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FHFA Announces $70 Billion Loan Purchase Cap for Fannie Mae, Freddie Mac

by Channing Hamilton

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. FHFA’s 2023 volume cap is $75 billion for each agency. Additionally, at least 50 percent of each enterprise’s multifamily business is required to be mission-driven affordable housing, which is unchanged from this year. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from …

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Investment SalesNewsWashingtonWestern

Fourth Avenue Capital Acquires The Ridge in Vancouver, Washington

by Channing Hamilton

VANCOUVER, WASH. — Fourth Avenue Capital has purchased The Ridge, an 80-unit community in Vancouver. Built in 1987, The Ridge consists of 10 residential buildings on a 3.1-acre site. Units come in two- and three-bedroom floor plans. Units include private garage parking space and in-unit washers and dryers. The property also features a leasing office, playground and pool. Fourth Avenue Capital plans to renovate the asset with updates to unit interiors and amenity spaces.

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7012 and 7024 El Dorado Drive in Buena Park, California
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $7.6 Million Sale of Two Communities in Orange County, California

by Channing Hamilton

FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the $7.6 million sale of two properties in northern Orange County, California. The properties, which total 24 units altogether, were sold to two separate buyers. In the first transaction, CBRE’s Dan Blackwell and Amanda Fielder represented the buyer in the acquisition of a property located at1801 and 1809 East Wilshire Avenue in Fullerton. The asset traded hands for $4.2 million. The asset was originally built in 1958 on a 0.4-acre site and offers 16 one-bedroom apartments. The buyer was based in …

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FinanceIndianaMidwestNewsOhioSoutheastTennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …

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FinanceFloridaNewsSoutheast

Lument Provides $22.6 Million Fannie Mae Loan to Refinance Pinebrook Apartments in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — Lument has provided a $22.6 million Fannie Mae loan to refinance Pinebrook Apartments, a 208-unit property in Jacksonville. Tim Stevens of CREFCO brokered the transaction. The loan features a 10-year year term with seven years of interest only payments and a 30-year amortization schedule. The financing originated in June 2021 as a Lument proprietary bridge loan through Lument’s Real Estate Investment Strategy group. Originally built in 1974, Pinebrook Apartments consists of 16 buildings on an 11.1-acre site. The garden-style community offers amenities such as a pool, fitness center, clubhouse, …

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FinanceIndianaMidwestNews

CREC Real Estate Sells Stake in VER at Proscenium in Carmel, Indiana

by Channing Hamilton

CARMEL, IND. — CREC Real Estate has sold its stake in VER at Proscenium, a 196-unit community located at the intersection of Rangeline Road and West Carmel Drive in the Indianapolis suburb of Carmel. CREC Real Estate acquired the stake in 2019, prior to the project’s construction. VER at Proscenium was completed in 2021. The complex comprises four buildings and offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, pool, putting green, multi-sport virtual simulator and club area with a beer tap. The property also includes commercial space, …

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The Phoenix in Oakland, California
Affordable HousingCaliforniaDevelopmentNewsWestern

East Bay Asian Local Development, Abode Housing Development Break Ground on Affordable Housing Development in Oakland, California

by Channing Hamilton

OAKLAND, CALIF. — East Bay Asian Local Development and Abode Housing Development have broken ground on The Phoenix, a 101-unit affordable housing development in Oakland. The project will develop a former industrial manufacturing site into a 44,179-square-foot residential building and a 7,300-square-foot community building with amenities such as a computer lab, community rooms, bike storage and social service offices. Units will come in studio-, one- and two-bedroom floor plans. Half of the units will be reserved for formerly unhoused individuals earning between 15 and 30 percent of the area median …

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Investment SalesNewsTexas

Global Real Estate Advisors Brokers Sale of Woods Edge Apartments in Dallas Suburb

by Channing Hamilton

GARLAND, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Woods Edge Apartments, a 109-unit complex in the northeastern Dallas suburb of Garland. Entrust Investment Group sold the asset to an undisclosed, out-of-state buyer. Mark Allen of GREA represented the seller and procured the buyer. Woods Edge Apartments was originally built in the 1960s and offers one-, two- and three-bedroom units.

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FinanceNew YorkNewsNortheast

Merchants Capital Provides $225 Million in Agency Financing for Affordable Housing Portfolio in New York City

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in the New York City borough of The Bronx. The portfolio comprises 983 units across 18 buildings. The properties carry a range of income restrictions. The borrower is a joint venture consisting of The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. The joint venture will use the financing to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, …

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Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii
Affordable HousingDevelopmentHawaiiNewsWestern

EAH Housing Selected to Develop $193 Million Kahului Civic Center Mixed-Use Complex in Kahului, Hawaii

by Channing Hamilton

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of …

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