Finance

SCALE Lending Provides $150 Million Construction Loan for Residential Tower in the Bronx

by Channing Hamilton April 8, 2024

NEW YORK CITY — SCALE Lending has provided a $150 million construction loan for a 13-story development located at 120 East 144th Street in the Mott Haven neighborhood of the Bronx. The borrower, The Beitel Group, will use the funds to complete the construction of the building. Leah Paskus of Landstone Capital Group arranged the loan. Prestige Construction NY will serve as the general contractor for the project. S. Wieder Architect PC is the architect. The Beitel Group originally purchased the site in 2022. The existing building on the property was …

April 8, 2024

Finance Massachusetts News Northeast

Mesa West Capital Provides $81 Million Refinancing for Emblem 120 in Boston Suburb

by Channing Hamilton April 5, 2024

WOBURN, MASS. — Mesa West Capital has provided an $81 million loan to refinance Emblem 120, a 289-unit property in the Boston suburb of Woburn. The borrower was a joint venture between affiliates of Toll Brothers Inc. and Carlyle. Newmark’s Boston Debt & Structured Finance team of David Douvadjian, Timothy O’Donnell and David Douvadjian arranged the financing. Emblem 120 was developed by Toll Brothers Apartment Living. The property was completed in 2022. Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central …

April 5, 2024

Finance New York News Northeast

MT&T Realty Capital Provides $414.8 Million Refinancing for 51-Story Tower in Brooklyn

by Channing Hamilton April 4, 2024

NEW YORK CITY — M&T Realty Capital Corp. has provided a $414.8 million Freddie Mac conventional loan to refinance debt on Brooklyn Crossing, a 51-story high-rise community in Brooklyn. M&T Realty Capital is a wholly owned subsidiary of M&T Bank (NYSE: MTB). The borrower was The Brodsky Organization. Brooklyn Crossing features 858 apartments in studio, one-, two- and three-bedroom layouts. Of the total unit count, 258 are dedicated as affordable. Income restrictions for these units were not disclosed. Community amenities include a screening room, rooftop terrace and lounge, fitness center …

April 4, 2024

Berkadia Colorado Development Finance News Western

Berkadia Arranges $81.2 Million in Joint Venture Equity for Alexan Pena Station in Denver

by Channing Hamilton April 3, 2024

DENVER — Berkadia has negotiated $81.2 million in joint venture equity for the development of Alexan Pena Station, a 578-unit development in Denver. Trammel Crow Residential was the sponsor. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital arranged the joint venture equity partnership on behalf of the sponsor. Berkadia secured the equity through MBK Rental Living, a privately held real estate investment and development firm. Alexan Pena Station will comprise 12 buildings on a 20-acre site. The community will offer one-, two- and three-bedroom …

April 3, 2024

Mason at Van Dorn in Alexandria, Virginia

Berkadia Finance Investment Sales News Southeast Virginia

Berkadia Provides $157 Million in Acquisition Financing for Mason at Van Dorn Apartments in Alexandria, Virginia

by Channing Hamilton April 1, 2024

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit community in Alexandria. The borrower and purchaser was a partnership between Shoreham Capital and Bridge Investment Group. The seller was CIM Group, which acquired the asset in 2017. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia originated the financing on behalf of the buyers. Mason at Van Dorn was originally built in 1972. The complex consists of 14 buildings on a 30-acre site. Amenities include two pools, …

April 1, 2024

Affordable Housing Development Finance Florida News Southeast

CREI Holdings Secures $76 Million to Develop Affordable Housing Community Near Miami

by Channing Hamilton April 1, 2024

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty …

April 1, 2024

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

California Development Finance News Western

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

by Channing Hamilton March 29, 2024

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 …

March 29, 2024

Affordable Housing Finance Massachusetts News Northeast

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

by Channing Hamilton March 28, 2024

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.

March 28, 2024

Development Finance Florida News Southeast

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

by Channing Hamilton March 27, 2024

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 …

March 27, 2024

Development Finance New York News Northeast

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

by Channing Hamilton March 27, 2024

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 …

March 27, 2024

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