DALLAS — JLL Capital Markets has arranged the $175 million facility refinancing for a three-property, 882-unit portfolio. The borrower was an investment vehicle sponsored by Willow Bridge Property Co., a full service residential property company headquartered in Dallas. Andy Scott, Michael Cosby, Bo Beidleman and Ryan Pollack of JLL arranged the loan through Fannie Mae and closed on the five-year, fixed-rate initial tranche. The financing will be used to seed a larger programmatic financing vehicle, allowing for flexibility in future transactions.
LOS ANGELES AND SHREVEPORT, LA. — American South Fund Management (ASFM), a joint venture between SDS Capital Group and Vintage Realty, has closed its second real estate fund with $174 million in equity commitments. SDS Capital Group is a Los Angeles-based impact fund manager. Vintage Realty is a property developer and manager that is headquartered in Shreveport, Louisiana. ASFM’s fund will provide preferred equity and equity financing for affordable housing projects in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. The fund includes a $50 …
ELMWOOD PARK, N.J. — JLL Capital Markets has negotiated the $49 million capitalization for the second phase of Riverwalk, a four-phase master-planned development in Elmwood Park. Phase two of Riverwalk will comprise 150 units across two buildings, and is slated to deliver in the fourth quarter of 2024. At full build-out, the community will offer amenities such as a fitness center, outdoor pool deck, lounge and a business center. The property will also feature 15,000 square feet of retail space. JLL represented the borrower, Riverwalk, to secure the $32 million …
MILWAUKEE — JLL Capital Markets has arranged $98 million for the refinancing of Ascent MKE, a 25-story high-rise community in Milwaukee. JLL worked on behalf of the borrower, an affiliate of New Land Enterprises, to secure the three-year, floating-rate loan through Barings Real Estate. Tim Joyce, Trent Niederberger, Mike Brady, Ryan Sullivan and Michael Gurwin led the JLL Capital Markets Debt Advisory team. Ascent MKE was built in 2022. The property offers 259 units in one-, two- and three-bedroom layouts. Units average 1,055 square feet in size and include smart …
CLINTON TOWNSHIP, MICH. — BWE has secured $19.8 million in acquisition financing for a portfolio totaling 326 units in the Detroit suburb of Clinton Township. The portfolio consists of 13 low-rise buildings. The properties offer a mix of one- and two-bedroom units, as well as amenities like a pool, clubhouse, tennis court, on-site laundry and parking. Adam Gould of BWE’s Detroit office originated the value-add, non-recourse bridge loan, which features three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in …
The average effective rent in the Dallas-Fort Worth apartment market declined by 0.5 percent between the third quarter of 2022 and the third quarter of this year, the first drop in rent since late 2021, according to Newmark. Whether this is a blip on the radar screen or an inflection point remains to be seen. Oversupply is contributing to the drop in rents. Newmark reports that developers opened 25,386 new units in the past 12 months as of the third quarter of 2023, compared with 8,742 units absorbed during the …
DENTON, TEXAS — Colliers Mortgage has provided a $41.8 million HUD-insured loan for the refinancing of Village at Rayzor Ranch, a 300-unit property located in the northern Dallas suburb of Denton. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower. Village at Rayzor Ranch offers studio, one- and two-bedroom units. Amenities include a pool, outdoor grilling and dining stations, a dog park, fitness center, sports court, coworking space, coffee bar, lounge, fitness center and package handling services.
HUNTSVILLE, ALA. — A joint venture between Essex Capital and Ascend Property Group has broken ground on Front Row, an 11-acre, mixed-use project in downtown Huntsville. The $220 million first phase of Front Row is currently underway, following recent news that Banco Inbursa and a group led by Keel Point and Opportunity Alabama provided $115 million in construction financing. The first retail space is slated to deliver in late 2025, followed by apartments and office space in early 2026. At full build-out, the first phase of Front Row will comprise …
MIAMI — Development partners Terra and New Valley have secured $127 million in permanent financing for Natura Gardens, a 460-unit complex in the West Hialeah neighborhood of Miami. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the financing. The funds will be used to pay off and refinance an existing $65 million construction loan, which Bank OZK provided in 2021. Natura Gardens was completed in the summer of 2023. Situated on a 23-acre site, the garden-style community …
YONKERS, N.Y. — A subsidiary of Azorim Construction Co. Ltd. will develop Miroza Tower, a $133.5 million high-rise asset in the New York City suburb of Yonkers. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for the project. Azorim Construction Co. is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes agreement valued at $12.4 million. Situated at 44 Hudson St., Miroza Tower will offer 250 apartment units across 27 stories. …