Finance

An unnamed BTR community Parkland Homebuilders is developing in Centerville, Ga.

Forman Capital Provides $22.5 Million to Construct BTR Community Near Warner Robins, Georgia

by Channing Hamilton August 7, 2023

CENTERVILLE, GA. — Forman Capital has provided a $22.5 million lot acquisition and construction loan to Parkland Homebuilders to develop a build-to-rent community in the Warner Robins suburb of Centerville. Parkland Homebuilders is an affiliate of Alpharetta-based Parkland Communities. The developer plans to construct the community in four phases. The first phase of the project will deliver 109 rental homes in two-, three- and four-bedroom layouts. At full build-out, the community will comprise a total of 317 units. A timeline for the project was not disclosed.

August 7, 2023

New Amsterdam Apartments in Amsterdam, New York

Affordable Housing Development Finance Leasing & Marketing New York News Northeast Seniors Housing

State of New York to Provide $406 Million in Financing to Build Five Affordable Housing Developments

by Channing Hamilton August 4, 2023

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) provided financing for the five developments, which comprised $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. Hochul’s announcement came during …

August 4, 2023

251 Douglass Street in Brooklyn, New York

Company News Development Finance New York News Northeast

Joint Venture to Develop $184.3 Million Mixed-Use Development in Brooklyn, New York

by Channing Hamilton August 4, 2023

BROOKLYN, N.Y. — Canyon Partners Real Estate LLC, Tavros and Charney Cos. have formed a joint venture to develop 251 Douglass Street, a mixed-use development in the Gowanus neighborhood of Brooklyn. The project is being capitalized with $64.4 million in equity and a $119.9 million senior construction loan through Barings. Jordan Roeschlaub, Dustin Stolly and Chris Kramer of Newmark led the team that arranged the financing. The development will comprise 260 units across 15 stories, as well as ground floor retail space and parking. The project is also planned to offer …

August 4, 2023

Affordable Housing Development Finance News Northeast Rhode Island

Partnership Begins Development of 127-Unit Mixed Income Project in Providence, Rhode Island

by Channing Hamilton August 3, 2023

PROVIDENCE, R.I. — A partnership comprising developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income project in Providence’s Fox Point neighborhood. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt. The first phase of development will deliver 66 affordable and market-rate units, as well as retail space and a childcare facility. Income-restricted units will be affordable to households earning between …

August 3, 2023

Development Finance New York News Northeast

JLL Arranges $220 Million in Financing for New York City Office Tower Conversion

by Channing Hamilton August 3, 2023

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street, a former office building in New York City’s Financial District. Christopher Peck, Eliott Zeitoune, Alex Staikos and Drew Isaacson led the JLL team. Mexico City-based Banco Inbursa provided the loan to a partnership between Metro Loft Developers LLC and Silverstein Properties. The loan features a four-year floating rate. The 30-story tower will be converted into 571 apartments. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include …

August 3, 2023

Development Finance Investment Sales Market Reports New York Northeast

Why Developers in NYC Are Turning to the Suburbs

by Channing Hamilton August 2, 2023

In the New York metropolitan area, more apartments are under construction, more renters are looking for apartments and renters are paying higher rents than almost any other apartment market in the U.S. But the cost to build a new apartment or renovate an old one is also higher, development sites are more expensive and regulations like rent stabilization are tougher than almost anywhere else. And New York City has some of the highest property taxes in the U.S. In June 2022, the Affordable Housing NY Program — also known as …

August 2, 2023

Finance Indiana Investment Sales Midwest News

KeyBank Arranges $74.6 Million Acquisition Loan for Lakes at 8201 in Merrillville, Indiana

by Channing Hamilton August 1, 2023

MERRILLVILLE, IND. — KeyBank Real Estate Capital has brokered a $74.6 million loan through Freddie Mac for the acquisition of Lakes at 8201 in Merrillville, a town in Indiana’s Lake County. John Ward and Joseph Tinti arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Terms for the loan were not disclosed. Lakes at 8201 comprises 628 units across 20 buildings, as well as an office and clubhouse. The garden-style community was built between 1992 and 1993.

August 1, 2023

Affordable Housing Finance News Texas

NewPoint Provides Loan to Refinance 338-Unit Stadia Med Main Apartments in Houston

by Channing Hamilton August 1, 2023

HOUSTON — NewPoint Real Estate Capital provided a Targeted Affordable Housing loan to Aspen Oak Capital Partners (Aspen Oak) through Freddie Mac. The loan refinanced a NewPoint Bridge Loan that facilitated Aspen Oak’s acquisition of Stadia Med Main Apartments in April 2022. The fixed-rate refinance features a seven-year term and a 35-year amortization schedule. Stadia Med Main Apartments is a four-story, 338-unit property in Houston’s Medical Center/West University submarket. The community offers affordable and market rate units in one- and two-bedroom layouts. Income restrictions for the affordable units were not …

August 1, 2023

Development Finance News Texas

Forman Capital Provides $19.5 Million to Construct Castlewood Townhomes in Taylor, Texas

by Channing Hamilton July 31, 2023

TAYLOR, TEXAS — Forman Capital has provided a $19.5 million construction loan and a preferred equity investment for Castlewood Townhomes, a 64-unit development in Taylor. Taylor is a city in Williamson County, Texas, about 35 miles northwest of Austin. Castlewood Townhomes will offer three- and four-bedroom townhome-style units ranging in size from 1,500 to 1,900 square feet. Units will feature detached two-car garages, quartz countertops, stainless steel appliances and various pieces of smart technology. A construction timeline for the project was not disclosed.

July 31, 2023

Finance Midwest Minnesota News

Roers Cos. Secures $34.6 Million to Refinance Savor Apartments in West St. Paul, Minnesota

by Channing Hamilton July 28, 2023

WEST ST. PAUL, MINN. — Roers Cos. has secured $34.6 million to refinance Savor Apartments, a high-rise community in West St. Paul. Scott Streiff and Scott Loving of JLL Capital Markets arranged the fixed-rate, interest-only loan through Fannie Mae. The loan features a ten-year term and will be serviced by JLL Real Estate Capital. Savor Apartments was built in 2022. The community features 200 one- and two-bedroom units. Amenities include an entertainment suite, a community room, game room, work-from-home suites, coffee bar, rooftop lounge, rooftop deck and a fitness center.

July 28, 2023

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