Finance

1617 Sherman in Madison, Wisconsin
DevelopmentFinanceMidwestNewsWisconsin

Vermilion Development, Quartz Lake Capital Secure $95 Million Debt and Equity Financing for 309-Unit Project in Madison, Wisconsin

by Channing Hamilton

MADISON, WIS. — A joint venture between Vermilion Development and Quartz Lake Capital has secured $95 million in debt and equity financing for a 309-unit development located at 1617 Sherman Ave. in Madison. JLL Capital Markets negotiated $33.3 million in joint venture equity for the project through Clarion Partners. 1617 Sherman will comprise six buildings featuring apartments and townhome-style units. The average unit size is 793 square feet. Community amenities will include a fitness center, bike storage, pet spa, coworking space, breakout rooms, community garden and a rooftop terrace featuring …

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Metro Austin Construction, Vacancy, Rent Growth Trends
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsTexas

Austin Investors Feel Pains of Overbuilding

by Channing Hamilton

Austin has distinguished itself as one of the youngest markets in the nation, with a large portion of its population falling within the working-age bracket. Notably, individuals ages 25 to 34 comprise the largest segment of residents, making rental housing pivotal to support this demographic.  Population growth was exacerbated during the COVID pandemic and in the years immediately following. Within a short timeframe, Austin experienced a substantial influx of residents, driven partly by the relocation of numerous well-known companies, such as Oracle, Google and Tesla.  These organizations moved out of …

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CaliforniaCompany NewsFinanceNewsWestern

Lument Enters into Partnership with Arcus Harbor Real Estate Capital

by Channing Hamilton

NEWPORT BEACH, CALIF. — Lument, a subsidiary of ORIX Corp. USA, has entered into an exclusive correspondent relationship with Newport Beach-based capital advisory firm Arcus Harbor Real Estate Capital. A correspondent relationship is when a company agrees to use one particular lender to process and close a particular product. Under the terms of the agreement, Arcus Harbor Real Estate Capital will refer all Fannie Mae, Freddie Mac and FHA loans the firm originates to Lument for underwriting, processing and closing. Lument will also have the opportunity to provide balance sheet and other non-agency loans …

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FinanceMidwestNewsOhio

Colliers Mortgage Secures Refinancing of Three-Property Portfolio in Cincinnati, Ohio

by Channing Hamilton

CINCINNATI, OHIO — Colliers Mortgage has closed a Fannie Mae loan to refinance a portfolio of three properties in Cincinnati, Ohio. The portfolio consists of: Jadaro (54 units); Werk (18 units); and Broadwell (16 units). All three communities have undergone extensive unit renovations and exterior and interior refurbishments since 2021. Zach Shope of Colliers Mortgage’s Atlanta office arranged the financing. The loan carries a 10-year term.

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Harrington Square in Leland, North Carolina
FinanceNewsNorth CarolinaSoutheast

JLL Capital Markets Arranges $50 Million Refinancing for Harrington Square in Leland, North Carolina

by Channing Hamilton

LELAND, N.C. — JLL Capital Markets has secured a $50 million bridge loan for the refinancing of Harrington Square, a 349-unit complex located in the Wilmington, North Carolina suburb of Leland. JLL worked on behalf of Latitude Management Real Estate Holdings to secure the four-year, floating-rate bridge loan from Bridge Investment Group Holdings Inc. Brian Halpern, Jeff Sause, Ward Smith, Jason Rosin and Jalynn Borders led the JLL Capital Markets Debt Advisory team. Harrington Square was built in two phases. Completed in 2018, the first phase included 189 apartments, as …

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Affordable HousingDevelopmentFinanceMichiganMidwestNews

Greystone Provides Construction Financing for $45 Million Corners Crossing in Traverse City, Michigan

by Channing Hamilton

TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …

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The investment panel at InterFace Carolinas Multifamily 2024
Conference CoverageFeaturesFinanceInvestment SalesNorth CarolinaSouth CarolinaSoutheast

Investors Need to Capitalize on ‘Golden Window’ to Buy Below Replacement Cost, Say InterFace Panelists

by Channing Hamilton

The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below …

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FinanceNewsTexas

Greystone Provides $74.6 Million Refinancing for Shannon Creek Apartments in Burleson, Texas

by Channing Hamilton

BURLESON, TEXAS — Greystone has provided a $74.6 million Fannie Mae agency loan for the refinancing of Shannon Creek Apartments, a 672-unit asset in Burleson, approximately 16 miles south of Fort Worth. Avi Kozlowski of Greystone originated the nonrecourse, fixed-rate loan, which carries a five-year term, a 30-year amortization schedule and full-term interest-only payments. The borrower was not disclosed. Shannon Creek Apartments was completed in 2023. The property comprises 24 buildings. Units come in one- and two-bedroom floor plans. Community amenities include a pool, fitness center, business center, game/media room, …

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FinanceInvestment SalesMarylandNewsNortheast

Greystone, Cushman & Wakefield Broker $73.5 Million Sale of Two-Property Portfolio in Baltimore

by Channing Hamilton

BALTIMORE — Greystone and Cushman & Wakefield have jointly arranged the sale of and acquisition financing for a two-property portfolio in the Columbia suburb of Baltimore, Maryland. Olivetree Management purchased the assets for $73.5 million. The communities, Columbia Apartments and Town Center Apartments, comprise 344 units together. Both properties were 94 percent occupied at the time of sale. The transaction was financed with Fannie Mae loans totaling $57 million. Dan Sacks and Alex Basile of Greystone originated the Fannie Mae Delegated Underwriting & Servicing loans. Jorge Rosa and Anthony Liberto of Cushman & …

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FinanceNewsSoutheastTennessee

Eastern Union Secures $13 Million Refinancing for Garden View Apartments in Memphis, Tennessee

by Channing Hamilton

MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a 156-unit community located at 1033 and 1087 Whitaker Drive in Memphis. Built in 1963, the property comprises 15 buildings spanning 131,000 rentable square feet. The unit mix includes 60 one-bedroom and 96 two-bedroom residences. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate. Dov Bakon of Eastern Union served …

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