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Affordable HousingFinanceNewsNortheastWashington, D.C.

HUD Launches ‘Express Lane’ for LIHTC Construction Loans

by Lynn Peisner

WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development (HUD) has launched a streamlined process aimed at speeding up Federal Housing Administration (FHA)-insured construction financing for affordable housing developments using Low-Income Housing Tax Credits (LIHTC). The new LIHTC Express Lane applies to qualifying new-construction loans under FHA’s Section 221(d)(4) program and targets a 30-day decision on firm loan commitments. Both 9 percent and 4 percent LIHTC projects financed with tax-exempt bonds are eligible, with no limits on loan size or number of units. Projects receiving Section 8 project-based …

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FinanceNewsTexas

Walker & Dunlop Arranges $117.3M Refinancing for Three Texas Properties

by Lynn Peisner

GEORGETOWN, LEANDER AND AUBREY, TEXAS — Walker & Dunlop has arranged three loans totaling $117.3 million to refinance three communities (960 units) in the Dallas-Fort Worth and Austin metro areas. Walker & Dunlop’s Jordan Casella, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Christopher de Raet and Nicholas Gilhooley arranged the floating-rate, interest-only loans provided by Benefit Street Partners. The properties include Austin Avenue (312) units in Georgetown, Aven Ridge (312 units) in Leander and Latitude Magnolia (336 units) in Aubrey. All three communities were built between 2021 and 2022. …

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The-Alyssa-Tempe
ArizonaFinanceNewsWestern

JLL Arranges $78.5M Refinancing for Tempe’s The Alyssa

by Lynn Peisner

TEMPE, ARIZ. — JLL has arranged a $78.5 million construction-take out loan that for The Alyssa, a 335-unit community in Tempe. The borrower was CrossHarbor Capital Partners, and the lender was Corten Real Estate, providing funds through its senior credit platform. The property was developed in 2024 and comprises studios, one-, two- and three-bedroom floor plans along with such amenities as a pool with fountain features, an outdoor lounge with a fireplace and private dining spaces, a fitness center, coworking space, coffee bar, controlled-access parking with electric vehicle charging stations …

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Nostrand-Houses-NYC
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment

by Lynn Peisner

BROOKLYN, N.Y. — The New York City Public Housing Preservation Trust, a public benefit corporation created in 2022 to finance major renovations of New York City Housing Authority (NYCHA) properties, has reached its first financial closing with the $607 million modernization of Nostrand Houses. Merchants Capital structured a $185 million taxable loan for the project, part of a broader financing package that will rehabilitate the 1,148-unit Brooklyn development. the AFL-CIO Housing Investment Trust, which acted as co-lender for the transaction, provided $50 million of the total loan. The New York …

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Madrone-Mountain-View
CaliforniaDevelopmentFinanceNewsWestern

Northmarq Arranges $105M Refinancing for Madrone Apartments in Silicon Valley

by Lynn Peisner

MOUNTAIN VIEW, CALIF. — Northmarq has arranged a $105 million refinancing of Madrone Apartments, a 272-unit community at 111 N. Rengstorff Ave. in Mountain View, 35 miles south of San Francisco. The financing was arranged on behalf of Prometheus Real Estate Group by Northmarq’s San Francisco team, led by Nathan Prouty and Andrew Slaton. The five-year, full-term interest-only loan was provided by New York Life and refinances approximately $90 million in existing debt originally arranged by Northmarq in 2016. Prometheus is planning to develop eight accessory dwelling units (ADUs) following …

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Company NewsDevelopmentNewsNorth CarolinaSeniors HousingSoutheast

Madison Communities Expands Into Luxury Seniors Housing, Names Industry Veteran to Lead Initiative

by Lynn Peisner

Charlotte, N.C. — Madison Communities, a Charlotte-based private multifamily development and property management firm, is expanding into senior housing and age-restricted development with a new business line focused on ground-up communities across the Sun Belt. The development program will produce what Madison calls “luxury senior living and memory care, with programming built around hospitality-driven amenities and robust social activities.” Madison Communities will partner with seniors housing operators to manage the properties. Matthew Griffin has joined the company as executive managing director of development to lead the initiative. Griffin brings approximately …

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Investment SalesNewsWashingtonWestern

Timberlane, EOS Buy Canopy Apartments in Everett, Washington, for $82.8M

by Lynn Peisner

EVERETT, WASH. — Timberlane Partners has acquired Canopy Apartments in Everett, 25 miles north of Seattle, for approximately $82.8 million. The seller was a limited partnership comprising RISE Properties Trust and Aegon Real Assets US. Timberlane acquired the asset in partnership with EOS Residential Investors. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across an approximately 16-acre site. Its 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom homes, with an average unit size of 878 square feet. Many of the …

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FinanceInvestment SalesLeasing & MarketingMarket ReportsNewsOperations

NMHC Chief Economist Chris Bruen on Why Lending Conditions Worsened in Third Quarter

by Lynn Peisner

Multifamily owners are facing sharply worsening capital conditions even as market fundamentals have changed relatively little, according to the National Multifamily Housing Council’s latest Quarterly Survey of Apartment Market Conditions, released Oct. 22. NMHC’s quarterly survey evaluates the multifamily sector across four benchmarks: market tightness, which reflects changes in vacancy and rent conditions; apartment sales volume; equity financing availability; and debt financing conditions. In practical terms, a tighter apartment market generally means lower vacancies and stronger rent growth, while a looser market generally means higher vacancies and weaker rent growth. …

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Greybarn-Amityville
FinanceNew YorkNewsNortheast

JLL Arranges $154.3M Refinancing for Rechler Equity Partners’ Greybarn Amityville

by Lynn Peisner

AMITYVILLE, N.Y. — Rechler Equity Partners has obtained a $154.3 million refinancing loan for Greybarn Amityville, a 335-unit property in Amityville. The JLL Capital Markets team that arranged the financing was led by Peter Rotchford, Andrew Scandalios and Clayton Ross. PCCP was the lender. Developed by Rechler in three phases between 2016 and 2020, Greybarn is located at 805 Broadway in Amityville on Long Island’s South Shore. It features 335 apartments, comprising 269 market-rate units and 66 workforce units reserved for households earning up to 80 percent of area median …

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Indy-Town-Portfolio
IndianaInvestment SalesMidwestNews

Marcus & Millichap Arranges Four-Property Indianapolis Portfolio Sale for $25.8M

by Lynn Peisner

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a four-property, 412-unit portfolio called Indy Town. Aaron Kuroiwa based in Marcus & Millichap’s Indianapolis office arranged the transaction on behalf of the undisclosed seller. The buyer, described as Northeast-based, also was not identified. The portfolio sold for $25.8 million. The properties, Arlington Green, Glen Ridge, Frederick Square and Greenway were constructed between 1950 and 1968, and all units were renovated in 2019. Arlington Green is an 181-unit, five-building property, Glen Ridge comprises 70 units and 21 buildings, Frederick Square …

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