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Bid-Ask Spread Continues to Throttle Down Multifamily Investment Sales, Say InterFace Panelists

by Channing Hamilton

ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held …

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Canvas at Savannah in Savannah, Georgia
FinanceGeorgiaInvestment SalesNewsSoutheast

CBRE Provides $27.7 Million Loan to Acquire Affordable Housing Community in Savannah, Georgia

by Channing Hamilton

SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Canvas at Savannah was built in 2003 and recently renovated. The garden-style community features one-, two- and three-bedroom units, as well as amenities such as a fitness center, coffee bar, package lockers and a pool.

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CaliforniaFinanceNewsWestern

MWest, BGO Secure $47.5 Million Refinancing for The View Apartment Building in Los Angeles

by Channing Hamilton

LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the loan to refinance debt on The View, a 13-story building in the Koreatown neighborhood of Los Angeles. The View features 158 studio, one- and two-bedroom units in a variety of floorplans. The View was originally built in 1965. CIM Group acquired the property in August 2013 following the completion of a comprehensive renovation. MWest and BGO purchased the …

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Motto Apartments in Marysville, Washington
DevelopmentFinanceNewsWashingtonWestern

CBRE Arranges $74 Million Loan to Construct Motto Apartments in Marysville, Washington

by Channing Hamilton

MARYSVILLE, WASH. — CBRE has negotiated $47 million in construction financing for Motto Apartments, a 228-unit property in Marysville, 35 miles north of Seattle. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Intracorp Homes is developing the community. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Construction is set to begin with the close of the financing. Completion is slated …

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DevelopmentFinanceMassachusettsNewsNortheast

Largo Capital Brokers $17 Million Construction Loan for 67-Unit Project in Amherst, Massachusetts

by Channing Hamilton

AMHERST, MASS. — Largo Capital has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, approximately 90 miles west of Boston. Largo Capital is a financial intermediary based in northern New York. Ned Perlman arranged the financing. The names of the direct lender and borrower were not disclosed. The property will offer one-, two- and three-bedroom units, as well as 7,000 square feet of ground-floor commercial space.

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Mossdale Landing Apartments in Lathrop, California
CaliforniaFinanceNewsWestern

JLL Arranges $51 Million to Construct Mossdale Landing Apartments in Lathrop, California

by Channing Hamilton

LATHROP, CALIF. — JLL Capital Markets has arranged $51 million in construction takeout financing for Mossdale Landing Apartments, a garden-style community in Lathrop. A JLL Capital Markets Advisory Team led by Jeff Sause, Lillian Roos and Jalynn Borders arranged the three-year bridge loan through MF1 Capital. The borrower was Mossdale Landing Owner LLC, a company that is comprised of Rubik Built, Wright Equities and The Grupe Co. Recently completed in summer, Mossdale Landing Apartments features 204 units across 10 buildings. Units come in one-, two- and three-bedroom layouts. Amenities include …

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CaliforniaFinanceNewsWestern

CIM Group Provides $47.5 Million to Refinance 168-Unit The View in Los Angeles

by Channing Hamilton

LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.

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Post District in Salt Lake City
FinanceNewsUtahWestern

Walker & Dunlop, Affinius Capital, Clarion Partners Broker $157.5 Million to Refinance Mixed-Use Development in Salt Lake City

by Channing Hamilton

SALT LAKE CITY — Walker & Dunlop, Affinius Capital and Clarion Partners have arranged $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Post District consists of 580 residential units across four buildings, as well as approximately 26,000 square feet of retail space. The complex is part of a three-phase project. The Walker & Dunlop New York Capital Markets team — led by Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring — co-originated the loan with Affinius Capital and Clarion Partners. …

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Sligo Apartments in Silver Spring, Maryland
CaliforniaFeaturesFinanceOperationsWestern

Rental Income, NOI, Operating Expenses of LIHTC Properties Set Record, New Report Reveals

by Channing Hamilton

SAN FRANCISCO — The net operating income (NOI) of properties financed by low-income housing tax credit (LIHTC) equity increased by 7.4 percent in 2022, according to a report from Novogradac, a San Francisco-based accounting firm focused on real estate and community development. The NOI at these properties surpassed the inflation rate, which was 6.8 percent from December 2021 to December 2022, as the nation emerged from the worst of the COVID-19 pandemic. The 2023 LIHTC and Operating Expenses Report — published by Novogradac — tracked data from more than 186,000 affordable housing …

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Frame Med Center in San Antonio
DevelopmentFinanceInvestment SalesMarket ReportsTexas

San Antonio Adjusts to New Supply

by Channing Hamilton

The apartment market in San Antonio today is a mixed bag. Like most Sun Belt metros, supply exceeds demand in Alamo City. While property managers are struggling to lease up their communities, investors are sitting on the sidelines until interest rates stabilize and the market starts absorbing units developed during the post-COVID building boom.  On the plus side, population growth, a metric apartment investors prize because it feeds renter demand, is solid in San Antonio. In May, the U.S. Census Bureau ranked San Antonio the third fastest-growing city in the …

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