Finance

Rosewood Way Townhomes in Agawam, Massachusetts
DevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $5.2 Million to Develop Rosewood Way Townhomes in Agawam, Massachusetts

by Channing Hamilton

AGAWAM, MASS. — Way Finders has secured $5.2 million in affordable housing financing from MassHousing to develop Rosewood Way Townhomes in Agawam. The project will offer 62 apartments across 10 townhome-style buildings. Units will come in one-, two- and three-bedroom floor plans. Eight units will be affordable to households earning at or below 30 percent of the area median income (AMI), 12 units to households earning up to 50 percent of AMI, 27 to households earning up to 60 percent of AMI, 10 will be workforce housing units for households …

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Renaissance Court in Pasadena, California
CaliforniaFinanceNewsWestern

PSRS Arranges $9.6 Million Refinance of Renaissance Court in Pasadena, California

by Channing Hamilton

PASADENA, CALIF. — PSRS has arranged the $9.6 million refinance of Renaissance Court, a mixed-use community in Pasadena. Renaissance Court offers 41 units, including one- and two-bedroom apartments and two-bedroom townhomes. The property also includes nine ground-level retail units. Kostas Kavayiotidis arranged the non-recourse loan through a life insurance company. The loan features a 10-year term and 30-year amortization.

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1072 West Peachtree in Atlanta
DevelopmentFinanceGeorgiaNewsSoutheast

Rockefeller Group Begins Development of 1072 West Peachtree Mixed-Use Tower in Atlanta

by Channing Hamilton

ATLANTA — Rockefeller Group has broken ground on 1072 West Peachtree, a mixed-use high-rise development in Midtown Atlanta. Sumitomo Mitsui Trust Bank Ltd. is providing a senior loan to Rockefeller Group to construct the project. A joint venture between Rockefeller, Japan-based Taisei USA LLC and Mitsubishi Estate New York is providing equity. TVS is the lead architect. The tower will offer more than 350 apartments, as well as 224,000 square feet of office space and 6,300 square feet of street-level retail space. According to Rockefeller Group, the tower is slated …

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DevelopmentFinanceNewsSoutheastVirginia

BWE Arranges $50 Million to Construct 900 North Allen Apartments in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — BWE arranged a $50 million loan to facilitate the development of 900 North Allen Apartments in Richmond’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins originated the loan through a regional bank on behalf of Spy Rock Realty Group. 900 North Allen Apartments will offer 300 one-, two-, and three-bedroom units, as well as amenities including a pool, fitness center, lounge, dog park, co-working booths and an internal parking garage. The community is being built in one of Richmond’s opportunity zones as part of a federal initiative …

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Sherman Forbes Housing in St. Paul, Minnesota
FinanceMidwestMinnesotaNews

Colliers Brokers $18.3 Million to Rehabilitate Sherman Forbes Housing in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Sherman Forbes Housing Partners, an affiliate of Vitus Group LLC, has secured a $18.3 million HUD loan to facilitate the renovation of Sherman Forbes Housing in St. Paul, Minnesota. The loan carries a 40-year term and amortization. Sherman Forbes Housing offers 104 units in one- and two-bedroom floor plans. Amenities include on-site laundry, off-street parking, a community playground and a community patio. The project will also utilize four percent Low Income Housing Tax Credits and Tax-Exempt Bonds. The Bonds were underwritten by Colliers Securities LLC. Income restrictions …

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A property in Miami Lakes, Florida
FinanceFloridaNewsSoutheast

Northmarq Arranges $70 Million in Financing for Two Properties in Miami Lakes, Florida

by Channing Hamilton

MIAMI LAKES, FLA. — Northmarq has arranged $70 million in financing for two properties in the Miami, Florida suburb of Miami Lakes. The borrower was The Graham Cos. Jeff Robertson of Northmarq’s Fort Lauderdale debt and equity office brokered the 10-year permanent loan through Empower Annuity Life Insurance Co. The properties were built in 1997 and 2000, respectively, and offer a combined total of 500 units. The names and addresses of the communities were not disclosed.

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Harvard Apartments in Melbourne, Florida
FinanceFloridaNewsSoutheast

PSRS Arranges $15 Million to Refinance Harvard Apartments in Melbourne, Florida

by Channing Hamilton

MELBOURNE, FLA. — PSRS has arranged the $15 million refinance of Harvard Apartments, a community in Melbourne. PSRS brokered a non-recourse loan featuring a 10-year term and 30-year amortization through a life insurance company on behalf of the undisclosed borrower. The property sits on more than 16 acres of land and comprises a total rentable square footage of 289,175. Harvard Apartments comprises 274 units across 32 buildings.

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2950 Reedy Creek Blvd. in Kissimmee, Florida
DevelopmentFinanceFloridaNewsSoutheast

PACE Loan Group Arranges $13.8 Million For Workforce Housing Conversion in Kissimmee, Florida

by Channing Hamilton

KISSIMMEEE, FLA. — PACE Loan Group arranged $13.8 million in financing to convert a 151-room hotel in Kissimmee into a workforce housing community. The Florida Development Finance Corp. provided a loan through its C-PACE Program, which allows property owners to obtain financing using a special assessment on their property tax bill as the repayment mechanism. The financing package also includes a $9.1 million loan from a regional bank. The borrower, Infiniti Loft Investors, acquired the property following a previous gutting of the interior due to a hurricane. The asset was …

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ColoradoFinanceInvestment SalesNewsPeople NewsWestern

Avanti Residential Appoints Richard Bennion as Managing Director

by Channing Hamilton

DENVER — Avanti Residential has selected Richard Bennion as Managing Director. In this role, Bennion will be responsible for strategic growth and institutional capital relationships. Bennion most recently worked at PEF Advisors, where he led the capital formation of a $100 million fund focused on affordable housing and was a member of the company’s senior leadership team and investment committee. Prior to joining PEF Advisors, he worked at Carmel Partners. Bennion received a Bachelor of Science in Manufacturing Engineering from Brigham Young University and an MBA from Harvard Business School.

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Salem Manor in Salem, Oregon
Affordable HousingFinanceNewsOregonWestern

Keybank Provides $20.4 Million in Financing for Affordable Housing Community in Salem, Oregon

by Channing Hamilton

SALEM, ORE. — Hampstead Development Partners (Hampstead) has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit, as well as arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at …

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