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2950 Reedy Creek Blvd. in Kissimmee, Florida
DevelopmentFinanceFloridaNewsSoutheast

PACE Loan Group Arranges $13.8 Million For Workforce Housing Conversion in Kissimmee, Florida

by Channing Hamilton

KISSIMMEEE, FLA. — PACE Loan Group arranged $13.8 million in financing to convert a 151-room hotel in Kissimmee into a workforce housing community. The Florida Development Finance Corp. provided a loan through its C-PACE Program, which allows property owners to obtain financing using a special assessment on their property tax bill as the repayment mechanism. The financing package also includes a $9.1 million loan from a regional bank. The borrower, Infiniti Loft Investors, acquired the property following a previous gutting of the interior due to a hurricane. The asset was …

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ColoradoFinanceInvestment SalesNewsPeople NewsWestern

Avanti Residential Appoints Richard Bennion as Managing Director

by Channing Hamilton

DENVER — Avanti Residential has selected Richard Bennion as Managing Director. In this role, Bennion will be responsible for strategic growth and institutional capital relationships. Bennion most recently worked at PEF Advisors, where he led the capital formation of a $100 million fund focused on affordable housing and was a member of the company’s senior leadership team and investment committee. Prior to joining PEF Advisors, he worked at Carmel Partners. Bennion received a Bachelor of Science in Manufacturing Engineering from Brigham Young University and an MBA from Harvard Business School.

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West River Apartments in Dickinson, N.D
Investment SalesMidwestNewsNorth Dakota

Friedman Real Estate Brokers Sale of West River Apartments in Dickinson, North Dakota

by Channing Hamilton

DICKINSON, N.D. — Friedman Real Estate brokered the sale of West River Apartments. Rich Deptula and Steven Silverman represented both the seller and purchaser in the transaction. West River Apartments is 234-unit community in Dickinson, a city in Stark County, North Dakota. The community offers studio, one-, two- and three-bedroom units, according to the property website. Amenities include a fitness center, 24-hour emergency maintenance and a dog park.

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Salem Manor in Salem, Oregon
Affordable HousingFinanceNewsOregonWestern

Keybank Provides $20.4 Million in Financing for Affordable Housing Community in Salem, Oregon

by Channing Hamilton

SALEM, ORE. — Hampstead Development Partners (Hampstead) has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credit, as well as arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at …

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Scenic Ridge Apartments in Chattanooga, Tennessee
FinanceNewsSoutheastTennessee

Colliers Arranges $26.6 Million to Refinance Scenic Ridge Apartments in Chattanooga, Tennessee

by Channing Hamilton

CHATTANOOGA, TENN. — Colliers Mortgage arranged a $26.6 million Fannie Mae loan for the refinance of Scenic Ridge Apartments, a 240-unit property in Chattanooga. Bill Mattice, Phillip Cox and Paul McDonald of Colliers Mortgage’s Greenville, South Carolina team represented the borrower. The loan carries a 10-year term. Scenic Ridge Apartments offers one-, two- and three-bedroom units. Amenities include a pool, picnic and BBQ area, fitness center, basketball court, car wash station and clubhouse.

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Bahia Beach in Fort Lauderdale, Florida
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers $5.5 Million Sale of Bahia Beach in Fort Lauderdale, Florida

by Channing Hamilton

FORT LAUDERDALE, FLA. — Marcus & Millichap arranged the sale of Bahia Beach, a 35-unit property located in Fort Lauderdale. Evan Kristol, Brandon Rex, Austin Michels and David Altman of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, a private investment group. A local developer and operator purchased the community for $5.5 million. Bahia Beach was constructed in 1966 on a 17,167-square-foot site. The property includes 21 parking spaces, onsite laundry and a courtyard with a pool.

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Oaks Minnehaha Longfellow in Minneapolis
FinanceMidwestMinnesotaNews

Northmarq Arranges $21.7 Million Refinancing for Oaks Minnehaha Longfellow in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Northmarq arranged $21.7 million in refinancing for Oaks Minnehaha Longfellow, a 179-unit property in Minneapolis. Mike Padilla of Northmarq’s Minneapolis office led the debt and equity team that arranged the transaction. The transaction was structured on a 5-year term with 3 years interest, followed by a 35-year amortization schedule. Freddie Mac provided the loan. The borrower was not disclosed. Oaks Minnehaha Longfellow was built in 2020. Units include stainless steel appliances, quartz countertops, in-unit washers and dryers, balconies and patios, wood-style flooring, high speed internet access and intercom system.

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Presidium Berkshire in Fort Worth, Texas
DevelopmentNewsTexas

Presidium Completes First Phase of Presidium Berkshire in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Presidium has completed the first phase of Presidium Berkshire, a 340-unit community in Fort Worth. At full build-out, Presidium Berkshire will be a 1,100-unit, 26-acre development. The project currently spans 352,000 square feet in the North Fort Worth area of the city. Units come in studio, one-, two- and three-bedroom floor plans with rents ranging from $1,560 to $2,780. Amenities include a clubroom, bar, co-working lounge, pool, demonstration kitchen, fitness center, dog park, car wash and EV chargers. O’Brien Architects designed the property. Phase 2 is …

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FinanceNewsNorth CarolinaPeople NewsSoutheast

NewPoint Hires Mike Ortlip as Senior Managing Director

by Channing Hamilton

CHARLOTTE, N.C. — NewPoint Real Estate Capital (NewPoint) has hired Mike Ortlip as senior managing director. In this role, Ortlip will provide financing solutions to commercial real estate owners on a national basis through NewPoint’s Agency, FHA/HUD, Proprietary and third-party loan programs. Ortlip is a member of NMHC, the Mortgage Bankers Association, ICSC and ULI. He will be headquartered in Charlotte. Prior to joining NewPoint, Ortlip most recently served as senior vice president at Grandbridge Real Estate Capital.

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4715 N Western in Chicago
DevelopmentIllinoisMidwestNews

The Community Builders Breaks Ground on 63-Unit Affordable Community in Chicago

by Channing Hamilton

CHICAGO — The Community Builders has broken ground on 4715 N Western, a 63-unit mixed-income community in Chicago’s Lincoln Square neighborhood. The building will rise six stories and offer studio, one- and two-bedroom floor plants. Amenities include a lounge, terrace, bike storage, package room and resident parking. The property will also include 5,500 square feet of ground floor commercial space and 18 public parking spaces on the second floor. 4715 N Western will be affordable to households earning between 30 and 80 percent of the area median income. The City of …

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