VANCOUVER, WASH — Ethos Commercial Advisors has structured $48 million in construction financing and $32 million in joint venture equity for Arvon Apartments, a 274-unit project in Vancouver. The garden-style community offers one-, two- and three-bedroom units with an average size of nearly 1,000 square feet. Danny Natsch and Matt Illias arranged the partial recourse construction loan through a national bank. The loan features a 42-month term and a sub-300 spread over SOFR with a 25 percent recourse obligation to the guarantors. Natsch and Illias also sourced the joint venture equity through …
CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners. Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property …
The City of Jacksonville’s pro-development plans have apartment developers feeling confident amid soft market conditions challenging many cities today. Downtown Jacksonville is a 3.9-square-mile area that straddles about six miles of the St. Johns River. It’s made up of eight districts or neighborhoods along the river’s north and south banks. The Downtown Investment Authority (DIA) has identified these eight districts as sites for future development for residential, hotel, retail and office projects. Within these districts, developers are expected in 2024 to complete 31 multifamily projects, which include 8,402 units, according …
MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …
LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor. Situated on 1.7 acres within the eastern portion of downtown Lincoln, Union at …
NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset. The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the …
STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units at the community are reserved for tenants earning up to 60 percent of the area median income and are covered by Section 8 project-based vouchers. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. The recapitalization also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the …
FORT WORTH, TEXAS — Tower Capital has arranged $72.9 million in construction financing for the development of Village at Golden Triangle, a 317-unit build-to-rent community in Fort Worth. Tower Capital’s Kyle McDonough and George Maravilla arranged the financing on behalf of Empire Group, the project’s Arizona-based developer. The Village at Golden Triangle is situated on 30 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth. The community offers one-, two- and three-bedroom floor units with quartz countertops, stainless steel appliances, full-size washers and dryers, smart-home technology, private …
FRAMINGHAM, MASS. — Marcus & Millichap Capital Corp. has arranged a $5 million Freddie Mac acquisition loan for The Grant Street Complex, a 26-unit community in the Boston suburb of Framingham. Robert Bhat of Marcus & Millichap originated the financing. The borrower and direct lender were not disclosed. The Grant Street Complex offers one-, two- and three-bedroom apartments.
SANTA ANA AND YORBA LINDA, CALIF. — Northmarq has negotiated the refinancing of two properties in Orange County, Villa Del Sol and Yorba Linda Pines. Advanced Real Estate Services owns both properties. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach debt and equity office arranged the combined $142 million cash-out refinance. The deal was structured on a 10-year interest only term. Northmarq secured the permanent-fixed rate loan through its Optigo status as a Freddie Mac lender. Villa Del Sol is located at 811 S Fairview St. in Santa …