Finance

The Ventana Luxury Apartments in Los Angeles
CaliforniaFinanceNewsWestern

Barings Real Estate Secures $115 Million Loan for The Ventana Luxury Apartments in Los Angeles

by Channing Hamilton

LOS ANGELES — Barings Real Estate has secured $115 million in financing for The Ventana Luxury Apartments, a 405-unit complex within the master-planned community of Playa Vista in Los Angeles. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan on behalf of the borrower. The financing features full-term interest-only payments. The use of the funds was not disclosed. The Ventana Luxury Apartments was built in two phases in 2007. The community offers studio, one-, two- and three-bedroom units with an …

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DevelopmentFinanceNew YorkNewsNortheast

Bayport Funding Provides $3.2 Million in Financing for Development in Long Island

by Channing Hamilton

MALVERNE, N.Y. — Bayport Funding has provided $3.2 million in financing for a development in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The borrower, who was not disclosed, plans to use the proceeds to acquire and complete the project. The development is currently underway, with completion slated for summer of 2024.

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CaliforniaFinanceNewsWestern

Greystone Provides $15 Million in Financing for University Village in Hayward, California

by Channing Hamilton

HAYWARD, CALIF. — Greystone has provided a $15 million Fannie Mae Delegated Underwriting & Servicing loan to refinance University Village, a 68-unit in Hayward. The garden-style community was constructed in 1964. University Village offers one- and two-bedroom units and on-site parking, laundry facilities and a fitness center. Tim Thompson originated the financing on behalf of WSB University Village LLC. The loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan will enable the borrower to continue with ongoing property maintenance.

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CaliforniaFinanceNewsWestern

PGIM Real Estate Arranges $259 Million Credit Facility for Six West Coast Properties

by Channing Hamilton

SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition for six communities on the West Coast. The borrower is The Sobrato Organization. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. The six properties total 1,141 units.

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FinanceNewsWashingtonWestern

Ethos Commercial Advisors Arranges $80 Million for Arvon Apartments in Vancouver, Washington

by Channing Hamilton

VANCOUVER, WASH — Ethos Commercial Advisors has structured $48 million in construction financing and $32 million in joint venture equity for Arvon Apartments, a 274-unit project in Vancouver. The garden-style community offers one-, two- and three-bedroom units with an average size of nearly 1,000 square feet. Danny Natsch and Matt Illias arranged the partial recourse construction loan through a national bank. The loan features a 42-month term and a sub-300 spread over SOFR with a 25 percent recourse obligation to the guarantors. Natsch and Illias also sourced the joint venture equity through …

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FinanceNew JerseyNewsNortheast

Greystone Provides $21.6 Million Loan for Affordable Housing Property in Carteret, New Jersey

by Channing Hamilton

CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners. Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property …

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Bartram Park in Jacksonville, Florida
DevelopmentFinanceFloridaInvestment SalesLeasing & MarketingMarket ReportsSoutheast

Development Wave in Jacksonville Reaches Crescendo

by Channing Hamilton

The City of Jacksonville’s pro-development plans have apartment developers feeling confident amid soft market conditions challenging many cities today. Downtown Jacksonville is a 3.9-square-mile area that straddles about six miles of the St. Johns River. It’s made up of eight districts or neighborhoods along the river’s north and south banks. The Downtown Investment Authority (DIA) has identified these eight districts as sites for future development for residential, hotel, retail and office projects. Within these districts, developers are expected in 2024 to complete 31 multifamily projects, which include 8,402 units, according …

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Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building for Affordable Housing Development

by Channing Hamilton

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building to construct Snelling Yards, a 90-unit affordable community. The project is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe Development Partners and Wall Cos. were granted development rights to the property in 2017. Snelling Yards will offer three- and four-bedroom units. Of the total unit count, 26 will be reserved for residents who earn up to 30 percent of the area median …

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Affordable HousingDevelopmentFinanceMidwestNebraskaNews

The Annex Group to Develop $52.7 Million Affordable Housing Community in Lincoln, Nebraska

by Channing Hamilton

LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor. Situated on 1.7 acres within the eastern portion of downtown Lincoln, Union at …

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A property at 147-35 95th Ave. in the New York City borough of Queens
DevelopmentFinanceNew YorkNewsNortheast

SCALE Lending Provides $142 Million Construction Loan for 24-Story Building in Queens

by Channing Hamilton

NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset. The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the …

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