Finance

240 West State Street in Trenton, N.J.
DevelopmentFeaturesFinanceLeasing & MarketingNortheastWashington, D.C.

Biden-⁠Harris Administration Launches Effort to Spur More Commercial to Residential Conversions

by Channing Hamilton

WASHINGTON, D.C. — The Biden-Harris Administration has released a new guidebook, developed in partnership with the U.S. Department of Housing and Urban Development (HUD) and other federal agencies. The goal of the guidebook is to help housing providers identify federal resources to finance the conversion of commercial properties to residential and mixed-use developments. In addition to the guidebook, HUD will release an updated notice on how its Community Development Block Grant (CDBG) funding — $10 billion of which has been allocated during the current administration — can be used to boost …

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Pinnacle Springs in Rogers, Arkansas
ArkansasDevelopmentFinanceNewsSoutheast

CBRE Negotiates Construction Financing for Mixed-Use Development in Rogers, Arkansas

by Channing Hamilton

ROGERS, ARK. — CBRE has arranged financing for the development of Pinnacle Springs, a mixed-use development located at 1800 S. Osage Springs Drive in Rogers. Pinnacle Springs will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. SJC Ventures plans to break ground on the project before the end of the year. The developer plans for the development to deliver in 2025.  Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta …

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Grand at Aliana in Houston, Texas
DevelopmentFinanceInvestment SalesMarket ReportsTexas

Houston Landlords Fend Off Economic Challenges

by Channing Hamilton

Houston apartment owners are still navigating through stormy weather, not just because hurricane season has kicked off. A surge in new supply, strains on net operating income (NOI) and capital markets pressures are testing the mettle of Houston developers and investors.  “Without a doubt, the big story is all the challenges hitting from every direction: a very tight lending market, stubbornly high construction costs, interest rates and insurance costs,” says Dennis (D.J.) Blanchard, vice president of development and legal affairs with Sueba USA Corp. “Firms have to be well-positioned to …

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DevelopmentFinanceNewsTexas

Woodfield Development, ApexOne Investment Partners Secure Construction Financing for Riley’s Pointe in Austin Suburb

by Channing Hamilton

SAN MARCOS, TEXAS — Woodfield Development and ApexOne Investment Partners have secured construction financing for Riley’s Pointe, a 360-unit development in the Austin suburb of San Marcos. The garden-style community will rise three stories within the larger Riley’s Pointe master planned community, which will also include commercial and retail space. A construction timeline for the project was not disclosed. Adam Bieber and Alec Jenkins of BWE arranged a senior loan through a major regional bank, and a preferred equity investment through a Private Equity firm.

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The Ventana Luxury Apartments in Los Angeles
CaliforniaFinanceNewsWestern

Barings Real Estate Secures $115 Million Loan for The Ventana Luxury Apartments in Los Angeles

by Channing Hamilton

LOS ANGELES — Barings Real Estate has secured $115 million in financing for The Ventana Luxury Apartments, a 405-unit complex within the master-planned community of Playa Vista in Los Angeles. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan on behalf of the borrower. The financing features full-term interest-only payments. The use of the funds was not disclosed. The Ventana Luxury Apartments was built in two phases in 2007. The community offers studio, one-, two- and three-bedroom units with an …

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DevelopmentFinanceNew YorkNewsNortheast

Bayport Funding Provides $3.2 Million in Financing for Development in Long Island

by Channing Hamilton

MALVERNE, N.Y. — Bayport Funding has provided $3.2 million in financing for a development in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The borrower, who was not disclosed, plans to use the proceeds to acquire and complete the project. The development is currently underway, with completion slated for summer of 2024.

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CaliforniaFinanceNewsWestern

Greystone Provides $15 Million in Financing for University Village in Hayward, California

by Channing Hamilton

HAYWARD, CALIF. — Greystone has provided a $15 million Fannie Mae Delegated Underwriting & Servicing loan to refinance University Village, a 68-unit in Hayward. The garden-style community was constructed in 1964. University Village offers one- and two-bedroom units and on-site parking, laundry facilities and a fitness center. Tim Thompson originated the financing on behalf of WSB University Village LLC. The loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan will enable the borrower to continue with ongoing property maintenance.

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CaliforniaFinanceNewsWestern

PGIM Real Estate Arranges $259 Million Credit Facility for Six West Coast Properties

by Channing Hamilton

SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition for six communities on the West Coast. The borrower is The Sobrato Organization. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. The six properties total 1,141 units.

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FinanceNewsWashingtonWestern

Ethos Commercial Advisors Arranges $80 Million for Arvon Apartments in Vancouver, Washington

by Channing Hamilton

VANCOUVER, WASH — Ethos Commercial Advisors has structured $48 million in construction financing and $32 million in joint venture equity for Arvon Apartments, a 274-unit project in Vancouver. The garden-style community offers one-, two- and three-bedroom units with an average size of nearly 1,000 square feet. Danny Natsch and Matt Illias arranged the partial recourse construction loan through a national bank. The loan features a 42-month term and a sub-300 spread over SOFR with a 25 percent recourse obligation to the guarantors. Natsch and Illias also sourced the joint venture equity through …

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FinanceNew JerseyNewsNortheast

Greystone Provides $21.6 Million Loan for Affordable Housing Property in Carteret, New Jersey

by Channing Hamilton

CARTERET, N.J. — Greystone has provided a $21.6 million Fannie Mae Multifamily Affordable Housing loan to refinance an affordable housing community in the Middlesex County city of Carteret. The non-recourse, fixed-rate financing features a 10-year term and 35-year amortization, with seven years of interest-only payments. Ryan Harkins of Greystone originated the financing on behalf of the borrower, Tryko Partners. Roosevelt Village Apartments comprises 101 units across 10 buildings on a 5.2-acre site. The property is income and rent-restricted. However, details regarding these restrictions were not disclosed. Built in 1969, the property …

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