Finance

Indianapolis Emerges As ‘Star of the Midwest’

by Channing Hamilton July 17, 2023

CBRE has dubbed the Indianapolis apartment market “The Star of the Midwest” due to a combination of factors: its business-friendly climate, bustling life sciences and technology sectors, and exceptional rent growth. The giant real estate services firm points out in its 2023 Indianapolis Multifamily Market Overview that Indianapolis led the nation in year-over-year effective rent growth in October, November and December 2022 based on data from Yardi Matrix. In December, Indy posted an 11.4 percent increase in effective rents on an annual basis, the only metroplex to produce double-digit year-over-year growth. Despite …

July 17, 2023

Finance Kentucky News Southeast

Greystone Brokers $42.3 Million in Financing for 800 Tower City Club Apartments in Louisville, Kentucky

by Channing Hamilton July 17, 2023

LOUISVILLE, KY. — Greystone has arranged a $42.3 million Fannie Mae Delegated Underwriting & Servicing loan for 800 Tower City Club Apartments in Louisville. The non-recourse, fixed-rate financing carries a ten-year term and 30-year amortization, with three years of interest-only payments. Anthony Cristi brokered the deal on behalf of 800 City Apartments LLC. The building rises 29 stories and offers studio, one- and two-bedroom units. The property was built in 1963.

July 17, 2023

Finance Georgia News Southeast

McKinley Homes Secures $52.2 Million Loan to Refinance Seven88 West Midtown in Atlanta

by Channing Hamilton July 17, 2023

ATLANTA — McKinley Homes has received a $52.2 million loan to refinance and lease-up 142 units within Seven88 West Midtown in Atlanta’s Midtown West neighborhood. David Perlman, Edward Prosser and Scott Sumida of Thorofare Capital originated the loan. Ben Nevid, Drew Anderman, Naphtali Marrus and Elliot Braude at Meridian Capital Group arranged the financing. Built in 2020, Seven88 West Midtown comprises 279 units and 8,639 square feet of ground floor retail space. Units come in studio, one-, two- and three-bedroom layouts, and feature outdoor space or balconies, quartz countertops, hardwood …

July 17, 2023

Finance New York News Northeast

Slate Property Group Secures $85 Million Refinancing for Dutch House in New York City Suburb

by Channing Hamilton July 14, 2023

NEW YORK CITY — Slate Property Group has secured an $85 million refinancing for Dutch House, a mixed-use development in the New York City neighborhood of Long Island City. PCCP is the lender for the financing package. Developed by Slate Property Group and Avenue Realty Capital in 2022, Dutch House offers 186 rental units, as well as 21,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom layouts. Amenities include a lobby with concierge service, a modern fitness center, bike storage, recreation room with a pool table …

July 14, 2023

The unnamed redevelopment of the Landers, Frary & Clark plant in New Britain, Connecticut

Affordable Housing Connecticut Development Finance News Northeast

WinnDevelopment Breaks Ground on $85 Million Adaptive Reuse Project in New Britain, Connecticut

by Channing Hamilton July 14, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on a $85 million project to convert a historic manufacturing complex in New Britain into a 154-unit community. Keith Construction is the general contractor. JCJ Architecture is the architect. Collective Design Associates and Langan Engineering and Environmental Services are providing engineering services. Bank of America provided a construction loan and more than half of the project’s funding through its investment in the low-income housing and historic tax credits generated by the development. The Connecticut Department of Housing provided $4 million in funding …

July 14, 2023

California Development Finance News Western

JLL Arranges Equity for 200-Unit Axis @ Davis in Davis, California

by Channing Hamilton July 13, 2023

DAVIS, CALIF. — JLL Capital Markets has arranged joint venture equity for the construction of Axis @ Davis, a 200-unit community in Davis. Axis @ Davis will comprise five residential buildings, as well as 1,500 square feet of ground floor retail space. Units will come in one-, two- and three-bedroom layouts. Amenities will include a top-floor lounge, pool with a spa, pet park, package room, game room and study rooms with a coffee bar and private offices. Axis @ Davis will be located one mile from the University of California, Davis …

July 13, 2023

Development Finance Florida News Southeast

Fisher Brothers Breaks Ground on $117.5 Million Mixed-Use Development in Miami

by Channing Hamilton July 13, 2023

MIAMI — Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit mixed-use development located in the Wynwood neighborhood of Miami. JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million for the project. Suffolk Construction is building the community. Other members of the development team include Rockwell Group, Nichols Architects and ID & Design International. Wynhouse Miami will offer units in studio, one- and two-bedroom layouts. Amenities will include a fitness center, green space, co-working and entertainment lounges, an expo kitchen, a rooftop pool and outdoor entertainment space. The property …

July 13, 2023

Arizona Build-to-Rent Development Finance News Western

Empire Group Secures $88.5 Million to Construct BTR Community in Phoenix

by Channing Hamilton July 12, 2023

PHOENIX — Empire Group has secured a $88.5 million construction loan to develop Village at Bronco Trail, a build-to-rent (BTR) community in Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing. Village at Bronco Trail will comprise 354 units on a 30-acre site. Each unit will feature a private yard, a kitchen with quartz countertops, stainless steel appliances, full-size washers and dryers, and smart-home features. Amenities include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Empire Group expects to deliver the …

July 12, 2023

Ralston Gardens Apartments in Arvada, Colorado

Affordable Housing Colorado Development Finance News Western

KeyBank Arranges $117.7 Million in Financing for Two Affordable Projects in Denver

by Channing Hamilton July 11, 2023

DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing to Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. Kortney Brown, Stephen Sparks and Robbie Lynn of KeyBank Community Lending and Investment structured the financing. Sam Adams of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, an 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million …

July 11, 2023

Development Finance Investment Sales News Texas

Palladium USA Breaks Ground on $48 Million Palladium McKinney in Dallas Suburb

by Channing Hamilton July 10, 2023

MCKINNEY, TEXAS — Palladium USA has begun construction on Palladium McKinney, a $48 million, 172-unit community in the Dallas suburb of McKinney. The project is being developed in partnership with the McKinney Housing Finance Corporation. The Texas Department of Housing and Community Affairs issued $23 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust. PNC Bank provided $19 million of equity for this placement. Kim Parker of Dynamic Commercial Real Estate represented Palladium in the purchase of the land. James Craig of Craig International represented the seller. Palladium …

July 10, 2023

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