Finance

Camelot at Toms River in Toms River, New Jersey
FinanceNew JerseyNewsNortheast

JLL Arranges $26.8 Million in Financing for Camelot at Toms River in Toms River, New Jersey

by Channing Hamilton

TOMS RIVER, N.J. — JLL Capital Markets has brokered $26.8 million in financing for Camelot at Toms River, a 128-unit community in Toms River, which is located along the Jersey Shore. JLL worked on behalf of the borrower, Kaplan Cos., to secure the five-year, fixed-rate loan through Nuveen Real Estate. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio led the JLL Capital Markets Debt Advisory team. Camelot at Toms River was built in 2023 and offers one- and two-bedroom units. Amenities include a 2,098-square-foot clubhouse, fitness center, yoga room, pool, barbeque …

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle, Birdsong Secure $33.9 Million to Build Affordable Housing Community in Kissimmee, Florida

by Channing Hamilton

KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. …

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DevelopmentFinanceNewsTexas

Colliers Mortgage Provides $16.8 Million to Develop 199-Unit Affordable Housing Project in San Antonio

by Channing Hamilton

SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, an affordable housing project in San Antonio. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP. Culebra Road Apartments will offer 199 one-, two- and three-bedroom units. The community will be entirely income restricted, although exact restrictions were not disclosed. Planned amenities include a pool, fitness center, playground, business center, clubhouse, activities room and outdoor …

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Cambridge Square Apartments in Monroeville, Pennsylvania
Affordable HousingFinanceNewsNortheastPennsylvania

KeyBank Provides $90.7 Million for Affordable Cambridge Square Apartments Near Pittsburgh

by Channing Hamilton

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, an affordable housing complex in the Pittsburgh suburb of Monroeville. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing. Robbie Lynn of KeyBank structured the tax-exempt bonds, …

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Spoke in Atlanta
DevelopmentFinanceGeorgiaInvestment SalesMarket ReportsSoutheast

Atlanta’s Supply Surge Coming to a Halt 

by Channing Hamilton

Atlanta has experienced a dip in rents amid a surge of supply. The number of deliveries in the third quarter of this year increased 63 percent compared with the same period in 2022.  Most data sources indicate about 15,000 units have been delivered so far this year, but only about 5,000 have been absorbed. In short, new supply is greatly outpacing tenant demand, and effective rents fell on a year-over-year basis as of the third quarter.  Still, industry experts say this is likely only a temporary condition with developers struggling …

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6100 Main in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

JLL Capital Markets Arranges Financing to Construct 6100 Main in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged construction financing for 6100 Main, an 87-unit development in Los Angeles. The community will be rise four stories on a 0.5-acre site. Units will come in one-bedroom floor plans. Planned amenities include a community room, roof deck, garage parking and bicycle parking. JLL worked on behalf of the borrower, SoLa Impact, to secure the loan through a regional bank. Greg Brown, Charlie Vorsheck, Kellan Liem and Allie Black led the JLL Capital Markets Debt Advisory team. 

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Lirica East Austin in Austin, Texas
DevelopmentFinanceNewsTexas

JLL Capital Markets Arranges Construction Financing for Lirica East Austin in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — JLL Capital Markets has arranged construction financing for Lirica East Austin, a 338-unit project in the Central East Austin neighborhood of Austin. The borrower was Central Southwest Texas Development, doing business as CSW Development. JLL worked on behalf of the borrower and the equity partner, Blueprint Local, to secure the loan.  Lirica East Austin will offer studio, one-, two- and three-bedroom units with an average size of 799 square feet. Planned amenities include a pool, clubroom, fitness center, co-working space, sky lounge, courtyard and dog park. The …

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Harbach Lofts in Des Moines, Iowa
FinanceInvestment SalesIowaMidwestNews

JLL Capital Markets Arranges $10.6 Million in Acquisition Financing for Harbach Lofts in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team. Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises …

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Avalon Apartments and Townhomes in Inver Grove Heights, Minnesota
DevelopmentFinanceMidwestMinnesotaNews

JLL Brokers $60.1 Million to Develop Avalon Apartments and Townhomes Near Minneapolis

by Channing Hamilton

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged $60.1 million in mezzanine and construction financing for Avalon Apartments and Townhomes, a 244-unit complex in the southeast Minneapolis suburb of Inver Grove Heights. JLL worked on behalf of the borrower, Trident Development, to secure the $45 million construction loan from Alerus. Additionally, JLL sourced $15.1 million in mezzanine financing through Centerspace. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson led the JLL Capital Markets Advisory Team. Avalon Apartments and Townhomes will offer 190 apartments and 54 townhomes. The unit …

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A 466-Unit Project from Saxum Real Estate in Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

JLL Arranges $55.7 Million in Construction Financing for Second Phase of 466-Unit Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …

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