Finance

The capital markets panel at the 2024 InterFace Multifamily Southeast conference
Conference CoverageFeaturesFinanceGeorgiaSoutheast

InterFace Panel: Multifamily Markets Can Work With New Interest Rate Ranges

by Channing Hamilton

ATLANTA — There is nothing wrong with the new interest rate environment that currently governs capital markets activity in commercial real estate, and borrowers just need to adjust their expectations, put them into historical context and get back to making deals. This is the view of at least a couple veteran lenders who spoke at the InterFace Multifamily Southeast conference on Dec. 4 at the Cobb Galleria Centre in Atlanta. The event is now in its 15th year and continues to attract hundreds of multifamily developers, investors and lenders from …

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Far West Apartments in Austin, Texas
DevelopmentFinanceNewsTexas

Central Southwest Texas Development Receives Construction Loan for 321-Unit Project in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Central Southwest Texas Development has secured a construction loan of an undisclosed amount for Far West Apartments, a 321-unit project in the Northwest Hills neighborhood of Austin. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower. The community will offer one-, two- and three-bedroom apartments with an average size of 800 square feet. Planned amenities include a pool, fitness center, clubhouse, pet spa and conference room. Completion is slated for spring 2027.

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Belt and Main in Richardson, Texas
FinanceNewsTexas

Affinius Capital Originates $81.3 Million Refinancing for Belt and Main in Richardson, Texas

by Channing Hamilton

RICHARDSON, TEXAS — Affinius Capital LLC has originated an $81.3 million loan to refinance Belt and Main, a 350-unit community with 17,000 square feet of retail space in Richardson, about 15 miles north of Dallas. Catalyst Urban Development was the borrower. Jeremy Sain of JLL led the team that arranged the financing. Belt and Main offers a mix of 269 one-bedroom residences and 81 two-bedroom apartments. Units feature quartz countertops, wood-style flooring, stainless steel appliances, custom cabinetry, floor-to-ceiling windows and full-size washer and dryers. Select units also include patios and …

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Upland Park in Sweetwater, Florida
DevelopmentFinanceFloridaNewsSoutheast

Terra Obtains Construction Loan for $1 Billion Mixed-Use Project in Miami Suburb

by Channing Hamilton

SWEETWATER, FLA. — Terra has obtained a $170 million construction loan for Upland Park, a $1 billion mixed-use development in Sweetwater, about 15 miles west of downtown Miami. SCALE Lending, the debt financing arm of Slate Property Group, was the lead lender on the construction loan. Terra is converting Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The developer has formed a public-private partnership with Miami-Dade County for the …

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Xander on State in Columbus, Ohio
FinanceInvestment SalesMidwestNewsOhio

RM Communities, Crawford Hoying Receive $30.5 Million Acquisition Loan for Xander on State in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO ­— RM Communities and Crawford Hoying have secured a $30.5 million acquisition loan for Xander on State, a 229-unit community located at 265 East State St. in downtown Columbus’s Discovery District. Brian Gaswirth, Jesse Wright, Joshua Odessky and Shane Ciacci of JLL Capital Markets arranged the loan through ACRE. Built in 2020, Xander on State offers a mix of studios, one- and two-bedroom units. Residents have access to amenities including a pool, entertainment area, fitness center and theater room. The property also features 2,681 square feet of ground …

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288 East 88th Street in New York City
DevelopmentFinanceNew YorkNewsNortheast

Affinius Capital Provides $79 Million Construction Loan for Residential Tower in New York City

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC has originated a $79 million loan to Alchemy-ABR Investment Partners to finance the development of 288 East 88th Street, a 26-story project in New York’s Upper East Side neighborhood. Located on the southwest corner of 88th Street and 2nd Avenue, the building will include 45 units ranging from one to five bedrooms. Amenities will include a fitness center, sport court, children’s playroom, media/gaming room, coworking/conference space and a roof terrace. The project is slated for completion in late 2026. Aaron Appel, Keith Kurland, …

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CaliforniaFinanceNewsWestern

ICONIQ Capital, Sentral Secure $525 Million Refinancing for 1,790-Unit Portfolio

by Channing Hamilton

SAN FRANCISCO — ICONIQ Capital and Sentral have secured $525 million for the refinancing of a portfolio of six properties totaling 1,790 units. Deutsche Bank and Goldman Sachs provided the single-asset, single-borrower CMBS loan. Jonathan Firestone and Bill Fishel of Newmark Group Inc. arranged the financing. Gibson Dunn and Latham & Watkins also advised on the transaction. Sentral operates each community in the portfolio. Approximately 25 percent of the units are leased under a flexible living strategy, in which units are fully furnished and made available for short- or mid-length …

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FinanceIndustry Voices

Tax-Exempt Bonds Present Unique Opportunity to Secure Low-Cost Debt

by Lynn Peisner

Today, the inverted yield curve has created challenges for borrowers to secure debt. The curve describes the condition when long-term U.S. Treasury debt interest rates are less than short-term interest rates. This is particularly evident in the cost of capital for construction loans. Despite these challenges, sophisticated and experienced affordable housing debt providers are finding creative solutions to meet borrower needs. In particular, borrowers are taking advantage of the lower-cost option of tax-exempt bonds, primarily funded by institutional municipal capital providers instead of only looking to commercial banks. Balancing Taxable …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $22 Million Refinancing for Community in New Baltimore, Michigan

by Channing Hamilton

NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments, a 776-unit asset in New Baltimore, about 40 miles north of Detroit. According to Apartments.com, the property features amenities such as a pool, fitness center, laundry facilities, playground, clubhouse, business center and conference rooms. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.

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Ivy & Green in Hackensack, New Jersey
FinanceNew JerseyNewsNortheast

Northwestern Mutual Provides $115 Million Loan for Refinancing of Ivy & Green in Hackensack, New Jersey

by Channing Hamilton

HACKENSACK, N.J. — Northwestern Mutual Life Insurance Co. has provided a $115 million loan for the refinancing of Ivy & Green, a 389-unit community in Hackensack, about 20 miles north of New York City. The borrower was a partnership between Hornrock Properties and GTIS Partners. Michael Klein, Thomas Didio, Thomas Didio Jr. and John Cumming of JLL arranged the eight-year, fixed-rate loan. Ivy & Green was developed in phases over the last several years. The first phase of the project delivered 221 units in March 2023. Phase II was completed …

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