Finance

Averly Lake Worth in Lake Worth, Florida
DevelopmentFinanceFloridaNewsSoutheast

Meyers Accesso Secures $46.2 Million to Construct Avery Lake Worth in Lake Worth, Florida

by Channing Hamilton

LAKE WORTH, FLA. — Meyers Accesso has secured $46.2 million in construction financing for the development of Avery Lake Worth, a 200-unit community in Lake Worth. David Gahagan, Chris Hammel and Chandler Kaye of Northmarq’s West Palm Beach debt and equity team arranged the financing through a life insurance company. The lender provided financing with an additional mezzanine loan structure. Avery Lake Worth will comprise two buildings on a 5-acre site. Units will come in studio, one- and two-bedroom layouts. Amenities will include gated access, a clubhouse, fitness center, pool with …

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FinanceNew JerseyNewsNortheast

Walker & Dunlop Provide $6.7 Million to Refinance The Vibe in Bound Brook, New Jersey

by Channing Hamilton

BOUND BROOK, N.J. — Walker & Dunlop has arranged a $6.7 million Fannie Mae loan for the refinancing of The Vibe, a 28-unit complex in the Northern New Jersey borough of Bound Brook. Reynolds Asset Management was the borrower. The 10-year, interest-only loan retires existing construction debt. The Vibe offers 12 one-bedroom units and 16 two-bedroom units.

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FinanceNewsTexas

Colliers Provides Loan to Refinance Hillcrest Apartments in Killeen, Texas

by Channing Hamilton

KILLEEN, TEXAS — Colliers Mortgage has provided a Fannie Mae loan for the refinancing of Hillcrest Apartments in Killeen, a city in Bell County, Texas. Fritz Waldvogel originated the seven-year, interest-only loan through a partnership with Old Capital Lending. The borrower was not disclosed. Hillcrest Apartments was built in 1974. The community offers 60 units in one- and two-bedroom floor plans. 

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FinanceInvestment SalesNewsTexas

Greystone Arranges $20.9 Million Loan to Acquire Affordable Community Near Houston

by Channing Hamilton

PESADENA, TEXAS — Greystone has arranged a $20.9 million Fannie Mae multifamily affordable housing loan for the acquisition of Parkside Place, a garden-style affordable community in the Houston suburb of Pasadena. The borrower was not disclosed. Michael Zampetti originated the loan. Parkside Place comprises 321 apartments across 27 buildings on an 11.3-acre site. The property was consisted in 1969 and was renovated in 2018. Amenities include two pools, a laundry facility, business center, and private patios. Income restrictions for the community were not disclosed.

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ConnecticutFinanceNewsNortheast

Greystone Brokers $11 Million Refinance for The Kennedy Building Near New Haven, Connecticut

by Channing Hamilton

MERIDEN, CONN. — Greystone has arranged an $11 million loan through Fannie Mae to refinance The Kennedy Building in Meriden, a city located halfway between New Haven, Connecticut, and Hartford, Connecticut. Dan Sacks originated the financing on behalf of Kennedy Holdings LLC. The loan features a ten-year term and 30-year amortization, with seven years of interest-only payments. The Kennedy Building was constructed in 1921. The building rises five stories and offers studio, one- and two-bedroom apartments.

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DevelopmentFinanceIllinoisMidwestNews

Wells Fargo Arranges $145 Million in Construction Financing for Porte Apartments in Chicago

by Channing Hamilton

CHICAGO — Wells Fargo’s Multifamily Capital group has brokered $145 million in construction take-out financing for Porte Apartments, a 586-unit complex in Chicago’s West Loop. The loan features a five-year term at a fixed interest rate. Intercontinental Real Estate Corp. was the borrower. Porte Apartments was built in 2020 at 845 W. Madison St. The community offers units ranging from 557 to 1,396 square feet in size. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming spaces. Ten percent of the units are …

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FinanceNew YorkNewsNortheast

Greystone Arranges $18.3 Million to Refinance Brooklyn Community

by Channing Hamilton

NEW YORK CITY — Greystone has brokered an $18.3 million Fannie Mae delegated underwriting and servicing loan to refinance a property at 400 Herkimer St. in Brooklyn, New York. The property was built in 1965 on 18 acres of land. The six-story building offers 154 units in studio, one-, two- and three-bedroom layouts. Anthony Cristi of Greystone originated the loan, which includes a 10-year term and 30-year amortization.

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Quantum at Flagler Village in Fort Lauderdale, Florida
FinanceFloridaNewsSoutheast

Walker & Dunlop Arranges $150 Million Refinancing for Quantum at Flagler Village in Ft. Lauderdale, Florida

by Channing Hamilton

FT. LAUDERDALE, FLA. — Prime Group US and PMG Asset Services have secured a $150 million loan to refinance Quantum at Flagler Village, a mixed-use development in Fort Lauderdale. Joe Hercenberg of Walker & Dunlop led the team that secured a refinancing of the newly completed project’s construction loan in its initial lease-up. The lender was not disclosed. The loan features a fixed-rate, 60-month term. Walker & Dunlop also arranged the construction loan for the project four years ago. Quantum at Flagler Village comprises 337 apartments and 20,884 square feet …

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WildHorse Creek in Chesterfield, Missouri
DevelopmentFinanceIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Five Hurdles General Contractors Face in Today’s Dynamic Multifamily Arena

by Channing Hamilton

— By Erick Hartzell, project director, Brinkmann Constructors — As the housing market generated uncertainty in a pandemic-driven economy, many individuals gravitated toward the stability and convenience of multifamily housing communities. Amid the rising demand, shifting consumer priorities urged developers and contractors to refocus on this subsector, allowing multifamily construction to boom.  Regardless of the steady influx of multifamily developments, demand remains prominent. As contractors work to meet the demand, there are several significant challenges to be aware of, including a lack of qualified labor, a rise in material prices, …

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CaliforniaDevelopmentFinanceNewsWestern

JLL Capital Markets Brokers $16.7 Million in Construction Financing for The Hobart in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets arranged the $16.7 million construction take-out financing for The Hobart, a 39-unit community in the Los Angeles neighborhood of Koreatown. Chris Collins and Brad Vansant represented the borrower, Jannone Development, to secure the two-year, floating-rate loan. The Hobart was built in 2023. The building rises six stories at 3050 W. 11th St. Units come in one-, two- and three-bedroom floor plans.

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