Finance

Mossdale Landing Apartments in Lathrop, California
CaliforniaFinanceNewsWestern

JLL Arranges $51 Million to Construct Mossdale Landing Apartments in Lathrop, California

by Channing Hamilton

LATHROP, CALIF. — JLL Capital Markets has arranged $51 million in construction takeout financing for Mossdale Landing Apartments, a garden-style community in Lathrop. A JLL Capital Markets Advisory Team led by Jeff Sause, Lillian Roos and Jalynn Borders arranged the three-year bridge loan through MF1 Capital. The borrower was Mossdale Landing Owner LLC, a company that is comprised of Rubik Built, Wright Equities and The Grupe Co. Recently completed in summer, Mossdale Landing Apartments features 204 units across 10 buildings. Units come in one-, two- and three-bedroom layouts. Amenities include …

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CaliforniaFinanceNewsWestern

CIM Group Provides $47.5 Million to Refinance 168-Unit The View in Los Angeles

by Channing Hamilton

LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.

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Post District in Salt Lake City
FinanceNewsUtahWestern

Walker & Dunlop, Affinius Capital, Clarion Partners Broker $157.5 Million to Refinance Mixed-Use Development in Salt Lake City

by Channing Hamilton

SALT LAKE CITY — Walker & Dunlop, Affinius Capital and Clarion Partners have arranged $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Post District consists of 580 residential units across four buildings, as well as approximately 26,000 square feet of retail space. The complex is part of a three-phase project. The Walker & Dunlop New York Capital Markets team — led by Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring — co-originated the loan with Affinius Capital and Clarion Partners. …

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Sligo Apartments in Silver Spring, Maryland
CaliforniaFeaturesFinanceOperationsWestern

Rental Income, NOI, Operating Expenses of LIHTC Properties Set Record, New Report Reveals

by Channing Hamilton

SAN FRANCISCO — The net operating income (NOI) of properties financed by low-income housing tax credit (LIHTC) equity increased by 7.4 percent in 2022, according to a report from Novogradac, a San Francisco-based accounting firm focused on real estate and community development. The NOI at these properties surpassed the inflation rate, which was 6.8 percent from December 2021 to December 2022, as the nation emerged from the worst of the COVID-19 pandemic. The 2023 LIHTC and Operating Expenses Report — published by Novogradac — tracked data from more than 186,000 affordable housing …

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Frame Med Center in San Antonio
DevelopmentFinanceInvestment SalesMarket ReportsTexas

San Antonio Adjusts to New Supply

by Channing Hamilton

The apartment market in San Antonio today is a mixed bag. Like most Sun Belt metros, supply exceeds demand in Alamo City. While property managers are struggling to lease up their communities, investors are sitting on the sidelines until interest rates stabilize and the market starts absorbing units developed during the post-COVID building boom.  On the plus side, population growth, a metric apartment investors prize because it feeds renter demand, is solid in San Antonio. In May, the U.S. Census Bureau ranked San Antonio the third fastest-growing city in the …

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FinanceNew YorkNewsNortheastPeople News

Newmark Group Selects Sharon Karaffa as President of Multifamily Debt & Structured Finance

by Channing Hamilton

NEW YORK CITY — Newmark Group has appointed Sharon Karaffa to the role of President of Multifamily Debt & Structured Finance. In this role, Karaffa will oversee all aspects of Multifamily Debt & Structured Finance, focusing on revenue growth, business development and client and lender relationships. She will lead Newmark Group’s Fannie Mae, Freddie Mac and FHA lending platforms. Karaffa is also responsible for developing synergies and cross-collaboration among Newmark’s Multifamily Capital Markets’ Investment Sales and Debt & Structured Finance teams.  Prior to joining Newmark Group in 2017, Karaffa served as …

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St. Regis Residences in Boston
FinanceMassachusettsNewsNortheast

Cottonwood Group Provides $240 Million in Financing for St. Regis Residences in Boston

by Channing Hamilton

BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million in senior mortgage financing for the St. Regis Residences in Boston’s Seaport District. The borrower was Cronin Development. The high-rise development features 114 apartments across 22 stories. Amenities include a pool, spa, fitness center, lounge, concierge services and an onsite restaurant.

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Walnut Hill in Clark, New Jersey
FinanceNew JerseyNewsNortheast

JLL Capital Markets Arranges $49.5 Million in Financing for Walnut Hill in Clark, New Jersey

by Channing Hamilton

CLARK, N.J. — JLL Capital Markets has arranged $49.5 million in financing for Walnut Hill, a 177-unit complex in Clark, 23 miles southwest of New York City. An affiliate of Garden Communities was the borrower. Evan Pariser, Matthew Pizzolato and Jackie Ferrer led the Debt Advisory team that represented the borrower and negotiated the 10-year, fixed-rate loan from Nationwide. Recently completed in 2023, Walnut Hill comprises 240,000 square feet across a pair of four-story buildings. Of the total unit count, 28 are affordable. Income restrictions for these units were not disclosed. …

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FeaturesFinanceIllinoisLeasing & MarketingMidwest

Origin Investments: Annual Class-A Multifamily Rent Growth Will Return to Positive Territory by January 2025

by Channing Hamilton

CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the …

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Metronome at MidCity in Huntsville, Alabama
AlabamaDevelopmentFinanceInvestment SalesMarket ReportsSoutheast

Alabama: A Tale of Two Markets

by Channing Hamilton

As secondary markets, the Huntsville, Birmingham and the Gulf Coast areas can’t lay claim to the dramatic population growth and major corporate relocations that have driven apartment demand in many neighboring Sun Belt cities.  That, however, has not prevented some developers from rushing into Huntsville. As a result, that market, like many others, is adjusting to what is arguably too much new supply. Meanwhile, Birmingham is growing at a more measured pace.  Those who invest in Alabama multifamily say the state may be close to attracting institutional investors’ attention because …

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