Finance

Kingsley Apartments in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

Colliers Mortgage Negotiates $24.4 Million Construction Financing for Affordable Housing Property in Los Angeles

by Channing Hamilton

LOS ANGELES — The Los Angeles Colliers Mortgage Structured Finance Group has arranged a $24.4 million construction loan for Kingsley Apartments, a 136-unit affordable housing development in the Koreatown neighborhood of Los Angeles. Once completed, Kingsley Apartments will comprise 72,800 square feet. The community will offer studio and one-bedroom floor plans. Units will be available to residents earning up to 80 percent of the area median income. The undisclosed borrower plans to break ground on the project in June 2024. Jonathan Lee, Shahin Yazdi, William Hyatt and Tommy Adelson of …

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CaliforniaFinanceNewsWestern

JLL Capital Markets Arranges $2.5 Million Refinancing for The Madison Apartments in San Diego

by Channing Hamilton

SAN DIEGO — JLL Capital Markets has arranged a $2.5 million refinancing for The Madison Apartments, a 12-unit community in the East County neighborhood of San Diego. JLL placed the three-year, fixed-rate loan with a regional bank. The borrower was Pace Properties. Chris Collins and Emily Pohlman led the JLL Capital Markets Debt Advisory team. The Madison Apartments is situated at 5074-5084 Madison Ave. The community consists of eight two-bedroom apartments and four accessory dwelling units that are studios with loft space. All units feature recently renovated kitchens, bathrooms and …

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Serena Vista Apartments in Fountain Valley, California
CaliforniaFinanceNewsWestern

Northmarq Provides $60 Million Refinancing for Two Properties in Orange County, California

by Channing Hamilton

FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to facilitate the refinancing of two communities in Orange County. Northmarq provided $40 million for the refinancing of Serena Vista Apartments, which was built in Fountain Valley in 1970. The company also provided $20 million for Villa del Sur in Santa Ana, which was constructed in 1969. The two properties total 284 units in one- and two-bedroom floor plans. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Debt + Equity team in Newport Beach …

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FinanceMassachusettsNewsNortheast

KeyBank Provides $24 Million Agency Loan for Refinancing of Pine Brook Place in Haverhill, Massachusetts

by Channing Hamilton

HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac agency loan for the refinancing of Pine Brook Place, a 240-unit complex located in the northern Boston suburb of Haverhill. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co. Pine Brook Place was built on nine acres in 1974. The property offers studio, one- and two-bedroom apartments across 10 buildings. Community amenities include a pool, courtyard and onsite laundry facilities.

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The Clarendon Apartments in Los Angeles
CaliforniaFinanceNewsWestern

Gortikov Capital Arranges $101 Million Refinancing for The Clarendon in Los Angeles

by Channing Hamilton

LOS ANGELES — Santa Monica-based Gortikov Capital has negotiated a $101 million loan for the refinancing of The Clarendon, a 335-unit property in the Woodland Hills neighborhood of Los Angeles. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund. The borrower was AMCAL Housing, a developer headquartered in Agoura Hills, California. The Clarendon was built in 2020. The community offers studio, one-, two-, three-bedroom floor plans. Apartments feature in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry …

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Panelists at the “Who is building, developing and investing in the Southeast?” panel at InterFace Affordable Housing Southeast
Affordable HousingDevelopmentFeaturesFinance

InterFace Panel: Workforce Housing Growth Limited by Lack of Incentives for Developers, Investors

by Channing Hamilton

ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically, this means there is a large market to serve by building workforce housing communities. However, while some …

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Affordable HousingDevelopmentFinanceNews

MassDevelopment Provides $21.8 Million in Bond Financing for Affordable Housing Project in Boston

by Channing Hamilton

BOSTON — MassDevelopment has provided $21.8 million in tax-exempt bond financing for a 63-unit affordable housing project current underway in Boston’s Hyde Park neighborhood. The borrower and developer is an affiliate of B’nai B’rith Housing. Eastern Bank purchased the bond. The Massachusetts Executive Office of Housing & Livable Communities provided $16.1 million in tax credit equity for the project. The development will offer one-bedroom apartments for households earning 30, 50 or 60 percent or less of the area median income.

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BerkadiaDevelopmentFinanceFloridaNewsSoutheast

Berkadia Arranges $97 Million Construction Loan for The Carlton at Robinson Gateway in Palmetto, Florida

by Channing Hamilton

PALMETTO, FLA. — Berkadia has negotiated a $97 million construction loan for The Carlton at Robinson Gateway, a 610-unit development in Palmetto. Mitch Sinberg, Bryan Brown, Matt Robbins, Scott Wadler and Brad Williamson of Berkadia arranged the financing through Goldman Sachs Private Bank, a division within its Wealth Management platform. The Mahaffey Apartment Co., the borrower and developer, expects to break ground on the community this summer. Esterline Construction is the general contractor on the project. The Carlton at Robinson Gateway will offer one-, two- and three-bedroom units ranging from …

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The Arcadian in Fort Lauderdale, Florida
Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Centennial Bank Provides $84.4 Million Construction Loan for Affordable Housing Project in Fort Lauderdale, Florida

by Channing Hamilton

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan to facilitate the construction of The Arcadian, an affordable housing development located in the Sistrunk District of Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila LLC, was the borrower and developer.  Situated at 640 NW 7th Avenue, The Arcadian will comprise 478 apartments. The property also includes 15,000 square feet of ground-floor retail and a 212,000-square-foot parking garage. Units will be available to households earning between 100 and …

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Annual Absorption and Deliveries in Philadelphia Apartment Market (2016-2023)
DevelopmentFinanceInvestment SalesMarket ReportsNortheastPennsylvania

A Tale of Two Multifamily Markets in Philadelphia

by Channing Hamilton

Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.)  Historically, investors also haven’t differentiated between suburban Philadelphia, namely …

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