CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. The LIHTC Collateral Pilot Program provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. While all FHLBank Chicago members are …
OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile, a 379-unit property in Omaha. The complex was built in 2023. Amenities include a pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. The community also features commercial space, which has been leased to three restaurant/entertainment concepts. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate …
AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit property located at 1 S. View St. in Aurora. The property offers studio, one- and two-bedroom floor plans. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule.
FITCHBURG, WIS. — Marcus & Millichap (NYSE: MMI) has negotiated the sale of Sun Valley Apartments, a 204-unit community in the Madison, Wisconsin suburb of Fitchburg. Matthew Whiteside of Marcus & Millichap’s Milwaukee office represented the seller, Sierra West LLC and procured the buyer, Monarch Investment and Management Group. Sun Valley Apartments was built in 1975 and renovated in 2011. The complex consists of 12 buildings on a 12-acre site. Amenities include a fitness center, leasing office, playground and green spaces. The property is situated adjacent to the Nevin Springs …
RIVERVIEW, MICH. — Friedman Real Estate has brokered the sale of Huntington House Apartments, a 129-unit complex located at 17400 Fort Street in the southern Detroit suburb of Riverview. The property traded hands for $10.5 million. Peter Jankowski and Rich Deptula of Friedman Real Estate represented the undisclosed seller in the deal. The buyer was also not disclosed.
MADISON, WIS. — A joint venture between Vermilion Development and Quartz Lake Capital has secured $95 million in debt and equity financing for a 309-unit development located at 1617 Sherman Ave. in Madison. JLL Capital Markets negotiated $33.3 million in joint venture equity for the project through Clarion Partners. 1617 Sherman will comprise six buildings featuring apartments and townhome-style units. The average unit size is 793 square feet. Community amenities will include a fitness center, bike storage, pet spa, coworking space, breakout rooms, community garden and a rooftop terrace featuring …
CINCINNATI, OHIO — Colliers Mortgage has closed a Fannie Mae loan to refinance a portfolio of three properties in Cincinnati, Ohio. The portfolio consists of: Jadaro (54 units); Werk (18 units); and Broadwell (16 units). All three communities have undergone extensive unit renovations and exterior and interior refurbishments since 2021. Zach Shope of Colliers Mortgage’s Atlanta office arranged the financing. The loan carries a 10-year term.
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …
COLUMBUS, OHIO — CASTO has begun the development of Westrich, a $70 million project in the Franklinton neighborhood of Columbus. Westrich is an expansion of the adjacent River & Rich apartment community, but will be marketed as a separate entity. Once completed, the community will comprise 234 apartment units. Westrich will comprise a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of ground-floor commercial spaces. The majority of units at the property will be reserved for tenants earning below 100 percent of …
VERNON HILLS, ILL. — Bender Cos. has acquired Arrive Town Center in the northern Chicago suburb of Vernon Hills. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer in the deal. The seller and sales price were undisclosed. Arrive Town Center was built in 2010. The community offers 85 apartments with an average size of 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and a heated indoor parking garage. The property also features 10,000 square feet of ground-floor retail space. The new ownership plans …