TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided a $14.6 million construction loan for New Life Homes, a 60-unit low-income housing project in Tacoma’s Hilltop neighborhood. National Equity Fund (NEF) provided LIHTC equity. Caleb Stephens of KeyBank CDLI structured the loan. Shiloh Baptist Church, with Beacon Development Group as consultant, is developing New Life Homes. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. New Life Homes will be …
DALLAS — Conor Commercial Real Estate will develop The Flynn at Live Oak, a 327-unit project in Dallas. The building will rise five stories at 4931 Live Oak St. Units come in studio, one- and two-bedroom floor plans. Planned amenities include co-working space with private offices and standing desks, a mini-mart, pool, two courtyards and a dog park. The first apartments are slated to deliver in spring of 2025. The development is a joint venture investment between Conor Commercial Real Estate, Globe Corp., and Origin Investments. JLL’s Dallas office arranged …
HUTTO, TEXAS — Empire Group of Cos. has secured a $62.4 million loan to construct Village at Hutto Station, a build-to-rent development in the Austin suburb of Hutto. Arbor Realty SR Inc. provided the loan. The general contractor for the project is Legacy MCS. Empire Group began developing the community, which consists of 276 units on 30.6 acres, in August. Units come in one-, two- and three-bedroom floor plans ranging in size from 680 to 1,300 square feet. Amenities will include a pool and jacuzzi, barbecue and fire pits, a …
New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …
OKLAHOMA CITY — RRA Capital has provided a $20.6 million loan for the acquisition of a 252-unit complex in Oklahoma City. The property is located at 11239 Pennsylvania Ave. and was built in 1970s. Units come in one- and two-bedroom units. The borrower, GreenLite Holdings, plans to implement a value-add program that will upgrade the pool and clubhouse and install new appliances, flooring, lighting, plumbing and windows in the unit interiors.
BRIDGEPORT, CONN. — Eastern Union has arranged a $19.3 million construction loan to facilitate the conversion of a former healthcare facility in Bridgeport into a 150-unit community. Motti Blau, Mendy Pfeifer and Hershy Fried of Eastern Union brokered the loan, which covers a 24-month period on an interest-only basis. Dov Bakon served as underwriter for the transaction. The healthcare complex was originally built in 1971 on a 15-acre site at 600 Bond St. in the North Bridgeport section of the city. The facility will undergo a gut renovation into a …
GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of the first phase of Greenfield Commons in Greenfield. EAH Housing Inc. is developing the project. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap …
RICHMOND, VA. — A joint venture consisting of Cantor Fitzgerald, Silverstein Properties, Collins Capital Partners and Kaufman Jacobs has secured $53.6 million in construction financing for the first phase of Springline at District 60, the redevelopment of a former shopping center located in a qualified opportunity zone near Richmond. Truist Bank provided the financing. The first phase of the 42-acre project will include a community called The James at Springline, as well as a 150,000 square feet office building, an entertainment venue, specialty market and a structured parking facility. Future …
MESQUITE, TEXAS — Marcus & Millichap brokered the sale of Landmark at Courtyard Villas, a 256-unit property in the Dallas suburb of Mesquite. The property was built in 1999 on 17 acres adjacent to Samuell Farm North regional park. The unit mix includes 120 one-bedroom units, 120 two-bedroom units and 16 three-bedroom units. Amenities include a fitness center, swimming pool, laundry facilities and a playground. ShainRealty Capital acquired the asset from a California-based owner in a 1031 exchange. Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas …
SANTA MARIA, CALIF. — JLL Capital Markets has arranged $42.7 million in construction take-out financing for Elements Apartments in Santa Maria. JLL represented the borrower, The Vernon Group, to secure a senior loan through Limekiln Real Estate Investment Management. Matt Stewart, Alex Olson, Chad Morgan and Jacob Michael led the debt advisory team. Construction on Elements Apartments began in summer 2021, and the 167-unit community was 80 percent complete when the loan closed. The complex comprises six buildings. The project is slated for completion by January 2024.