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NewsNortheastWashington, D.C.

Fannie, Freddie Authorized to Double Yearly LIHTC Investments

by Lynn Peisner

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has raised the yearly amount of low-income housing tax credits (LIHTCs) Fannie Mae and Freddie Mac can invest in affordable housing. Effective Aug. 5, the decision authorizes each GSE to invest $2 billion in affordable housing development. The previous cap was $1 billion. The move complements some of the affordable housing expansions in the One Big Beautiful Bill Act, including a 12 percent increase in states’ LIHTC allocations. “This step by FHFA is great news for housing providers seeking to use …

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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The-Mira-Apopka
Affordable HousingNewsNortheastWashington, D.C.

One Big Beautiful Bill Act Expands LIHTC, Resurrects Opportunity Zones

by Lynn Peisner

WASHINGTON, D.C. — The One Big, Beautiful Bill Act (OBBBA), signed into law on July 4, contains provisions to incentive affordable housing investment and development, namely expansions of the 4 and 9 percent Low-Income Housing Tax Credit (LIHTC) programs and Opportunity Zone (OZ) codes. The bill provides a permanent 12 percent increase in the allocation of 9 percent LIHTC. Previously, each state received a limited amount of these credits to award each year to affordable housing projects. The law has increased that amount by 12 percent, which raises the chances …

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CaliforniaInvestment SalesNewsNortheastWashington, D.C.Western

JRK Buys Two Assets for $315 Million

by Lynn Peisner

LOS ANGELES — JRK Property Holdings has acquired Chase Knolls in Sherman Oaks, California, and WestEnd25 in Washington, D.C., for $315 million. The assets were purchased with two separate funds, one of which targets assets developed before 1989. Chase Knolls was built in 1949. The other fund focuses on assets built after 1990 with value-add potential. WestEnd25 was built in 2009. Chase Knolls, which sold for approximately $129 million, is located on a 14-acre site that encompasses approximately two city blocks in Los Angeles’ San Fernando Valley. The property includes …

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Agora
FinanceNewsNortheastWashington, D.C.

Walker & Dunlop Arranges $106.3 Million Refinancing for WC Smith

by Lynn Peisner

WASHINGTON, D.C. — Walker & Dunlop has arranged a $106.3 million Fannie Mae loan for WC Smith to refinance construction debt on Agora, a 334-unit property developed in 2018 in Washington, D.C.’s Capital Riverfront area. Walker & Dunlop’s team was led by Brendan Coleman and Connor Locke. WC Smith developed Agora as the second phase of The Collective, which is home to two other multifamily properties: Park Chelsea with 429 units and The Garrett with 373 apartments and 5,000 square feet of coworking space. Amenities for the three communities include …

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Jair Lynch
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Jair Lynch Secures Loans, Tax Credit Equity for D.C. Mixed-Income Development

by Lynn Peisner

ALEXANDRIA, VA. —Grandbridge Real Estate Capital, a subsidiary of Truist Financial Corp., has arranged $100 million in Freddie Mac loans on behalf of locally based Jair Lynch Real Estate Partners. In addition to the permanent financing, affiliates of Truist also served as a low-income housing tax credit equity investor for the transaction. The financing package includes a $38 million, tax-exempt loan and a $62 million taxable tail loan. The 15-year, fixed-rate loans and equity will finance the construction of a 310-unit, unnamed mixed-income project that will be built at 505 …

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Telestar Court
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Advantage Capital Arranges Tax Credits For $51 Million D.C.-Area Affordable Housing Redevelopment

by Lynn Peisner

FALLS CHURCH, VA. — Advantage Capital has secured $15 million in state low-income housing tax credits for Telestar Court, Conifer Realty’s office-to-residential redevelopment in Falls Church. The total project cost for the affordable housing project is $51 million. Advantage Capital arranged the tax credits in connection with the Virginia Housing Opportunity Tax Credit program, a tool for expanding the supply of affordable housing across the commonwealth. The former medical office building will be converted to an 80-unit community serving residents earning between 30 and 80 percent of area median income. …

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equity financing index
FeaturesNortheastOperationsWashington, D.C.

Tariffs Complicate Market Optimism, NMHC Survey Reveals 

by Channing Hamilton

WASHINGTON, D.C. — Multifamily executives across the nation report that deal flow is increasing and debt financing conditions are improving, according to the National Multifamily Housing Council’s (NMHC) latest quarterly survey. But there’s a caveat. While respondents were confident about first-quarter market conditions, such as improving rent-growth trends, those who completed the survey after the April 2 tariffs were announced expressed a conspicuously different opinion. According to NMHC, about half the respondents completed the survey before the tariffs and the other half submitted responses after. The April 2025 Quarterly Survey of Apartment …

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The Stacks
DevelopmentNewsNortheastWashington, D.C.

Akridge, National Development Complete First Phase of Mixed-Use Project in D.C.

by Channing Hamilton

WASHINGTON, D.C. — Akridge and National Real Estate Development have opened Colette and Everly, two apartment communities situated within The Stacks, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. The openings of Colette and Everly mark the completion of the mixed-use project’s first phase. Phase I of The Stacks totals nearly 1 million square feet, including three apartment buildings with 1,116 units and more than 90,000 square feet of amenity spaces. Phase I also includes approximately 22,000 square feet of public parks, 40,000 square feet of retail …

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The Winslow
DevelopmentFeaturesNortheastOperationsWashington, D.C.

Construction Firms Grapple with Economic Uncertainty, NMHC Survey Shows

by Channing Hamilton

WASHINGTON, D.C. — Economic uncertainty has continued to be a primary concern for multifamily construction and development firms. More than half say current and future projects have experienced construction delays, according to the National Multifamily Housing Council’s (NMHC) Quarterly Survey of Construction & Development Activity. Fifty-eight percent of respondents stated they had experienced construction delays between January and March in the jurisdictions in which they operate. The most frequently cited causes for delays were economic uncertainty (68 percent) and economic feasibility (68 percent); followed by permitting, entitlement and professional services (58 percent); availability of construction …

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