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Cambridge Square Apartments in Monroeville, Pennsylvania
Affordable HousingFinanceNewsNortheastPennsylvania

KeyBank Provides $90.7 Million for Affordable Cambridge Square Apartments Near Pittsburgh

by Channing Hamilton

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, an affordable housing complex in the Pittsburgh suburb of Monroeville. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing. Robbie Lynn of KeyBank structured the tax-exempt bonds, …

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6100 Main in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

JLL Capital Markets Arranges Financing to Construct 6100 Main in Los Angeles

by Channing Hamilton

LOS ANGELES — JLL Capital Markets has arranged construction financing for 6100 Main, an 87-unit development in Los Angeles. The community will be rise four stories on a 0.5-acre site. Units will come in one-bedroom floor plans. Planned amenities include a community room, roof deck, garage parking and bicycle parking. JLL worked on behalf of the borrower, SoLa Impact, to secure the loan through a regional bank. Greg Brown, Charlie Vorsheck, Kellan Liem and Allie Black led the JLL Capital Markets Debt Advisory team. 

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Lirica East Austin in Austin, Texas
DevelopmentFinanceNewsTexas

JLL Capital Markets Arranges Construction Financing for Lirica East Austin in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — JLL Capital Markets has arranged construction financing for Lirica East Austin, a 338-unit project in the Central East Austin neighborhood of Austin. The borrower was Central Southwest Texas Development, doing business as CSW Development. JLL worked on behalf of the borrower and the equity partner, Blueprint Local, to secure the loan.  Lirica East Austin will offer studio, one-, two- and three-bedroom units with an average size of 799 square feet. Planned amenities include a pool, clubroom, fitness center, co-working space, sky lounge, courtyard and dog park. The …

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Harbach Lofts in Des Moines, Iowa
FinanceInvestment SalesIowaMidwestNews

JLL Capital Markets Arranges $10.6 Million in Acquisition Financing for Harbach Lofts in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team. Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises …

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7872 Liberty Drive in Huntington Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $2.4 Million Sale of Property in Huntington Beach, California, in 1031 Exchange

by Channing Hamilton

HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of a five-unit community located at 7872 Liberty Drive in Huntington Beach in a 1031 exchange. The property was constructed in 1979 on 0.2 acres. The two-story building offers garage parking and a laundry facility. The seller was a private investor from Huntington Beach. CBRE’s Dan Blackwell and Amanda Fielder represented the San Diego-based 1031-exchange buyer in the transaction.

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Affordable HousingDevelopmentNew YorkNewsNortheast

The Davis Cos. Begins Constructing 97-Unit Community in New York City’s Harlem Neighborhood

by Channing Hamilton

NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …

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DevelopmentGeorgiaInvestment SalesNewsPeople NewsSoutheast

Brook Farm Group Selects Matt Cotton as Vice President of Land Acquisitions 

by Channing Hamilton

ATLANTA — Brook Farm Group, an Atlanta-based development company, has hired Matt Cotton as Vice President of Land Acquisition. Cotton will be based in the company’s Atlanta office. In this role, Cotton will oversee Brook Farm Group’s strategy to identify and acquire new land sites for multifamily development across the southeast. Cotton previously worked in in the Atlanta suburb of Alpharetta as a director of site selection for the Southeast Region of Trilogy Residences. Prior to this, he served as a real estate development manager for Circle K in Charlotte, North …

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927 Daisy Avenue in Long Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Sales of Five Properties in California for $17 Million in 1031 Exchange 

by Channing Hamilton

TORRANCE AND LONG BEACH, CALIF. — CBRE has negotiated the acquisition of five properties in Torrance and Long Beach on behalf of an undisclosed, San Diego-based exchange buyer. CBRE’s Dan Blackwell and Trey Mitchell represented the buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the disposition of a 3.8-acre property in Torrance. CBRE’s John Read, Greg Sullivan and Trent Steeves represented the investor in the sale of the asset in Torrance. The five acquired properties were sourced from different private sellers in Southern California. The properties include: 

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Pointe Grand Warner Robins in Warner Robins, Georgia
BerkadiaFinanceGeorgiaNewsSoutheast

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

by Channing Hamilton

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 …

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