Finance

Slate at Fishers District in Indianapolis

Indianapolis Employment Growth Leads to Spike in Renter Demand

by Channing Hamilton November 22, 2024

Known as the crossroads of America, Indianapolis offers a unique intersection of affordability, industry and Midwestern charm. According to research from Indiana University’s Kelley School of Business, 2.14 million people — or nearly one out of every three Hoosiers — lives in the Indianapolis metro region. Indianapolis’ growth rate last year outpaced Cincinnati, Louisville, Kentucky, Cleveland, Detroit and Chicago. It’s not hard to see why, especially when looking at the economic opportunities within the region and the state as a whole. Several Fortune 500 companies, such as Eli Lilly, the …

November 22, 2024

Development Finance Florida News Southeast

Clearline Real Estate Receives $94.5 Million in Construction Financing for 24-Story Tower in Miami

by Channing Hamilton November 21, 2024

MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District. Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan. Excel Miami will offer 427 apartments in studio, one- and two-bedroom …

November 21, 2024

Affordable Housing Finance News Northeast Operations Washington, D.C.

FHFA Increases Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by Channing Hamilton November 20, 2024

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a four percent increase from the 2024 caps of $70 billion each. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), states that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal …

November 20, 2024

Joe Stampone, Atlas Real Estate Partners

Finance Industry Voices Investment Sales Southeast

Why Deal Flow Will Pick Up in the Southeast in 2025

by Channing Hamilton November 20, 2024

All the talk in multifamily circles in 2023 and throughout 2024 has been about the impending “maturity wall” of loans set to expire. This wall, many have said, would stir up a wave of distress that would create “generational buying opportunities” from the fallout of the overleveraged, floating-rate acquisitions and new developments delivered at the top of the market. How has that played out? Buying opportunities haven’t yet materialized, and the multifamily investment sales market remains flatlined. How can that be given the record number of trades at the top …

November 20, 2024

Affordable Housing Development Finance Georgia News Southeast

Advantage Capital Provides $53 Million in Financing for Three Affordable Housing Projects in Metro Atlanta

by Channing Hamilton November 19, 2024

ATLANTA AND LAWRENCEVILLE, GA. — Advantage Capital has leveraged roughly $53 million in state Low-Income Housing Tax Credits to finance the development of three communities in the Atlanta metropolitan area. The properties total 623 apartments, which will be available to families and seniors earning at or below the area median income. Zimmerman Properties will use the financing to develop The Flats at Stone Hogan, a $99.9 million, 256-unit project, and The Villas at Stone Hogan, a $68.9 million, 192-unit complex for seniors over the age of 55. Both properties are …

November 19, 2024

Soleste NoMi Beach in North Miami Beach, Florida

Finance Florida News Southeast

The Estate Cos. Secures $110 Million Refinancing for Soleste NoMi Beach in Miami Suburb

by Channing Hamilton November 19, 2024

NORTH MIAMI BEACH, FLA. — Miami-based developer The Estate Cos. has received a $110 million loan for the refinancing of Soleste NoMi Beach, a 367-unit community in North Miami Beach, roughly 17 miles north of Miami. Brian Gaswirth, Paul Adams and Val McWilliams of JLL Capital Markets arranged the floating-rate loan through Ares Management Corp. Located at 16395 Biscayne Blvd., Soleste NoMi Beach rises 22 stories. The building houses a mix of one-, two- and three-bedroom apartment units with an average size of 914 square feet. Residents have access to amenities such as a …

November 19, 2024

Finance Midwest Missouri News

Dwight Mortgage Trust Provides $56 Million Loan for Willow Creek Apartments in Kansas City, Missouri

by Channing Hamilton November 18, 2024

KANSAS CITY, MO. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $56 million bridge loan for Willow Creek Apartments in Kansas City. The loan will be utilized to refinance existing debt, complete remaining construction costs, cover closing costs and fund required escrows. David Scheer of Dwight Capital originated the financing on behalf of the borrower, KC Willow Creek LLC. Willow Creek Apartments consists of 998 apartments across 43 buildings. The garden-style community is situated on about 70 acres. Units come in one-, two- and three-bedroom …

November 18, 2024

Artwalk Towers in Jersey City, New Jersey

Development Finance New Jersey News Northeast

KRE Group Receives $175 Million Construction Loan for 49-Story Project in Jersey City, New Jersey

by Channing Hamilton November 15, 2024

JERSEY CITY, N.J. — KRE Group has secured a $175 million senior construction loan for the development of Artwalk Towers, a 49-story high-rise project located in Jersey City’s Journal Square neighborhood. Beverly Hills, California-based Kennedy Wilson provided the funding. Artwalk Towers will comprise 595 units. Upon completion, the building will feature a street connector to a PATH train station, pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. The project is slated for completion by the fourth quarter of 2027. KRE …

November 15, 2024

Finance Florida Investment Sales News People News Southeast

Hillpointe Appoints Chip Wooten as Senior Vice President

by Channing Hamilton November 14, 2024

WINTER PARK, FLA. — Hillpointe, a developer headquartered in Winter Park, has appointed Chip Wooten to the role of senior vice president of debt capital markets and asset sales. In this position, Wooten will manage Hillpointe’s portfolio of multifamily developments. He will also be responsible for overseeing debt origination and asset sales at the company. Prior to joining Hillpointe, Wooten served as a first vice president with CBRE’s Institutional Multifamily Group. He began his career as a research analyst and transitioned to business development while working for two institutional investment …

November 14, 2024

Finance News Texas

Rosewood Property Co. Receives Refinancing for 482-Unit Ventura Ridge in San Antonio

by Channing Hamilton November 14, 2024

SAN ANTONIO — Rosewood Property Co. has secured a loan for the refinancing of Ventura Ridge, a 482-unit property located at 5602 Presido Parkway in San Antonio. John Brownlee, John Bauman and Scott Cole of JLL Capital Markets arranged the financing through New York Life. Built in 2015, Ventura Ridge spans 406,759 square feet across four stories. The community offers a mix of one-, two- and three-bedroom apartments with an average size of 844 square feet. Units feature 10-foot ceilings, walk-in closets, patios and balconies, Wi-Fi-connected thermostats, kitchen islands, granite countertops and Bluetooth …

November 14, 2024

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