Finance

A 323-unit community within Sand Canyon Plaza in Santa Clarita, California
CaliforniaDevelopmentFinanceNewsWestern

Kennedy Wilson Provides $95 Million Construction Loan for 259-Unit Development in Santa Clarita, California

by Channing Hamilton

SANTA CLARITA, CALIF. — Kennedy Wilson’s debt platform has provided a $95 million senior construction loan for the development of an apartment and build-to-rent project in Santa Clarita, approximately 33 miles northwest of Los Angeles. The borrower was a joint venture between Greystar Real Estate Partners and The Resmark Cos. Situated within the Sand Canyon Plaza master planned community, the project will comprise 259 apartments and 64 build-to-rent townhomes. Planned amenities include a clubroom, fitness center, courtyard, game lounge, co-working space, sky deck, pool and spa. The build-to-rent units will offer …

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Affordable HousingFinanceMassachusettsNewsNortheast

MassDevelopment Provides $17 Million in Financing for Affordable Wamsutta Apartments in New Bedford, Massachusetts

by Channing Hamilton

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford. The borrower, an affiliate of HallKeen Management, plans to use the proceeds to fund capital improvements and preserve the property’s affordability status. The historic property was constructed in the 1870s and includes 29 buildings. The buildings primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income.

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Hancock Bridge Square in Fort Myers, Florida
DevelopmentFinanceFloridaNewsSoutheast

Mast Capital, BLG Capital Advisors Secure $65 Million Construction Financing for Hancock Bridge Square in Fort Myers, Florida

by Channing Hamilton

FORT MYERS, FLA. — Mast Capital, in partnership with BLG Capital Advisors, has secured $65 million in construction financing for Hancock Bridge Square, a 320-unit development in Fort Myers. Situated on 14.5 acres of land at 13370 North Cleveland Avenue, Hancock Bridge Square will feature three- and four-story buildings. The garden-style community will include amenities such as a fitness center, lounge, entertainment kitchen and a pool with a sun deck. The lender was Centerbridge Partners, which served as agent for MassMutual Life Insurance Co. JLL Capital Markets represented the joint …

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DevelopmentFinanceNew YorkNewsNortheast

Cushman & Wakefield Arranges $135 Million in Construction Financing for 328-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit project located at 975 Nostrand Avenue in Brooklyn. The loan was provided by Santander and Related Cos. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield represented the borrower. The nine-story building will offer amenities such as a roof terrace, courtyard, fitness center and yoga room, karaoke room and a pet spa. The property will also include a 21,000-square-foot FRESH supermarket, 4,200 square feet of traditional retail space and 193 below-grade …

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FinanceInvestment SalesNewsTexas

Colliers Mortgage Provides Agency Acquisition Loan for 134-Unit Landen Apartment Homes in Irving, Texas

by Channing Hamilton

IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan for Landen Apartment Homes in Irving. Fritz Waldvogel of Colliers Mortgage originated the loan, which features a five-year term, through a partnership with Old Capital Lending. The borrower was an entity doing business as NH Investments LAH LLC. Landen Apartment Homes comprises 134 units across four two-story buildings. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool, playground and outdoor kitchen and grilling stations.

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Alexan West End in Long Beach, California
CaliforniaDevelopmentFinanceNewsWestern

CBRE Secures $200 Million in Construction Financing for Alexan West End in Long Beach, California

by Channing Hamilton

LONG BEACH, CALIF. — CBRE has arranged $200 million in financing for the construction of Alexan West End, a 600-unit community in downtown Long Beach. CBRE worked on behalf of the borrowers, R&V Management and Trammell Crow Residential, to secure the five-year financing, which consists of a $166 million construction loan from Kennedy Wilson and a $34 million mezzanine loan from a national life insurance company. Alexan West End will include four buildings, which will house a mix of studio, one-, two-, and three-bedroom units. Units average 767 square feet …

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The Westcott in Swampscott, Massachusetts
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsMassachusettsNortheast

Boston Investors in Holding Pattern

by Channing Hamilton

Boston is a famously difficult place to build or buy new apartments. Developers often spend years searching for a suitable site and gaining approvals from municipalities prior to construction.  In the development boom that peaked in 2022, just on the heels of the coronavirus pandemic, developers started construction on hundreds of thousands of new apartments across the country — the largest amount of new construction in decades. In Boston, developers started tens of thousands of new apartments. It’s a lot of new construction, but it’s still less than Boston developers …

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DevelopmentFinanceMidwestMinnesotaNews

Mirate Equity Provides $27.5 Million Loan for Construction of Maple Grove Residences in Hennepin County, Minnesota

by Channing Hamilton

HENNEPIN COUNTY, MINN. — Mirate Equity LLC has approved a $27.5 million loan for the construction of Maple Grove Residences, a community in Hennepin County. Maple Grove Residences will offer a mix of one-, two- and three-bedroom apartments. Planned amenities include a fitness center, community garden and green spaces. Northern Builder LLC was the borrower. A development timeline for the project was not disclosed.

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Affordable HousingFinanceIllinoisMidwestNews

Colliers Mortgage Provides $7.8 Million Fannie Mae Loan for Southeast Englewood and South Wabash in Chicago

by Channing Hamilton

CHICAGO — Colliers Mortgage has closed a $7.8 million Fannie Mae loan for the refinance of Southeast Englewood and South Wabash in Chicago. The loan features a 120-month term and was arranged through a partnership with LSG Lending Advisors. Les Hardin of Colliers Mortgage brokered the transaction. Southeast Englewood and South Wabash offers 72 units. The scattered site property comprises six apartment buildings with garden level basements. The property is restricted to low-income tenants by a HUD Section 8 HAP contract. Income restrictions were not disclosed.

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Tamarac Village in Tamarac, Florida
FinanceFloridaNewsSoutheast

Aztec Group Arranges $95 Million Refinancing for Tamarac Village Apartments Near Miami

by Channing Hamilton

TAMARAC, FLA. — Aztec Group has arranged a $95 million loan to refinance Tamarac Village, a 401-unit community in the Miami suburb of Tamarac. The borrower, Lotis Group, developed the property in two phases in 2020 and 2023. Situated on 12.7 acres, Tamarac Village offers one-, two- and three-bedroom floor plans. Units range in size from 800 to 1,485 square feet, according to Apartments.com. The property also includes a nearly 9,000-square-foot clubhouse. MF1 Capital provided the bridge financing. 

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