CARMEL, IND. — CREC Real Estate has sold its stake in VER at Proscenium, a 196-unit community located at the intersection of Rangeline Road and West Carmel Drive in the Indianapolis suburb of Carmel. CREC Real Estate acquired the stake in 2019, prior to the project’s construction. VER at Proscenium was completed in 2021. The complex comprises four buildings and offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, pool, putting green, multi-sport virtual simulator and club area with a beer tap. The property also includes commercial space, …
NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in the New York City borough of The Bronx. The portfolio comprises 983 units across 18 buildings. The properties carry a range of income restrictions. The borrower is a joint venture consisting of The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. The joint venture will use the financing to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, …
BAYTOWN, TEXAS — Eastern Union has negotiated a $17.5 million loan to facilitate the acquisition of The Lakes at Madera, a 392-unit complex in Baytown, 26 miles east of Houston. Arbor Realty Trust provided the financing, which was a loan assumption that carried a three-year term, with an interest rate of 4.3 percent. Built in 1983, The Lakes at Madera comprises 22 two-story buildings situated on a 20-acre parcel. The apartment mix includes 242 one-bedroom units, 120 two-bedroom units and 30 three-bedroom units. The property was 92 percent occupied at the time of sale. The …
DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, a 282-unit property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital. The borrower was Greystar. Built at 1840 Market St. in 2022, The Fitzgerald rises 11 stories and offers studio, one- and two-bedroom units. Units feature stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Amenities include an indoor/outdoor …
Washington, D.C. — The Federal Housing Finance Agency (FHFA), the organization that regulates Fannie Mae and Freddie Mac, has set 2024 multifamily loan purchase caps for $70 billion for each enterprise for a combined total of $140 billion. FHFA will require that at least 50 percent of the enterprises’ multifamily businesses be mission-driven, affordable housing. Examples of “mission-driven” housing include loans on properties subsidized by the Low-Income Housing Tax Credit (LIHTC) program, loans on properties covered by a Section 8 Housing Assistance Payment contract where the contract limits tenant incomes …
LAS VEGAS — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS financing for the acquisition of Intrigue Apartments, a 193-unit workforce housing community in Las Vegas. David Bleiweiss originated the loan, which featured a seven-year term with four years of interest only followed by a 30-year amortization schedule. NewPoint provided the loan through Fannie Mae’s Sponsor-Dedicated Workforce (SDW) program. Through the SDW program, borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent …
SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for The Blairs, a five-property portfolio in downtown Silver Spring. The borrower, Tower Cos., will use the fixed-rate loan to refinance the portfolio, which comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are located within a master-planned community that Tower Cos. owns, and offer 1,396 units altogether. According to PGIM, The Blairs was the first residential campus to receive the LEED Gold certification for operations and maintenance.
DURHAM, N.C. — NewPoint Real Estate Capital has arranged a $58 million Freddie Mac conventional multifamily loan to refinance a community in North Carolina’s Research Triangle area. NewPoint’s Mike Ortlip originated the loan, which features a five-year, fixed-rate term with full interest-only payments. Situated just outside of Durham, the asset was developed in two phases and offers one-, two-, and three-bedroom units. Amenities include a pool, a fitness center, game room, business center, playground, pet park, grilling areas and a multi-sports court.
DALLAS — Dallas-based JLL Capital Markets has arranged more than $300 million in acquisition financing for a 10,000-pad portfolio of manufactured housing communities. The portfolio consists of over 40 assets — including manufactured housing, RV housing, apartments and single-family home sites — across six different states. Jody Thornton, Tony Nargi, Zach Koucos, Chris Collins, Jacob Martin and Jack Wood worked on behalf of the borrower to secure the loans. The borrower and communities were not disclosed.
With the official end of the health emergency in May, it would be natural to assume that multifamily assets are operating in a much-improved environment versus three years ago, when policy responses to the pandemic locked down the economy, curtailed new applications, restricted tours and halted evictions. That’s especially true because once shutdowns loosened, robust renter demand for apartments drove double-digit rent increases in late 2021 and early 2022. But it could be argued that multifamily property managers face as tough an operating environment today as they did in 2020 …