NEW YORK CITY — Greystone has provided a $114.5 million bridge loan on behalf of Iris Holdings Group for the acquisition and rehabilitation of The State Preservation Portfolio, a 753-unit affordable housing portfolio. The nine properties are located throughout the borough of Queens. Iris Holdings Group partnered with the New York City Department of Housing Preservation and Development to preserve and redevelop the portfolio for families of varying levels of income affordability for the next 40 years. Iris Holdings Group will be updating building systems and enhancing accessibility features.
WHITE HOUSE, TENN. — Walker & Dunlop has arranged a $42 million loan from an undisclosed institutional lender on behalf of RFM Development Co. The sponsor is refinancing The Mill at White House, a 216-unit property in White House, 27 miles north of Nashville that was recently completed and is finalizing lease-up. Walker & Dunlop’s capital markets team was led by Jeremy Pino, Livingston Hessam, Keith Melton, David Strange, Carl Passmore and Kyle Miller, the same team that previously arranged the asset’s construction financing in 2022.
EDEN PRAIRIE, MINN. — Greco and Eagle Ridge Partners have refinanced The Fox & The Grouse, a 237-unit property in Eden Prairie. Construction was completed on the first phase of the project in April 2025. JLL arranged the five-year, $50 million refinancing loan on behalf of the owners as well as equity partner Amstar Group, through PNC Bank. Back in August, JLL also arranged a $39.1 million loan and secured $16.5 million in equity from Amstar. Located 18 miles southwest of Minneapolis, The Fox & and the Grouse is six-story …
As apartment rents climb and home prices soar, more Americans struggle to find stable, affordable housing. While many factors contribute to this growing affordability crisis one often overlooked but considerable, housing cost is property taxation. After World War II, the American dream was built on the foundation of homeownership. With the GI Bill’s help, returning veterans could purchase homes. Homeownership became a significant source of savings and wealth, enabling families to build equity over time as property values generally appreciated. In effect, homeownership became a form of “forced” savings that …
LOS ANGELES, CALIF. — Priority Capital Advisory has arranged a $28 million loan on behalf of CityPads, a private equity fund manager and developer with operations based in Chicago and Los Angeles. The senior debt financing is for the development of a 92-unit property in West Los Angeles. Zachary Streit of Priority Capital Advisory brokered the loan along with Lucas Borges of JLL. CityPads has begun construction, and completion is slated for 2026. The property’s unit mix will consist of 38 studios (33 market rate, five affordable), 53 one-bedroom units …
DAVENPORT, FLA. — Walker & Dunlop has arranged a $55 million loan for Flournoy Partners to refinance Apex Posner Park Apartments, a luxury community in Davenport, 33 miles southwest of Orlando. Walker & Dunlop’s team was led by Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller. An undisclosed institutional lender provided the capital for the bridge loan. The property’s amenities include a saltwater pool with cabanas and grilling areas, a fitness center, package lockers, a dog park, a clubhouse and a gaming area with billiards. According to the property …
LAFAYETTE, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $37.2 million construction loan, and Key Commercial Mortgage Group has arranged a $28.8 million permanent loan to finance the construction of Vita Lifestyle Lafayette. The 198-unit affordable housing development is located in Lafayette, approximately 60 miles northwest of Indianapolis. Vita Investment Holdings LLC has partnered with CRF Affordable Housing to develop the project. Vita Lifestyle Lafayette will consist of 159 affordable units and 39 market rate units, including one-bedroom, two-bedroom, and cottage-style units. Affordable units are restricted …
SAN DIEGO — Hines, along with project partners Affinius Capital, Bank OZK, Related Fund Management and Heitman, has begun construction on Phase I of Riverwalk San Diego, a 200-acre transit-oriented mixed-use project situated on a former golf course in the Mission Valley submarket of San Diego. The overall project cost is approximately $3 billion. The groundbreaking follows the securing of $380 million in construction financing, comprising a $278 million senior loan from Bank OZK and a $102 million mezzanine loan provided by Related Fund Management, which originated the investment through …
MIAMI — Berkadia has arranged a $17.8 million Fannie Mae loan for Rental Asset Management (RAM). The sponsor will refinance RAM Miami River North, a 96-unit community in the Little Havana area of Miami that RAM acquired in 2022. Berkadia’s Miami-based team consisted of Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Hugo Hernandez. RAM is an Oakland Park, Florida-based multifamily owner and operator. Berkadia also arranged the original acquisition loan through Amerant. “Almost three-quarters of the units at RAM Miami River North offer rents at 120 percent of …
KANNAPOLIS, N.C. — LEDG Capital has completed the $5.5 million renovation of Kimberly Ridge, a 76-unit property in Kannapolis the private affordable housing investor acquired in April 2024. Kannapolis is 28 miles northeast of Charlotte. During the 11-month rehabilitation effort at Kimberly Ridge, LEDG installed new kitchens, bathrooms, lighting fixtures and energy-efficient heating and cooling systems in all units and replaced roofs and repaired siding, gutters and parking surfaces. New community amenities and security features were added, and six apartments were modified to meet accessibility standards for the mobility impaired. …