Finance

Jerrob-Duffy
FinanceIndustry Voices

With Agencies Cracking Down on Mortgage Fraud, CRE Lenders Face a New Era of Accountability

by Lynn Peisner

The Federal Housing Finance Agency (FHFA), government sponsored enterprises Fannie Mae and Freddie Mac and criminal authorities are cracking down on fraud in commercial mortgage lending. They have more motivation than ever because the increased incidence of fraud has impacted the agencies’ balance sheets — Fannie Mae reported earlier this year a $752 million charge to cover losses related to multifamily lending fraud. Moreover, the Trump administration’s desire to conduct a public share offering for Fannie Mae and Freddie Mac has encouraged the agencies to shift losses from non-performing loans …

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Pure-St-Peters
BerkadiaFinanceMidwestMissouriNews

Berkadia Arranges $15.4 Million ReFi for Metro St. Louis Community

by Lynn Peisner

ST. PETERS, MO. — Berkadia has arranged a $15.4 million Freddie Mac refinancing loan for Pure St. Peters, a 143-unit community in the northwest St. Louis suburb of St. Peters. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor, Tilden Legacy Pure St. Peters Apartments LLC. The property was 94 percent occupied at the time of the loan closing. Located at 2100 Pure St., the three-story community was built in 2019 and offers one- and two-bedroom apartments with open-concept layouts. Amenities at …

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GoodHomes-Detroit
Affordable HousingConnecticutFinanceMichiganMidwestNewsNorth CarolinaNortheastRhode IslandSoutheast

Joint Venture Lands $76 Million Bridge Financing for Hotel-to-Multifamily Portfolio

by Lynn Peisner

BALTIMORE — M&T Realty Capital Corp. has provided a $76.2 million bridge loan for the GoodHomes portfolio owned by GoodHomes Communities and PILOT Real Estate Group. The portfolio consists of five former hotel properties that have been converted to workforce housing, totaling 886 units. The properties are located in Detroit, Fayetteville, North Carolina, Groton, Connecticut, and Warwick, Rhode Island. The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization. Four of the five properties benefit from …

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Nova-at-East-Park-Village-Orlando
DevelopmentFinanceFloridaNewsSoutheast

Onicx Group Refinances Construction Loan on Orlando Project

by Lynn Peisner

ORLANDO, FLA. — A joint venture led by Onicx Group has secured a $66.3 million first mortgage provided by Mesa West Capital for Nova at East Park Village, a 264-unit property in Orlando. Construction wrapped in August. The property features a mix of one-, two- and three-bedroom units across three mid-rise buildings. Amenities include a pool with cabanas and a 24-hour fitness center. Nova at East Park Village is located in the master-planned Lake Nona submarket, approximately 12 miles southeast of downtown Orlando. Orlando-based ZRS Management is the property manager. …

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Aster-&-Links-Sarasota
FinanceFloridaNewsSoutheast

Affinius Capital Originates $204 Million Loan to Refinance Aster & Links in Sarasota

by Lynn Peisner

SARASOTA, FLA. — Belpointe OZ (NYSE: OZ) has received a $204 million loan from Affinius Capital to refinance Aster & Links, a 424-unit newly completed community in Sarasota. Lantern Real Estate Advisors + Partners arranged the loan. The property is comprised of the Aster building with 243 units and the Links building with 181 units and is anchored by a 50,300-square-foot grocery store leased to Sprouts Farmers Market. Amenities include rooftop lounges, resort-style pools, coworking spaces, courtyards, fitness centers, catering kitchens, clubrooms and 24-hour concierge services. The project was completed …

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Forma-Miami
FinanceFloridaNewsSoutheast

Walker & Dunlop Arranges Permanent Financing for Forma Miami

by Lynn Peisner

MIAMI — Walker & Dunlop has arranged a $238.4 million, fixed-rate Freddie Mac loan for Forma Miami, a 588-unit project locally based developer Crescent Heights completed earlier this year. Forma Miami, located in the Edgewater neighborhood, was designed by Rockwell Group and Arquitectonica. Units are offered in a mix of floor plans ranging from studios to three-bedrooms. The property is home to approximately 85,000 square feet of indoor and outdoor amenity space as well as Edgewater’s first Whole Foods Market, occupying about 50,000 square feet at the base of the …

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Meridian-at-Eisenhower-Alexandria
BerkadiaFinanceNewsNortheastWashington, D.C.

Berkadia Arranges $84.1 Million Refinancing for Paradigm Development Co.

by Lynn Peisner

ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million refinancing for Meridian Eisenhower Station, a 369-unit high-rise in the Washington, D.C., suburb of Alexandria. The lender was not disclosed. The sponsor was Paradigm Development Co. Patrick McGlohn and Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Brian Gould, Hunter Wood and Natalie Hershey. The property was 93 percent occupied at the time of closing. The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the borrower for reinvestment …

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Bryant-AYL-Yorba-Linda
CaliforniaFinanceNewsWestern

IEC Secures ReFi for Bryant at Yorba Linda

by Lynn Peisner

YORBA LINDA, CALIF. — Walker & Dunlop has arranged $145.8 million in debt and equity for Interstate Equities Corp. (IEC). The Los Altos, California-based investment firm is refinancing Bryant at Yorba Linda, a 400-unit community in Yorba Linda, located 37 miles east of Los Angeles. IEC acquired the property in 2022. Developed in 1986, Bryant at Yorba Linda features one- and two-bedroom floor plans and amenities such as a clubhouse, a fitness center, a pool and hot tub, a playground, dog park and a sports court.

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Ballston-Rendering-Arlington
DevelopmentFinanceNewsNortheastWashington, D.C.

FCP Contributes $47.1 Million to Joint Venture Development in D.C. Metro

by Lynn Peisner

ARLINGTON, VA. — FCP has provided $47.1 million in equity to Insight Property Group and PGIM for the development of Mira and Ador, two adjacent towers anchored by a 40,000-square-foot grocery store in Ballston Quarter, a mixed-use development in the Ballston neighborhood of Arlington. Located at 685 N. Glebe Road, the project is being developed on the site of a former Macy’s department store. Work is underway, and completion is slated for 2028. SK+I is the architect. The community has been designed to LEED Gold certification standards. Brian Crivella, Bill …

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The-International-at-Valley-Ranch
BerkadiaFeaturesFinanceInvestment SalesNews

Broadening Buyer Pool Signals Market Resilience

by Lynn Peisner

Multifamily fundamentals are showing encouraging signs for investors. CBRE reports that more than two units were absorbed for every unit completed during the second quarter of this year, lowering the national vacancy rate to 4.1 percent, down from 5.5 percent one year prior.  Year-over-year effective rent growth increased to 1.2 percent during the second quarter, the first time in two years the rate surpassed 1 percent.  CBRE estimates that multifamily construction starts at midyear were 74 percent below their 2021 peak and 30 percent below their pre-pandemic average. Yardi Matrix …

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