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Finance

The Northern I and II in New York City
FinanceNew YorkNewsNortheast

Affinius Capital Provides $98 Million Refinancing for 193-Unit Complex in Queens

by Channing Hamilton

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit complex located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management. The borrower will use the funds to complete construction of The Northern and to fund costs of lease-up. Northern I is a nine-story property comprising 64 units. Northern II rises 10 stories and offers 129 apartments. Both properties offer a …

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FinanceNewsNortheastPennsylvania

Cronheim Mortgage Arranges $44.5 Million Refinancing for Two-Property Portfolio in Bethlehem, Pennsylvania

by Channing Hamilton

BETHLEHEM, PA. — Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio consisting of two undisclosed garden-style communities in Bethlehem. The direct lender was not disclosed. The borrower, Larken Associates, will use the funds to cash out and allocate equity toward other projects. The borrower has made capital improvements to both assets during its ownership period, including the construction of 16 new townhomes at one property.

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FinanceNewsTexas

PACE Equity Provides $5.1 Million in Financing for The Travis Building in San Antonio

by Channing Hamilton

SAN ANTONIO — PACE Equity has provided $5.1 million in C-PACE (commercial property-assessed clean energy) financing for The Travis Building in San Antonio. The borrower was not disclosed. According to Apartments.com, The Travis Building consists of 63 apartments across 10 stories. The building was constructed in 2023 and features amenities such as a fitness center, business center and onsite laundry facilities.

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Parkside Heights in Lexington, Kentucky
FinanceKentuckyNewsSoutheast

JLL Capital Markets Arranges Refinancing for 149-Unit Parkside Heights in Lexington, Kentucky

by Channing Hamilton

LEXINGTON, KY. — JLL Capital Markets has arranged a Fannie Mae loan for the refinancing of Parkside Heights, a 149-unit community situated at 320 Hannah Todd Place in Lexington. The property was constructed on 9.4 acres between 2020 and 2022. Parkside Heights offers one-, two-, and three-bedroom apartments. Amenities include a fitness center, pool, clubhouse and on-site maintenance. The property also includes 255 parking spaces. Parkside Heights was 98 percent occupied at the time of sale. JLL worked on behalf of Arcadia Street Capital to originate the seven-year fixed rate, interest only loan. …

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57 Main in Marlborough, Massachusetts
DevelopmentFinanceMassachusettsNewsNortheast

Colliers Arranges $41.4 Million in Construction Financing for 57 Main in Metro Boston 

by Channing Hamilton

MARLBOROUGH, MASS. — Colliers has arranged $41.4 million in construction financing for 57 Main, a 92-unit project in the western Boston suburb of Marlborough. 57 Main will feature an 8,600-square-foot amenity and mezzanine space. Amenities will include a fitness center, pool, sundeck with lounge seating and an 84-space parking garage for tenants. The property will also feature 3,500 square feet of ground-floor retail space.  The financing consists of joint venture equity supplied by TwinFocus Real Estate Partners and a construction loan provided by a syndicate of lenders led by HarborOne …

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Bill Ketcham, The Mogharebi Group
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsNevadaWestern

Development Boom has Turned Nevada into a Renter’s Market

by Channing Hamilton

The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume.  Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns.  However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …

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A property included in a portfolio of seven assets in Spartanburg and Mauldin, South Carolina
FinanceNewsSouth CarolinaSoutheast

JLL Capital Markets Arranges $53.4 Million Bridge Financing for 877-Unit Portfolio in South Carolina

by Channing Hamilton

SPARTANBURG AND MAULDIN, S.C. — JLL Capital Markets has negotiated $53.4 million in bridge financing for a portfolio consisting of 877 units across five properties in Spartanburg and two communities in Mauldin. All seven properties were constructed between 1971 and 1986. The portfolio was 70 percent occupied at the time of sale.  Of the total unit count, 139 have been recently renovated. Additionally, the sponsor plans to remodel an additional 300 apartments. Planned restorations include updates to in-unit features such as new cabinet faces, stainless steel appliances, quartz countertops, light fixtures and non-carpet …

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FinanceNew YorkNewsNortheast

Greystone Provides $21.5 Million Refinancing for Two Properties in New York City

by Channing Hamilton

NEW YORK CITY — Greystone has provided a total of $21.5 million in Fannie Mae Delegated Underwriting & Servicing loans to refinancing two communities in New York City’s Harlem neighborhood. Greystone provided $11.4 million for The Duke, a 28-unit building located at 521 W. 134th St., and $10.1 million for The Count, a 27-unit asset located at 168 W. 136th St. Each of the non-recourse, fixed-rate loans in the portfolio carries a five-year term and 30-year amortization schedule, with interest-only payments for the first two years of the term. Avi Kozlowski …

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FinanceNew YorkNewsNortheast

J.P. Morgan Provides $210 Million Refinancing for 12-Property Affordable Housing Portfolio in New York City

by Channing Hamilton

NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors. The portfolio totals 1,115 apartment units across approximately 304,000 square feet. The properties are located in Manhattan, Brooklyn, Queens and The Bronx. Each property is leased to …

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Palladium City Skyline in Fort Worth, Texas
DevelopmentFinanceNewsTexas

Palladium USA to Develop 243-Unit Palladium City Skyline in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Palladium USA, in a public-private partnership with the Fort Worth Housing Finance Corp. (FWHFC), plans to develop Palladium City Skyline, a 243-unit project in Fort Worth. The eight-acre community will feature amenities such as indoor and outdoor children’s play areas, fitness center, pool and dog run. The community will offer affordable housing options for individuals earning 30, 60, 70 and 80 percent of the area median income. The first units are expected to be available for leasing by early 2026. Palladium City Skyline will be built …

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