NEW YORK CITY — M&T Bank has appointed Lopa Kolluri to the role of Head of Affordable Housing Lending. In this new position, Kolluri will be responsible for the development, oversight and management of the Affordable Housing vertical within M&T’s Commercial Bank. Kolluri will also work closely with divisions of M&T’s Community Bank and M&T Realty Capital Corp.’s Affordable Housing Platform. She will be based in New York City. Kolluri previously served as Senior Vice President within M&T’s Commercial Real Estate Innovation Office. Prior to joining M&T, Kolluri served as the …
DAVENPORT, FLA. — JLL has arranged a $69.6 million loan for the refinancing for Phase I of Atlantica at Town Center, a community located at 1121 Loblolly Lane in the Orlando suburb of Davenport. Gregory Nalbandian, Kenny Cutler and Josh Odessky of JLL arranged the two-year, floating-rate bridge loan through Timbercreek Capital on behalf of the borrowers, Sovereign Properties and Invest Capital Group. Phase I of Atlantica at Town Center, which was delivered in December 2022, comprises 360 units. The community features one-, two- and three-bedroom units ranging from 683 …
DALLAS — A partnership consisting of Waterford Property Co., The Vistria Group and the City of Dallas Housing Finance Corp. has acquired Axis Kessler Park, a 299-unit community in Dallas. The property traded hands for $67 million. The new ownership plans to convert the community into workforce housing. Ninety percent of the units will be restricted to households earning between 60 and 140 percent of the area median income. Apartments will come in one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness center, business center and a dog …
HALLANDALE BEACH, FLA. — Miami-based 13th Floor Investments has secured an $83 million construction loan for Parks at Hallandale, a 398-unit project underway in Hallandale Beach, approximately 12 miles south of Fort Lauderdale, Florida. Development is slated to complete in 2026. CIBC Bank USA provided the loan. Scott Wadler and Alec Fox of Berkadia also arranged an undisclosed amount of preferred equity from Houston-based Marble Capital. Situated on 15.5 acres, Parks at Hallandale will offer studio, one-, two- and three-bedroom market-rate and workforce housing units. Planned amenities include a clubhouse, …
WASHINGTON, D.C. AND MCLEAN, VA. — Mortgage financing firms Fannie Mae and Freddie Mac plan to impose stricter rules for commercial property lenders and brokers, according to a report from the Wall Street Journal. The new guidelines are part of an emerging regulatory crackdown on fraud. Federal prosecutors and investigators have been increasingly pursuing fraudulent mortgage schemes since 2022. The rules may come into effect later this summer. Under the new rules, lenders would have to “independently verify” the financial information of potential borrowers and verify their source of funds …
GARDEN GROVE, CALIF. — CBRE has arranged the $2.2 million sale of an eight-unit property located at 10651 Tibbs Cir. in Garden Grove, five miles south of Anaheim, California. Dan Blackwell of CBRE represented the seller, a repeat client headquartered in Los Angeles, in the deal. The buyer was a private investor based in Orange County, California. The building, which was built in 1960, comprises 5,076 square feet across two stories. Units feature individual water heaters. The property also includes parking spaces and an on-site laundry room. The asset was …
FORT WORTH, TEXAS — Greystone has provided an $18.6 Fannie Mae Delegated Underwriting & Servicing loan for the acquisition of The Residences of Diamond Hill, a 204-unit asset in Fort Worth. John Williams of Greystone originated the loan, which carries a 10-year term and 35-year amortization, with interest-only payments for the first five years. The borrower was not disclosed. The Residences of Diamond Hill was built in 2003 and comprises 40 buildings. The garden-style community offers two-, three- and four-bedroom layouts. Amenities include a fitness center, pool, outdoor grill and …
SAVANNAH, GA. — Berkadia has brokered $24.4 million for the refinancing of River Walk Savannah, a 220-unit property in Savannah. Located at 101 Saint George Blvd., the garden-style community was built in 1988. The asset offers one- and two-bedroom units. Amenities include a clubhouse, gated access, pickleball courts, pet park, pool and fitness center. Mitch Sinberg, Scott Wadler, Brad Williamson, Matthew Robbins and Hugo Hernandez of Berkadia’s South Florida office arranged the financing on behalf of the sponsor, Vantage Point Acquisitions. Freddie Mac purchased the loan, which carries a five-year …
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 …
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a portfolio consisting of six assets in Texarkana, a city located on the Texas-Arkansas border. The 231-unit portfolio includes: Isabella Acres; Hidden Brook; Pecan Haven; Park Villa; Jasmine; and Gardens at Wake Village. The portfolio consists of build-to-rent communities and traditional multifamily complexes. Matt Aslan of Marcus & Millichap represented the seller in the transaction. The buyer assumed the seller’s loan, which carries a 3.48 percent fixed interest rate with four years of term remaining. Both parties requested anonymity.