Finance

The Fitzgerald in Denver
ColoradoFinanceNewsWestern

JLL Capital Markets Arranges $99 Million Refinancing for The Fitzgerald in Denver

by Channing Hamilton

DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, a 282-unit property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital. The borrower was Greystar.  Built at 1840 Market St. in 2022, The Fitzgerald rises 11 stories and offers studio, one- and two-bedroom units. Units feature stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Amenities include an indoor/outdoor …

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Affordable housing property in Pennsylvania
Affordable HousingFinanceInvestment Sales

FHFA Announces 2024 Multifamily Loan Purchase Caps for GSEs

by Lynn Peisner

​​​​​​​​​​​Washington, D.C. — The Federal Housing Finance Agency (FHFA), the organization that regulates Fannie Mae and Freddie Mac, has set 2024 multifamily loan purchase caps for $70 billion for each enterprise for a combined total of $140 billion. FHFA will require that at least 50 percent of the enterprises’ multifamily businesses be mission-driven, affordable housing. Examples of “mission-driven” housing include loans on properties subsidized by the Low-Income Housing Tax Credit (LIHTC) program, loans on properties covered by a Section 8 Housing Assistance Payment contract where the contract limits tenant incomes …

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Intrigue Apartments in Las Vegas
CaliforniaFinanceInvestment SalesNewsWestern

NewPoint Provides $17.5 Million in Acquisition Financing for Intrigue Apartments in Las Vegas

by Channing Hamilton

LAS VEGAS — NewPoint Real Estate Capital has provided $17.5 million in Fannie Mae DUS financing for the acquisition of Intrigue Apartments, a 193-unit workforce housing community in Las Vegas. David Bleiweiss originated the loan, which featured a seven-year term with four years of interest only followed by a 30-year amortization schedule. NewPoint provided the loan through Fannie Mae’s Sponsor-Dedicated Workforce (SDW) program. Through the SDW program, borrowers receive lower interest rates and streamlined underwriting by agreeing to keep a minimum of 20 percent of units affordable at 80 percent …

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The Pearl in Downtown Silver Spring, Maryland
FinanceMarylandNewsNortheast

PGIM Provides $188 Million Refinancing for Five-Property Portfolio in Downtown Silver Spring, Maryland

by Channing Hamilton

SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for The Blairs, a five-property portfolio in downtown Silver Spring. The borrower, Tower Cos., will use the fixed-rate loan to refinance the portfolio, which comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are located within a master-planned community that Tower Cos. owns, and offer 1,396 units altogether. According to PGIM, The Blairs was the first residential campus to receive the LEED Gold certification for operations and maintenance.

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FinanceNewsNorth CarolinaSoutheast

NewPoint Provides $58 Million to Refinance Community in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — NewPoint Real Estate Capital has arranged a $58 million Freddie Mac conventional multifamily loan to refinance a community in North Carolina’s Research Triangle area. NewPoint’s Mike Ortlip originated the loan, which features a five-year, fixed-rate term with full interest-only payments. Situated just outside of Durham, the asset was developed in two phases and offers one-, two-, and three-bedroom units. Amenities include a pool, a fitness center, game room, business center, playground, pet park, grilling areas and a multi-sports court.

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An undisclosed manufactured housing site.
FinanceInvestment SalesNewsTexas

JLL Capital Markets Arranges $300 Million for 40-Community Manufactured Housing Portfolio

by Channing Hamilton

DALLAS — Dallas-based JLL Capital Markets has arranged more than $300 million in acquisition financing for a 10,000-pad portfolio of manufactured housing communities. The portfolio consists of over 40 assets — including manufactured housing, RV housing, apartments and single-family home sites — across six different states. Jody Thornton, Tony Nargi, Zach Koucos, Chris Collins, Jacob Martin and Jack Wood worked on behalf of the borrower to secure the loans. The borrower and communities were not disclosed.

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Wrigleyville Lofts in Chicago
DevelopmentFinanceIllinoisInvestment SalesLeasing & MarketingMarket ReportsMidwest

Chicago’s Apartment Managers Adjust to New Realities

by Channing Hamilton

With the official end of the health emergency in May, it would be natural to assume that multifamily assets are operating in a much-improved environment versus three years ago, when policy responses to the pandemic locked down the economy, curtailed new applications, restricted tours and halted evictions.  That’s especially true because once shutdowns loosened, robust renter demand for apartments drove double-digit rent increases in late 2021 and early 2022.  But it could be argued that multifamily property managers face as tough an operating environment today as they did in 2020 …

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Village at Golden Triangle in Fort Worth, Texas
Build-to-RentDevelopmentFinanceNewsTexas

Empire Group Breaks Ground on $72.8 Million Village at Golden Triangle in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Empire Group of Cos. has secured a $72.8 million loan to develop Village at Golden Triangle, a build-to-rent development roughly 14 miles north of downtown Fort Worth. Tower Capital arranged the financing. BBL Building Co. is the general contractor. The developer has broken ground on the community, which is slated for delivery in 2025. Village at Golden Triangle will consist of 317 units on a 29.7-acre site. Residences will come in one-, two- and three-bedroom layouts that range from 680 to 1,300 square feet in size. Planned …

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Freestone on Main in Bozeman, Montana
DevelopmentFinanceMontanaNewsWestern

JLL Capital Markets Arranges $47 Million for Freestone on Main in Bozeman, Montana

by Channing Hamilton

BOZEMAN, MONT. — JLL Capital Markets has arranged the $32 million construction financing and the $15 million equity placement for the development of Freestone on Main in Bozeman. JLL worked on behalf of the sponsor, Reuter Walton, to secure the three-year, floating-rate loan through a regional bank. JLL also sourced the joint venture equity from a real estate investment manager. Mox Gunderson, Scott Loving and Adam Haydon led the JLL Capital Markets team. Freestone on Main will comprise 121 apartments in studio, one- and two-bedroom floor plans. The property will …

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FinanceNew JerseyNewsNortheast

Eastern Union Secures $74.2 Million Construction Loan for 256-Unit Project in Teaneck, New Jersey

by Channing Hamilton

TEANECK, N.J. — Eastern Union has secured $74.2 million to refinance a construction loan for a 256-unit project currently under development in the northern New Jersey city of Teaneck. The transaction features a 36-month term and carried a 75-percent loan-to-cost ratio. The interest rate was set at 7.8 percent, with interest-only payments for the full term. Gabriel Sasson, a senior associate with Eastern Union, brokered the loan. Located at 329 Alfred Ave. near Route 4, the property rises six stories and comprises 250,000 square feet. The property owner and the lender …

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