Finance

The Shoreline in Brooklyn
DevelopmentFinanceNew YorkNewsNortheast

Dwight Mortgage Trust Provides $108.2 Million Bridge Loan for The Shoreline in Brooklyn

by Channing Hamilton

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $108.2 million in bridge financing for The Shoreline, a mixed-use community in Brooklyn. The borrowers, Solomon Rubin and Chesky Rosen, will use the funds to refinance existing debt and complete the construction and lease-up of the project. The 31-story building includes 248 apartments, as well as 28,600 square feet of commercial space. Units come in studio, one- and two-bedroom floor plans. The Shoreline also features 25,000 square feet of amenities, including a pool, fitness center, game …

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400 Lake Shore in Chicago
DevelopmentFinanceIllinoisInvestment SalesMarket ReportsMidwest

Chicago Rent Growth Outpaces Nation

by Channing Hamilton

Chicago can’t match the number of construction cranes crowding the skylines in high-growth markets such as Nashville, Austin or Atlanta. But now there’s at least one high-profile symbol of growth in downtown Chicago as construction gets under way at 400 Lake Shore, a massive two-tower apartment development.  Developer Related Midwest recently secured more than $500 million in construction financing for the project located on the last vacant waterfront site where the Chicago River meets Lake Michigan. The first phase, already under construction, includes a 72-story building with 635 new apartments, …

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Chase Village in Eugene, Oregon
FinanceNewsOregonWestern

JLL Capital Markets Brokers $80.5 Million in Financing for Chase Village in Eugene, Oregon

by Channing Hamilton

EUGENE, ORE. — JLL Capital Markets has arranged the $80.5 million refinancing of Chase Village, a 536-unit community in Eugene. Chase Village was built in 1990. The complex offers one-, two- and three-bedroom apartments. Units feature full kitchens, in-unit laundry, wood plank flooring and walk-in closets. Amenities include a pool, basketball court, fitness center, outdoor lounge spaces, a basketball court, grilling area and car wash area. JLL secured the five-year loan through Freddie Mac Multifamily. Horizon Realty Advisors was the borrower. The loan will be serviced by JLL Real Estate Capital LLC. …

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930 on Broadway in Albany, New York
FinanceNew YorkNewsNortheast

KeyBank Provides $14.2 Million to Refinance Workforce Housing Property in Albany, New York

by Channing Hamilton

ALBANY, N.Y. — KeyBank Real Estate Capital (KBREC) has provided a $14.2 million fixed rate loan through Fannie Mae to refinance existing debt for 930 on Broadway, a workforce housing community in the Warehouse District of Albany.  Dirk Falardeau and Mark Flanders of KBREC Commercial Mortgage Group structured the financing. Redburn Development Partners was the borrower. 930 on Broadway comprises a four-story building housing 81 apartments, as well as 12,155 square feet of commercial space. The property is situated on a 1.5-acre site and offers 47 parking spaces. Redburn Development Partners …

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TideLock in Alexandria, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Kennedy Wilson Provides $96 Million to Construct Office-to-Residential Conversion Project in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, an office-to-multifamily redevelopment project in Alexandria. The project will redevelop three existing office buildings into a mixed-use complex. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield negotiated the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans for TideLock include 169 residential units, as well as 65 condominiums and 7,000 square feet of commercial space. Construction is slated to begin immediately and complete …

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The Yellowstone in New York City
FinanceNew YorkNewsNortheast

Slate Property Group Secures $97 Million to Refinance The Yellowstone in Queens, New York

by Channing Hamilton

NEW YORK CITY — Slate Property Group has secured a $97 million loan for the refinancing of The Yellowstone, a 166-unit community located within the Forest Hills neighborhood of Queens. Daniel Fromm of Newmark negotiated the five-year, fixed-rate loan through Apollo Global Management on behalf of Slate Property Group. The Yellowstone offers one- and two-bedroom units that range in size from 475 to 950 square feet. Units feature granite countertops and backsplashes, stainless steel appliances and in-unit washers and dryers. Select units also include private balconies. The community offers amenities …

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The Sudbury in Boston
FinanceMassachusettsNewsNortheast

JLL Capital Markets Arranges Recapitalization of The Sudbury in Boston

by Channing Hamilton

BOSTON — JLL has arranged the recapitalization of The Sudbury, a 36-story residential tower within the Bulfinch Crossing development in downtown Boston. JLL’s Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen represented the owner, a partnership between National Real Estate Investors and HYM Investment Group, in the deal. The team also procured the new equity partner, Carmel Partners. The Sudbury was built in 2020. The building features one-, two- and three-bedroom units with an average size of 855 square feet. The property also offers 55 …

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Teutonia Hall in Yonkers, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

AMS Acquisitions to Develop $458 Million Teutonia Hall in Yonkers, New York

by Channing Hamilton

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted the final approval of financial incentives for Teutonia Hall, a $458 million project comprising two 41-story residential towers. AMS Acquisitions is the developer. Teutonia Hall will offer a total of 906 apartment units, 91 of which will be affordable. Income restrictions on the affordable units were not disclosed. The property will also feature 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as …

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Cobalt Apartments in Culver City, California
CaliforniaFinanceInvestment SalesNewsWestern

JLL Arranges $40 Million in Acquisition Financing for Cobalt Apartments in Culver City, California

by Channing Hamilton

CULVER CITY, CALIF. — JLL Capital Markets has arranged acquisition financing for Cobalt Apartments, a 135-unit property in Culver City. Jeff Sause, Chad Morgan and Jacob Michae of JLL represented the buyer, Helio Group, in securing a $40 million loan from a regional bank. Cobalt Apartments is located on a 0.9-acre site along Washington Blvd., across the street from Sony Pictures Studios. The property also includes 14,754 square feet of ground floor retail space.

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Madison Oglethorpe in Savannah, Georgia
DevelopmentFinanceGeorgiaNewsSoutheast

Madison Communities Secures $35.5 Million in Construction Financing for Madison Oglethorpe in Savannah, Georgia

by Channing Hamilton

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. The garden-style community will offer 240 units, as well as amenities including a clubhouse and lounge with coworking space, fitness center, outdoor lounge, pool, grilling stations and a fire pit. The project is slated to deliver in late 2025. SGA|NW is the architect. BenCo Construction, an affiliate …

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