NEW YORK CITY — Greystone has provided a total of $21.5 million in Fannie Mae Delegated Underwriting & Servicing loans to refinancing two communities in New York City’s Harlem neighborhood. Greystone provided $11.4 million for The Duke, a 28-unit building located at 521 W. 134th St., and $10.1 million for The Count, a 27-unit asset located at 168 W. 136th St. Each of the non-recourse, fixed-rate loans in the portfolio carries a five-year term and 30-year amortization schedule, with interest-only payments for the first two years of the term. Avi Kozlowski …
NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors. The portfolio totals 1,115 apartment units across approximately 304,000 square feet. The properties are located in Manhattan, Brooklyn, Queens and The Bronx. Each property is leased to …
FORT WORTH, TEXAS — Palladium USA, in a public-private partnership with the Fort Worth Housing Finance Corp. (FWHFC), plans to develop Palladium City Skyline, a 243-unit project in Fort Worth. The eight-acre community will feature amenities such as indoor and outdoor children’s play areas, fitness center, pool and dog run. The community will offer affordable housing options for individuals earning 30, 60, 70 and 80 percent of the area median income. The first units are expected to be available for leasing by early 2026. Palladium City Skyline will be built …
CHARLOTTE, N.C. — Build-to-rent (BTR), or purpose-built neighborhoods of single-family rental homes, has been an emerging subsector of the multifamily continuum the past several years. The housing type fills a niche for renters as it offers more living space and privacy than typical apartments, but is more affordable and amenitized than for-sale homes. The BTR sector began its ascent during the early years of the COVID-19 pandemic when a confluence of factors —the rise in work-from-home and hybrid work schedules, an increase in household formation of younger millennials, the desirability …
ROCHELLE PARK, N.J. — JLL Capital Markets has arranged $44 million in financing for The Delford, a 160-unit community in the New York City suburb of Rochelle Park. JLL represented the borrower, Tulfra Real Estate, to secure the five-year, fixed-rate loan through Nuveen Real Estate. Michael Klein, Jon Mikula and Ryan Carroll led the JLL Capital Markets Debt Advisory team. Situated at 120 W. Passaic St., The Delford offers one-, two- and three-bedroom floor plans. The unit mix includes 136 market-rate units and 24 affordable units. Income restrictions for the …
CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. The LIHTC Collateral Pilot Program provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. While all FHLBank Chicago members are …
OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile, a 379-unit property in Omaha. The complex was built in 2023. Amenities include a pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. The community also features commercial space, which has been leased to three restaurant/entertainment concepts. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate …
WINCHESTER, VA. — Walker & Dunlop has negotiated $24.3 million in federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (FHTC) equity for ZeroPak Apartments, a property located on 3.7 acres at 536 N Cameron St. in Winchester. ZeroPak Apartments is the adaptive reuse of a cold storage warehouse, which was originally built in 1902. The property now consists of one building with six designated sub-sections. Don Snyder and the Walker & Dunlop Affordable Equity team arranged the equity on behalf of the borrower, Zeropak Development LLC. Erick …
MIAMI — PMG and Greybrook have secured a $178 million loan for the refinancing of Society Wynwood, a 318-unit mixed-use asset located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the loan through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood rises 10 stories. The community offers 82,000 square feet of amenities, including a pool, theater lawn, outdoor gym and coworking spaces. The property also offers 50,210 …
LITTLE FERRY, N.J. — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $75 million bridge loan for a 294-unit project that is nearing completion in the New York City suburb of Little Ferry. Located at 110 Bergen Turnpike, the asset is expected to receive its temporary certificate of occupancy during the current quarter. The property will also feature 8,356 square feet of retail space. The borrower was New Jersey-based developer Capodagli Property Co. The loan features an 18-month term with two six-month extension options. The financing …