atlanta Motel into 54-Unit Affordable Housing Community

by Channing Hamilton

ATLANTA — Stryant Investments has broken ground on Ralph David House, an adaptive-reuse development that converts a former motel in Atlanta’s Reynoldstown neighborhood into 54 units of permanent supportive housing. The community will be affordable to households earning at or below 30 percent of the area median income. Rents and utility costs combined will also be capped at 30 percent of each tenant’s income. The complex is slated to open in the fall of 2024.  Atlanta Beltline Inc. invested $550,000 into the project through the BeltLine’s TAD Increment Fund, which …

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The Valencia Apartments in Phoenix
ArizonaFinanceNewsWestern

JLL Capital Markets Arranges $10.7 Million to Refinance The Valencia Apartments in Phoenix

by Channing Hamilton

PHOENIX — JLL Capital Markets has arranged a $10.7 million loan to refinance of The Valencia Apartments, a garden-style community in Phoenix. The borrower was CALCAP Advisors. Built in 1983, The Valencia Apartments offers 127 units across two stories. The property was recently renovated with updates to unit fixtures, hardware, exteriors and common areas. Amenities include two pools, a sundeck and covered parking. JLL worked on behalf of the borrower to secure the fixed-rate, five-year Fannie Mae loan. Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt …

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Audubon Estates in Alexandria, Virginia
FinanceNewsSoutheastVirginia

JLL Negotiates Refinancing for 700-Site Manufactured Housing Community in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — JLL Capital Markets has arranged the refinancing for Audubon Estates, a 700-site manufactured housing community in the Washington, D.C. suburb of Alexandria. JLL worked on behalf of the borrower, Hometown America, to secure the seven-year, fixed-rate loan through Freddie Mac. Zach Koucos, Chris Collins and Bharat Madan led the JLL Capital Markets Debt Advisory team. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the financing. Audubon Estates was built in 1972 at 7930 Audubon Ave. According to JLL, the property was 100 percent occupied at the time …

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55 Hudson in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Tishman Speyer Secures $300 Million to Construct 58-Story 55 Hudson in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Tishman Speyer has received a $300 million construction loan through Otera Capital for 55 Hudson, a 58-story tower in Jersey City. The property will be located along the Hudson River in the city’s Paulus Hook neighborhood. The building will offer 1,017 units, as well as 75,000 square feet of amenities and 60,000 square feet of retail and restaurant space. Units will come in one-, two- and three-bedroom floor plans. Tishman Speyer plans to break ground on the project in December. Construction is expected to complete in early …

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