Tuesday, November 26, 2024
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Finance

Hanover Parkview in Houston
FinanceNewsTexas

JLL Capital Markets Arranges Refinancing for Two Properties Totaling 745 Units in Houston

by Channing Hamilton

HOUSTON — JLL Capital Markets has arranged financing for Hanover Autry Park and Hanover Parkview, two communities located in Houston. JLL represented the borrowers, Hanover Co. and Lionstone Investments, to secure the five-year, fixed-rate loans from accounts managed by KKR. The borrowers will use the funds to refinance their existing construction loans that JLL sourced in 2019. Cortney Cole, Colby Mueck, Laura Brown, Davis Burnett and Scot Sarlin led the JLL Capital Markets Debt Advisory team. Hanover Autry Park is a 23-story high-rise community located at 811 Buffalo Park Drive. …

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21 Kristen Apartments in Schaumburg, Illinois
FinanceIllinoisMidwestNews

Bayshore Properties Secures $61.6 Million Refinancing for 21 Kristen Apartments in Chicago Suburb

by Channing Hamilton

SCHAUMBURG, ILL. — Bayshore Properties has secured $61.6 million for the refinancing of 21 Kristen Apartments, a 357-unit property in Schaumburg, roughly 30 miles west of Chicago. Greystone provided a $55.6 million Freddie Mac loan with a five-year term. 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing. 21 Kristen Apartments is a condo deconversion that Bayshore acquired in 2022. Bayshore has since invested more than $2.5 million in capital expenditures at the property. Of the total units, 30 percent are …

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Traer Creek Apartments in Avon, Colorado
ColoradoDevelopmentFinanceNewsWestern

JLL Capital Markets Arranges $73 Million Construction Financing for Traer Creek Apartments in Avon, Colorado

by Channing Hamilton

AVON, COLO. — JLL Capital Markets has arranged $73 million in construction financing for Traer Creek Apartments, a 242-unit development situated at 5471 East Beaver Creek Blvd. in Avon, about 1.5 miles from Beaver Creek Resort and 8.3 miles from Vail Ski Resort in Vail, Colorado. The borrower was a joint venture between Prime West and Columnar Investments. Leon McBroom and Will Haass led the JLL Capital Markets debt advisory team that represented the borrower. Once completed in 2026, Traer Creek Apartments will consist of three buildings that each rise …

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Grover Landing in Warner Robins, Georgia
Build-to-RentDevelopmentFinanceGeorgiaNewsSoutheast

Parkland Residential Secures $57 Million Refinancing for Build-to-Rent Development in Warner Robins, Georgia

by Channing Hamilton

WARNER ROBINS, GA. — Parkland Residential has secured $57 million in financing for Grover Landing, a 317-unit build-to-rent development currently underway in Warner Robins, approximately 20 miles south of Macon, Georgia. The loan will be used to refinance the units that have already been completed at the community. Grover Landing offers two-, three- and four-bedroom residences. Amenities include a pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged …

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Cedar Ridge at Forest Lake in Davenport, Florida
Build-to-RentFinanceFloridaInvestment SalesNewsSoutheast

Berkadia Arranges $13.2 Million Acquisition Loan for 70-Unit Build-to-Rent Community Near Orlando

by Channing Hamilton

DAVENPORT, FLA. — Berkadia has arranged $13.2 million in acquisition financing for Cedar Ridge at Forest Lake, a 70-unit build-to-rent community located at 2860 Cedar Ridge Court in Davenport, approximately 40 miles southwest of Orlando.  Cedar Ridge at Forest Lake was recently built in 2023. The community offers three-, four- and five-bedroom single family units with integrated smart home technology, attached two-car garages, fenced backyards, stainless steel appliances and washers and dryers. Community amenities include pet-friendly spaces, a playground and pool. Brad Williamson, Mitch Sinberg, Scott Wadler, Matthew Robbins and …

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FinanceIllinoisInvestment SalesMidwestNews

Greystone Provides $18.2 Million Acquisition Loan for Cornelia-Stratford in Chicago

by Channing Hamilton

CHICAGO — Greystone has provided an $18.2 million Fannie Mae Delegated Underwriting & Servicing loan for the acquisition of Cornelia-Stratford, a 139-unit community in Chicago. Originally built in 1927, Cornelia-Stratford offers studio, one-, two-, three- and four-bedroom units. The mid-rise community features amenities such as bike storage, laundry facilities and tenant lounge. Clint Darby and Andrew Remenschneider of Greystone originated the financing. The non-recourse, fixed-rate loan features a 15-year term, with interest-only payments for the first five years of the term. The borrower was not disclosed.

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Magnolia at Spring Hill in Spring Hill, Florida
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

JLL Capital Markets Arranges Construction Financing for 162-Unit Build-to-Rent Development in Metro Tampa

by Channing Hamilton

SPRING HILL, FLA. — JLL Capital Markets has arranged a $32 million construction loan for Magnolia at Spring Hill, a 162-unit built-to-rent community in Spring Hill, 40 miles north of Tampa, Florida. Agador Spartacus Development was the borrower. Magnolia at Spring Hill will offer two-bedroom flats and two- and three-bedroom townhome-style units with an average size of 1,144 square feet. Planned amenities include a pool, pickle and basketball courts, playgrounds, a fitness studio and outdoor kitchen. Development is expected to complete in late 2025. JLL arranged the non-recourse loan through a …

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LUKA on the Common in Boston
FinanceInvestment SalesMassachusettsNewsNortheast

Walker & Dunlop Arranges $137 Million Acquisition Financing for LUKA on the Common in Downtown Boston

by Channing Hamilton

BOSTON — Walker & Dunlop has arranged a $137 million Fannie Mae acquisition loan for LUKA on the Common, a 30-story high-rise community in Boston. San Francisco-based investor Carmel Partners purchased the asset, which was formerly known as AVA Theater District. The seller was Virginia-based AvalonBay Communities. LUKA on the Common is situated on a 21,344-square-foot site in the city’s downtown area. The 398-unit community was built at 45 Stuart St. in 2016, and situated in proximity to Boston Common Park, the Charles River, Boston Harbor and the city’s theater …

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Havens at Palm Bay in Palm Bay, Florida
Build-to-RentDevelopmentFinanceFloridaNewsSoutheast

Stellar, AARE Secure $52.7 Million Construction Loan for Build-to-Rent Community in Palm Bay, Florida

by Channing Hamilton

PALM BAY, FLA. — Stellar Communities and Adam America Real Estate have secured LP equity and a $52.7 million non-recourse construction loan for Havens at Palm Bay, a 266-unit build-to-rent project located in Palm Bay in Florida’s “Space Coast” region. Max La Cava, Pier Barinci and Shane Ciacci of JLL Capital Markets arranged the financing. Havens at Palm Bay will offer single-story units in one-, two- and three-bedroom floor plans. Planned amenities include a pool, clubhouse, children’s playground, dog park, self-storage and detached parking. The development is slated to complete in 2026. …

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DevelopmentFinanceInvestment SalesNew YorkNewsNortheast

IPA Capital Markets Arranges $75 Million Acquisition Financing for Manhattan Office-to-Multifamily Conversion Project

by Channing Hamilton

NEW YORK CITY — David Werner Real Estate Investments and Metro Loft Management have secured $75 million in acquisition financing for the former Pfizer headquarters in Midtown Manhattan. Max Herzog, Marko Kazanjian, Andrew Cohen and Max Hulsh of IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), arranged the financing through Northwind Group. The new ownership will convert the 10-story office building, which is situated at 219 E 42nd St., into an apartment community by combining it with the adjacent property at 235 E 42nd St. Once completed, …

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