Finance

The Enclave on Main in Whitehall, Ohio
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Woda Cooper Cos., IMPACT Community Action Begin Development of Affordable Community in Whitehall, Ohio

by Channing Hamilton

WHITEHALL, OHIO — Woda Cooper Cos. and IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall. The Enclave on Main will be affordable to tenants earning between 30 and 80 percent of the area median income. Units will come in one-, two- and three-bedroom layouts, with several units adapted for those with mobility challenges or sight and hearing disabilities. Amenities include a community room with kitchenette and management office for an onsite community manager. The Ohio Housing Finance Agency (OHFA) provided …

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NHH Berry in Houston
Affordable HousingDevelopmentFinanceNewsTexas

New Hope Housing to Build Two Affordable Communities in Houston with $50 Million in Financing

by Channing Hamilton

HOUSTON — New Hope Housing will break ground on two affordable housing developments in Houston — NHH Gray and NHH Berry — this October. Amegy Bank provided $50 million in financing for the project. NHH Berry will offer 180 one-, two- and three-bedroom apartments. NHH Gray will include 135 units in one- and two-bedroom floor plans. Both communities will host on-site Bezos Academy locations, which will provide free pre-school services to residents. NHH Gray and NHH Berry are scheduled to be completed in July 2025. Income restrictions for the two …

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Golden Triangle Station in Eden Prairie, Minnesota
Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

JLL Arranges $69 Million in Construction Financing for Golden Triangle Station Near Minneapolis

by Channing Hamilton

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $69 million in joint venture equity and construction financing for Golden Triangle Station, a 237-unit development in the Minneapolis suburb of Eden Prairie. A regional bank provided a $47 million construction loan, and Amstar Group provided $22 million in joint venture equity. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson of JLL represented the sponsor, Greco and Eagle Ridge Partners. The project is set to break ground this fall. Of the total unit count, 25 percent will …

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The Citadel at Elgin in Houston
Affordable HousingFinanceNewsTexas

The NHP Foundation Secures Funding for 11 Units at The Citadel at Elgin in Houston

by Channing Hamilton

HOUSTON — The NHP Foundation has received $1.5 million in capital grant subsidy funding from The Corp. for Supportive Housing to offset costs incurred for the construction of 11 units of affordable housing at The Citadel at Elgin in Houston. The community opened in the summer of 2023 and is The NHP Foundation’s fifth affordable community in the city. Income restrictions for The Citadel at Elgin were not disclosed. Financing for the project’s development included $15 million of Citibank construction and permanent debt financing with tax exempt bonds issued by …

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Vestra at UnCommons in Las Vegas
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNevadaWestern

Resilience of Las Vegas Market Is Tested 

by Channing Hamilton

Sometimes Las Vegas’ reputation precedes it — and that can be a good or bad attribute.  “Everyone remembers 2008,” says Taylor Sims, executive director of the Multifamily Advisory Group at Cushman & Wakefield.  Home prices in Las Vegas plunged by 60 percent during the Great Recession, nearly twice the national rate, according to news affiliate KTNV. The University of Nevada, Las Vegas (UNLV) notes the unemployment rate peaked at 14.5 percent in October 2010.  Like Sims, Michael Albanese, a multifamily specialist at NAI Vegas, knows the rest of the world …

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FinanceKansasMidwestNewsPeople News

Northmarq Kansas City Office Adds Joe Heinzler as Vice President

by Channing Hamilton

KANSAS CITY, KAN. — Northmarq has hired Joe Heinzler as vice president to the firm’s Kansas City debt and equity team. In this role, Heinzler will facilitate debt and equity placements for investors and lenders including Freddie Mac, Fannie Mae, life insurance companies and banks. He will work alongside Senior Vice President Greg Duvall and Vice President John Duvall. Before joining Northmarq, Heinzler spent two years as a commercial relationship manager with North American Savings Bank. Prior to this, he an office broker with Kessinger Hunter & Co. He received …

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DevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $320 Million for Renovation of Affordable Complex in New York City

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx borough of New York City. The property was originally developed in the 1950s and is the second largest New York City Housing Authority property in the state. Edenwald Houses is currently home to more than 5,000 residents. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will be used …

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Reserve at Spencer in St. Peters, Missouri
Affordable HousingDevelopmentFinanceMidwestMissouriNews

TWG Begins Construction of $42.9 Million Affordable Community in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — TWG has broken ground on Reserve at Spencer, a $42.9 million affordable community in St. Peters. Reserve at Spencer will offer 192 units across four stories. Apartments will be affordable to tenants earning less than 60 percent of the area median income. Amenities include a community lounge and clubhouse, kitchenette, playground, dog park, fitness center, co-working spaces and package rooms. CREA, LLC, Merchants Bank, UMB Bank, and the Missouri Housing Development Commission are partners on the project. The Industrial Revenue Authority of St. Charles County provided bond financing. …

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An unnamed community developed by Milhaus and Banyan Residential in Phoenix
ArizonaDevelopmentFinanceNewsWestern

Milhaus, Banyan Residential Break Ground on $117 Million Community in Phoenix

by Channing Hamilton

PHOENIX — Milhaus and Banyan Residential have broken ground on a $117 million development on the southwest corner of 48th St. and Washington St. in Phoenix. The first phase of the 515-unit community is slated for completion in the fourth quarter of 2025. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. UMB provided a $63.3 million construction loan for the project, with syndication by First Merchants and Academy Bank.

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FinanceGeorgiaNewsSoutheast

Greystone Monticello Provides $68.2 Million Refinance for The Irby in Atlanta

by Channing Hamilton

ATLANTA — Greystone Monticello has provided a $60.2 million bridge loan and an $8 million mezzanine loan to refinance The Irby, a high-rise building in Atlanta’s northern Buckhead district. Greystone Commercial Capital originated the financing. The Irby was built in 2020 and is owned by an affiliate of Lone Star Funds. The property comprises 277 apartments across twelve stories, as well as 15,000 square feet of retail space. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, courtyard with fire pit and grilling station, an athletic …

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