Finance

Anthem Development Breaks Ground on $64 Million Lofts iThirty in Garland, Texas

by Channing Hamilton September 13, 2023

GARLAND, TEXAS — Anthem Development, a Beck Ventures company, has broken ground on the first phase of redevelopment for the new Transit-Oriented District in Garland. The first phase includes the development of Lofts iThirty, a 340-unit project located at 6302 Greenbelt Pkwy. Lofts iThirty will comprise five buildings that each rise four stories, with amenities such as two pools, a pet spa, park, game room, coffee bar, sky-lounge, outdoor kitchens and two fitness centers. The total cost of the first phase is expected to be $64 million. At full build-out, the redevelopment project …

September 13, 2023

California Development Finance News Western

UC Funds Provides $60 Million to Construct Mixed-Use Project in San Diego Suburb

by Channing Hamilton September 13, 2023

POWAY, CALIF. — UC Funds has provided a $60 million loan to develop a 72-unit community in the San Diego suburb of Poway. The property will also include 20,000 square feet of retail space. According to UC Funds, the project will serve as a focal point for the redevelopment of Poway’s downtown area. The city includes a 900-acre business park with over 500 businesses, including General Atomic Aeronautical, Sysco and GEICO.

September 13, 2023

Build-to-Rent Development Finance Georgia News Southeast

JLL Arranges $26.8 Million Construction Financing for BTR Community in Atlanta Suburb

by Channing Hamilton September 8, 2023

LOGANVILLE, GA. — JLL Capital Markets has arranged $26.8 million in construction financing for Rosebud Place, a 139-unit build-to-rent community in the Atlanta suburb of Loganville. The borrower was a joint venture between Landeavor and LAMB Properties. JLL’s Matthew Putterman, Danny Kaufman, Chris Knight and Ware Shipman represented the joint venture to secure the five-year, floating-rate loan through a regional bank. Rosebud Place will offer three- and four-bedroom homes ranging in size from 1,833 to 1,854 square feet. Amenities will include pool, dog park, children’s play area and walking trails.

September 8, 2023

Affordable Housing Finance New York News Northeast

Walker & Dunlop Provides $35.6 Million to Refinance Brooklyn Affordable Housing Portfolio

by Channing Hamilton September 7, 2023

NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of an affordable housing portfolio in New York City. The portfolio comprises 251 units across eight buildings Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing. The financing is structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development …

September 7, 2023

Colorado Development Finance News Western

JLL Brokers Financing for Kairoi Metro Center in Denver Suburb

by Channing Hamilton September 7, 2023

AURORA, COLO. — JLL Capital Markets has arranged a construction loan and advised on the joint-venture equity placement for the development of Kairoi Metro Center, a 419-unit community in the Denver suburb of Aurora. Leon McBroom, Travis Anderson and Kevin Barron represented the borrower, Kairoi Residential, in securing the six-year, floating-rate loan through a two-bank syndication. Kairoi Metro Center will feature one-, two- and three-bedroom units with an average size of 831 square feet. The property will also include two small urban parks. The project is slated to deliver in …

September 7, 2023

Arizona Development Finance News Western

JLL Arranges $62.6 Million in Construction Financing for Meritum Sonoran Desert in Phoenix

by Channing Hamilton September 7, 2023

PHOENIX — JLL Capital Markets has arranged $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style development in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia worked on behalf of the borrower, IDM Cos., to secure the loan through a life company. Slated for completion in 2025, Meritum Sonoran Desert will comprise 348 apartments across 13 buildings. Units will come in one-, two- and three-bedroom layouts. Planned amenities include a clubhouse with a resident living room and kitchen, fitness center, a dog park and two pools.

September 7, 2023

Keybank Multifamily Affordable Housing Janette O'Brien

Affordable Housing Content Partner Features Finance Industry Content Midwest Northeast Southeast Texas Western

Fine-Tune Borrowing Strategies to Activate Multifamily Projects

by Sarah Daniels September 7, 2023

Multifamily developers and owners seeking debt financing face a gauntlet of headwinds, but deal flows confirm that good deals are still landing loans. That’s according to Janette O’Brien, head of production for multifamily lending at KeyBank. As one of the nation’s largest bank-based financial services companies, KeyBank has a full pipeline of multifamily loans in process. That puts O’Brien’s finger on the pulse of what differentiates viable deals in today’s volatile market. Multifamily & Affordable Housing Business asked O’Brien about current borrower challenges, as well as the strategies that are helping some …

September 7, 2023

Affordable Housing Development Finance Florida News Southeast

Pinnacle Secures $47.8 Million to Build Second Phase of Affordable Project in Hollywood, Florida

by Channing Hamilton September 6, 2023

HOLLYWOOD, FLA. — Pinnacle has secured $47.8 million in financing to build the second phase of Pinnacle 441, an affordable housing community in Hollywood. The first phase of the project comprises 113 affordable units and 8,000 square feet of commercial space. Phase two of Pinnacle 441 will rise eight stories on a 1.7-acre site just west of the first phase. The development will offer 100 one-, two- and three-bedroom units that will be affordable to tenants earning up to 60 percent of the area median income. Construction will begin in September and is …

September 6, 2023

Development Finance News North Carolina Southeast

JLL Arranges $43.9 Million for Construction of Mountain Island in Charlotte, North Carolina

by Channing Hamilton September 6, 2023

CHARLOTTE, N.C. — JLL Capital Markets has arranged $30 million in construction financing for the development of Mountain Island in Charlotte. The borrower was Waypoint Residential. JLL also arranged $13.9 million in preferred equity through FCP. The development is situated northwest of downtown Charlotte. Mountain Island will offer one-, two- and three-bedroom units with vinyl plank flooring, walk-in closets, balconies or patios, stainless steel appliances and in-unit washers and dryers. Amenities will include a clubhouse, pool, fitness center, grilling area and dog park. A development timeline for the project was not …

September 6, 2023

A development project by Milhaus and Banyan Residential in Phoenix

Arizona Development Finance News Western

Milhaus, Banyan Residential Break Ground on $117 Million Development in Phoenix

by Channing Hamilton September 6, 2023

PHOENIX — Milhaus and Banyan Residential have begun constructing the first phase of a 515-unit community in Phoenix. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The community will feature studio, one-, two- and three-bedroom units ranging in size from 415 to 1,392 square feet. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. Phase one is expected to deliver in the fourth quarter of 2025, with a total development cost of $117 million.

September 6, 2023

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