News

West Side Square in Jersey City, New Jersey

West Side Square Development Fund Breaks Ground on 447-Unit Mixed-Use Development in Jersey City, New Jersey

by Channing Hamilton December 19, 2023

JERSEY CITY, N.J. — West Side Square Development Fund has begun constructing West Side Square, a mixed-use development located at 66 Broadway in Jersey City. West Side Square will offer 477 apartments, as well as 9,814 square feet of ground-floor retail space. Units will come in studio, one, two and three-bedroom floor plans. Planned amenities include a deck with a swimming pool, grilling stations, outdoor lounge areas, a dog run, fitness center, co-working spaces and a community room for private events. West Side Square Development Fund will oversee the construction …

December 19, 2023

Investment Sales News Northeast Pennsylvania

Ashley Development Corp., Black Bear Asset Management Sell Sullivan Parke in Forks Township, Pennsylvania for $35.5 Million

by Channing Hamilton December 18, 2023

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit property in the Lehigh Valley community of Forks Township, for $35.5 million. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer. Sullivan Parke consists of four buildings on a seven-acre site. Amenities include multiple fitness centers, lounges and outdoor recreation areas.

December 18, 2023

Los Robles Apartments in Thousand Oaks, California

California Investment Sales News Western

Institutional Property Advisors Brokers $171.3 Million Sale of Two Properties in Thousand Oaks, California

by Channing Hamilton December 15, 2023

THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property, 399-unit portfolio in Thousand Oaks. FPA Multifamily purchased the assets from Decron Properties for $171.3 million. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer. The properties included in the portfolio are Los Robles Apartments and The Retreat at Thousand Oaks. Los Robles Apartments is a 32-building property that offers studio, one- and two-bedroom apartments. Units average 882 square feet in size. Amenities …

December 15, 2023

Berkadia Finance Georgia News Southeast

Berkadia Arranges $36.8 Million Loan for Pointe Grand Warner Robins in Warner Robins, Georgia

by Channing Hamilton December 15, 2023

WARNER ROBINS, GA. — Berkadia has arranged a $36.8 million loan for Pointe Grand Warner Robins, a 288-unit property in Warner Robins. Located at 1601 Leverette Road, Pointe Grand Warner Robins consists of ten residential buildings and a clubhouse. Each residential building rises three stories. Units come in two-bedroom layouts and are 1,170 square feet in size. Amenities include a pool, fitness center and business center. Berkadia’s Proprietary Lending Group provided the loan, which features a two-year, competitive floating-rate with extensions and full-term interest only. Michael Weinberg and Wesley Moczul …

December 15, 2023

The capital markets panelists at the InterFace Multifamily Southeast conference.

Features Finance Georgia News Operations Southeast

Contrarian View: InterFace Lending Panel Explains Why Multifamily Borrowers Should Refinance Today

by Channing Hamilton December 15, 2023

ATLANTA — Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 has largely followed the same script: “Hunker down.” “Survive till ’25.” “Delay and defer.” In other words, do whatever you have to do to avoid the sting of the 11 …

December 15, 2023

Finance New York News Northeast

Dwight Mortgage Trust Provides $100 Million in Bridge Financing for 168-Unit Building in New York City

by Channing Hamilton December 14, 2023

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided $100 million in bridge financing for a property located at 224 W. 124th St. in New York City’s West Harlem neighborhood. The borrower and developer, Carthage Real Estate Advisors, will use the proceeds to refinance existing construction debt and fund lease-up of the property and other capital expenditures. The 19-story building was completed earlier this year and comprises 168 units. The community offers one-, two- and three-bedroom apartments, as well as townhomes and penthouse suites. …

December 14, 2023

This line graph shows the effective funds rate versus the inflation rate for the period from 2020 through Nov. 1 of this year. (Source: St. Louis Federal Reserve, Origin Investments)

Features Finance Illinois Midwest News Operations

Origin Report: Variable-Rate Loans Reaching Maturity Will Spawn Unique Investment Opportunities in 2024

by Channing Hamilton December 13, 2023

CHICAGO — An analysis from Origin Investments (Origin) predicts a tumultuous 2024, with concerns of a recession and elevated interest rates likely to continue. Despite this, the Chicago-based real estate fund manager expects next year to bring unique opportunities for multifamily investors to secure protected positions in the capital structure and enhance investment returns. “The volume of variable-rate bank loans — made when the Secured Overnight Financing Rate was 0 percent and the 10-year Treasury note yield was below two percent — coming due in 2024 will create a generational …

December 13, 2023

Investment Sales New York News Northeast

Marcus & Millichap Negotiates $48 Million Sale of Fannwood Estates in New York City

by Channing Hamilton December 13, 2023

NEW YORK CITY — Marcus & Millichap has arranged the $48 million sale of Fannwood Estates, a 312-unit community in the New York City borough of Queens. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. Fannwood Estates rises six stories within the borough’s Rego Park neighborhood. The rent-stabilized building occupies a full city block.

December 13, 2023

California Development News Western

Caribou Industries to Build Mixed-Use Development in Downtown Santa Ana, California

by Channing Hamilton December 13, 2023

SANTA ANA, CALIF. — Caribou Industries has pulled $5.6 million in building permits and executed a disposition and development agreement with the City of Santa Ana to build 3rd & Broadway Promenade, a mixed-use development in downtown Santa Ana. Caribou Industries plans to begin construction in the second quarter of 2024. Gensler is serving as architect. Plans for 3rd & Broadway Promenade call for a 16-story high-rise community, which will offer studio, one- and two-bedroom units and 198 secured homeowner garages. The project will also include a 10-story hotel, an event …

December 13, 2023

Finance New York News Northeast

JLL Arranges $93 Million Loan to Refinance 42 West Broad Street in Mount Vernon, New York

by Channing Hamilton December 13, 2023

MOUNT VERNON, N.Y. — JLL Capital Markets has arranged a 93 million loan to refinance 42 West Broad Street, a high-rise community in Mount Vernon. The borrower was a joint venture between Alexander Development Group, The Bluestone Organization and institutional investors advised by JP Morgan Asset Management. Kellogg Gaines and Geoff Goldstein led the JLL Debt Advisory team. Canadian institutional lender Otera Capital provided the loan. Situated in Mount Vernon’s Fleetwood neighborhood, 42 West Broad Street comprises 249 units across 16 stories. Units come in studio, one-, two- and three-bedroom …

December 13, 2023

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