Finance

Robert Kaplan of Cushman & Wakefield
DevelopmentFinanceFloridaIndustry VoicesInvestment SalesSoutheast

Miami Market Deep Dive with Cushman & Wakefield’s Robert Kaplan

by Channing Hamilton

Miami is bolstered by a strong tourism sector and population growth, but how has the market fared through the economic tumult of 2023? Multifamily & Affordable Housing Business (MAHB) recently interviewed Robert Kaplan, executive managing director at Cushman & Wakefield, about the state of the market. Kaplan and his team are the newest members of Cushman & Wakefield’s Equity, Debt & Structured Finance group, which provides a full-spectrum financial services platform to both domestic and international clients. MAHB: Can you contrast the differences in multifamily transactions in Miami between 2023 and 2022? Kaplan: …

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Affordable HousingFinanceGeorgiaNewsSoutheast

BWE Originates $14.2 Million Freddie Mac Loan for Villages at Carver in Atlanta

by Channing Hamilton

ATLANTA — BWE has originated a $14.2 million Freddie Mac Forward tax-exempt loan for Villages at Carver, a 220-unit mixed-income community in Atlanta. The borrower was not disclosed. The loan will be used to fund renovations and permanent financing for the garden-style community. The loan features an 18-year fixed rate with two years of interest-only payments and has a 40-year amortization. As part of the recapitalization of the property, the Georgia Department of Housing and Community Affairs also allocated new four percent Low-Income Housing Tax Credits. Villages at Carver is …

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CaliforniaFinanceNewsWestern

Colliers Arranges $27.8 Million to Refinance Edgeway in Bellflower, California

by Channing Hamilton

BELLFLOWER, CALIF. — The Colliers Structured Finance Group (SFG) has negotiated a $27.8 million Fannie Mae loan for the refinancing of Edgeway, a 91-unit complex in the Los Angeles suburb of Bellflower. Jonathan Lee, Bill Hyatt and Shahin Yazdi of Colliers SFG arranged the loan, which is priced at 5.5 percent for five years. The borrower was Serrano Development Group. Built in 2023, Edgeway offers one-, two- and three-bedroom apartments with quartz countertops, in-unit washers and dryers, stainless steel appliances and private balconies. Community amenities include a pool, spa and …

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J.G. Whittier in Seattle
FinanceNewsWashingtonWestern

JLL Capital Markets Arranges $11.9 Million Refinance of J.G. Whittier in Seattle

by Channing Hamilton

SEATTLE — JLL Capital Markets has brokered $11.9 million to refinance J.G. Whittier, a 54-unit community in Seattle’s Ballard neighborhood. JLL worked on behalf of the borrower, FFV Crown Hill LLC, to secure the five-year, fixed-rate loan through National Life Group. Seth Heikkila and Steve Petrie led the JLL Capital Markets Debt Advisory team. Recently built in 2023, J.G. Whittier offers studio, one- and two-bedroom units. Amenities include a rooftop pet play area, rooftop deck with green space, fireplace lobby and lounge, media room, EV charging stations and business center. The …

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FinanceMichiganMidwestNews

JLL Capital Markets Arranges $30 Million to Refinance Two Communities in Michigan

by Channing Hamilton

PORTAGE AND MT. PLEASANT, MICH. — JLL Capital Markets has negotiated $30 million to refinance Davis Creek Apartments and Canterbury East in Michigan. JLL represented the borrower, The Millennia Cos., to secure the loan through Citigroup Inc. Jillian Mariutti and Alex Staikos led the JLL Capital Markets Debt Advisory team. Situated at 5419 Meredith Street in Portage, Davis Creek Apartments was built in 1969 and renovated in 2013. The property comprises a total of 407 apartments, including 33 studios, 276 one-bedroom and 98 two-bedroom units. Amenities include two enclosed dog parks, …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $8.5 Million to Refinance 334-Unit Property Near Detroit

by Channing Hamilton

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan to refinance a 334-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and David Ruff of BFG negotiated the loan through Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.

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FinanceInvestment SalesNewsTexas

Colliers Mortgage Provides Acquisition Loan for Northwood Apartment Homes in Fort Worth

by Channing Hamilton

FORT WORTH, TEXAS — Colliers Mortgage has provided financing for the acquisition of Northwood Apartment Homes, a 100-unit community in Fort Worth. Fritz Waldvogel of Colliers Mortgage originated the five-year Fannie Mae loan through a partnership with Old Capital Lending. The borrower was not disclosed. Northwood Apartment Homes was built in 1972. The property comprises six two-story buildings and one clubhouse, as well as onsite laundry facilities and outdoor grilling and dining stations.

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The Pointe at Hills Farm in Shrewsbury, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $21 Million for Mixed-Income Community in Shrewsbury, Massachusetts

by Channing Hamilton

SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income community in Shrewsbury. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. WinnCos. is the borrower and developer. The Pointe at Hills Farm will comprise two three-story buildings. Of the total unit count, 56 will be reserved for households earning 30 to 60 percent of the area median income, and 21 units will be designated as …

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504-508 E. 12th St. in New York City
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNew YorkNortheast

NYC Investors Hunt for Distressed Deals 

by Channing Hamilton

Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell.  New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …

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FinanceNewsUtahWestern

PGIM Real Estate Provides $18.5 Million Loan for Mixed-Use Site in Layton, Utah

by Channing Hamilton

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a 6.3-acre site in Layton, approximately 25 miles north of Salt Lake City. Daniel Kattan of PGIM secured the financing on behalf of the borrower. The site includes a newly constructed apartment community totaling 252 units, as well as two commercial buildings with 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space.

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