Finance

Sligo Apartments in Silver Spring, Maryland

Rental Income, NOI, Operating Expenses of LIHTC Properties Set Record, New Report Reveals

by Channing Hamilton November 27, 2023

SAN FRANCISCO — The net operating income (NOI) of properties financed by low-income housing tax credit (LIHTC) equity increased by 7.4 percent in 2022, according to a report from Novogradac, a San Francisco-based accounting firm focused on real estate and community development. The NOI at these properties surpassed the inflation rate, which was 6.8 percent from December 2021 to December 2022, as the nation emerged from the worst of the COVID-19 pandemic. The 2023 LIHTC and Operating Expenses Report — published by Novogradac — tracked data from more than 186,000 affordable housing …

November 27, 2023

Development Finance Investment Sales Market Reports Texas

San Antonio Adjusts to New Supply

by Channing Hamilton November 27, 2023

The apartment market in San Antonio today is a mixed bag. Like most Sun Belt metros, supply exceeds demand in Alamo City. While property managers are struggling to lease up their communities, investors are sitting on the sidelines until interest rates stabilize and the market starts absorbing units developed during the post-COVID building boom. On the plus side, population growth, a metric apartment investors prize because it feeds renter demand, is solid in San Antonio. In May, the U.S. Census Bureau ranked San Antonio the third fastest-growing city in the …

November 27, 2023

Finance New York News Northeast People News

Newmark Group Selects Sharon Karaffa as President of Multifamily Debt & Structured Finance

by Channing Hamilton November 27, 2023

NEW YORK CITY — Newmark Group has appointed Sharon Karaffa to the role of President of Multifamily Debt & Structured Finance. In this role, Karaffa will oversee all aspects of Multifamily Debt & Structured Finance, focusing on revenue growth, business development and client and lender relationships. She will lead Newmark Group’s Fannie Mae, Freddie Mac and FHA lending platforms. Karaffa is also responsible for developing synergies and cross-collaboration among Newmark’s Multifamily Capital Markets’ Investment Sales and Debt & Structured Finance teams. Prior to joining Newmark Group in 2017, Karaffa served as …

November 27, 2023

Finance Massachusetts News Northeast

Cottonwood Group Provides $240 Million in Financing for St. Regis Residences in Boston

by Channing Hamilton November 21, 2023

BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million in senior mortgage financing for the St. Regis Residences in Boston’s Seaport District. The borrower was Cronin Development. The high-rise development features 114 apartments across 22 stories. Amenities include a pool, spa, fitness center, lounge, concierge services and an onsite restaurant.

November 21, 2023

Finance New Jersey News Northeast

JLL Capital Markets Arranges $49.5 Million in Financing for Walnut Hill in Clark, New Jersey

by Channing Hamilton November 21, 2023

CLARK, N.J. — JLL Capital Markets has arranged $49.5 million in financing for Walnut Hill, a 177-unit complex in Clark, 23 miles southwest of New York City. An affiliate of Garden Communities was the borrower. Evan Pariser, Matthew Pizzolato and Jackie Ferrer led the Debt Advisory team that represented the borrower and negotiated the 10-year, fixed-rate loan from Nationwide. Recently completed in 2023, Walnut Hill comprises 240,000 square feet across a pair of four-story buildings. Of the total unit count, 28 are affordable. Income restrictions for these units were not disclosed. …

November 21, 2023

Features Finance Illinois Leasing & Marketing Midwest

Origin Investments: Annual Class-A Multifamily Rent Growth Will Return to Positive Territory by January 2025

by Channing Hamilton November 20, 2023

CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the …

November 20, 2023

Metronome at MidCity in Huntsville, Alabama

Alabama Development Finance Investment Sales Market Reports Southeast

Alabama: A Tale of Two Markets

by Channing Hamilton November 20, 2023

As secondary markets, the Huntsville, Birmingham and the Gulf Coast areas can’t lay claim to the dramatic population growth and major corporate relocations that have driven apartment demand in many neighboring Sun Belt cities. That, however, has not prevented some developers from rushing into Huntsville. As a result, that market, like many others, is adjusting to what is arguably too much new supply. Meanwhile, Birmingham is growing at a more measured pace. Those who invest in Alabama multifamily say the state may be close to attracting institutional investors’ attention because …

November 20, 2023

Finance Investment Sales News Northeast Washington, D.C.

FHFA Announces $70 Billion Loan Purchase Cap for Fannie Mae, Freddie Mac

by Channing Hamilton November 20, 2023

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. FHFA’s 2023 volume cap is $75 billion for each agency. Additionally, at least 50 percent of each enterprise’s multifamily business is required to be mission-driven affordable housing, which is unchanged from this year. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from …

November 20, 2023

Finance Indiana Midwest News Ohio Southeast Tennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton November 20, 2023

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …

November 20, 2023

Finance Florida News Southeast

Lument Provides $22.6 Million Fannie Mae Loan to Refinance Pinebrook Apartments in Jacksonville, Florida

by Channing Hamilton November 20, 2023

JACKSONVILLE, FLA. — Lument has provided a $22.6 million Fannie Mae loan to refinance Pinebrook Apartments, a 208-unit property in Jacksonville. Tim Stevens of CREFCO brokered the transaction. The loan features a 10-year year term with seven years of interest only payments and a 30-year amortization schedule. The financing originated in June 2021 as a Lument proprietary bridge loan through Lument’s Real Estate Investment Strategy group. Originally built in 1974, Pinebrook Apartments consists of 16 buildings on an 11.1-acre site. The garden-style community offers amenities such as a pool, fitness center, clubhouse, …

November 20, 2023

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