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Life-Time-Living-Raleigh
DevelopmentNewsNorth CarolinaSoutheast

Life Time, Dewitt Break Ground on $200M Raleigh Tower

by Lynn Peisner

RALEIGH, N.C. — Joint venture partners Dewitt Carolinas, a locally based developer, and Life Time (NYSE: LTH), a health club operator, have broken ground on Life Time Living at The Exchange Raleigh, a 289-unit, 20-story tower. According to the Triangle Business Journal, the project cost is approximately $200 million. The development marks the launch of the second phase of construction at The Exchange Raleigh project, a $1 billion, 40-acre district in Midtown Raleigh that will include approximately 990,000 square feet of office space, up to 1,275 residential units, 300 hotel …

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HUD-Sign-DC
Affordable HousingFinanceNewsNortheastWashington, D.C.

HUD Launches ‘Express Lane’ for LIHTC Construction Loans

by Lynn Peisner

WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development (HUD) has launched a streamlined process aimed at speeding up Federal Housing Administration (FHA)-insured construction financing for affordable housing developments using Low-Income Housing Tax Credits (LIHTC). The new LIHTC Express Lane applies to qualifying new-construction loans under FHA’s Section 221(d)(4) program and targets a 30-day decision on firm loan commitments. Both 9 percent and 4 percent LIHTC projects financed with tax-exempt bonds are eligible, with no limits on loan size or number of units. Projects receiving Section 8 project-based …

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Nostrand-Houses-NYC
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Structures $185M Loan for $607M Brooklyn Affordable Housing Redevelopment

by Lynn Peisner

BROOKLYN, N.Y. — The New York City Public Housing Preservation Trust, a public benefit corporation created in 2022 to finance major renovations of New York City Housing Authority (NYCHA) properties, has reached its first financial closing with the $607 million modernization of Nostrand Houses. Merchants Capital structured a $185 million taxable loan for the project, part of a broader financing package that will rehabilitate the 1,148-unit Brooklyn development. the AFL-CIO Housing Investment Trust, which acted as co-lender for the transaction, provided $50 million of the total loan. The New York …

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Canopy-Apartments-Everett
Investment SalesNewsWashingtonWestern

Timberlane, EOS Buy Canopy Apartments in Everett, Washington, for $82.8M

by Lynn Peisner

EVERETT, WASH. — Timberlane Partners has acquired Canopy Apartments in Everett, 25 miles north of Seattle, for approximately $82.8 million. The seller was a limited partnership comprising RISE Properties Trust and Aegon Real Assets US. Timberlane acquired the asset in partnership with EOS Residential Investors. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across an approximately 16-acre site. Its 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom homes, with an average unit size of 878 square feet. Many of the …

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Chris-Bruen-pull-quote
FinanceInvestment SalesLeasing & MarketingMarket ReportsNewsOperations

NMHC Chief Economist Chris Bruen on Why Lending Conditions Worsened in Third Quarter

by Lynn Peisner

Multifamily owners are facing sharply worsening capital conditions even as market fundamentals have changed relatively little, according to the National Multifamily Housing Council’s latest Quarterly Survey of Apartment Market Conditions, released Oct. 22. NMHC’s quarterly survey evaluates the multifamily sector across four benchmarks: market tightness, which reflects changes in vacancy and rent conditions; apartment sales volume; equity financing availability; and debt financing conditions. In practical terms, a tighter apartment market generally means lower vacancies and stronger rent growth, while a looser market generally means higher vacancies and weaker rent growth. …

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Greybarn-Amityville
FinanceNew YorkNewsNortheast

JLL Arranges $154.3M Refinancing for Rechler Equity Partners’ Greybarn Amityville

by Lynn Peisner

AMITYVILLE, N.Y. — Rechler Equity Partners has obtained a $154.3 million refinancing loan for Greybarn Amityville, a 335-unit property in Amityville. The JLL Capital Markets team that arranged the financing was led by Peter Rotchford, Andrew Scandalios and Clayton Ross. PCCP was the lender. Developed by Rechler in three phases between 2016 and 2020, Greybarn is located at 805 Broadway in Amityville on Long Island’s South Shore. It features 335 apartments, comprising 269 market-rate units and 66 workforce units reserved for households earning up to 80 percent of area median …

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The-Crossing-Lofts-Indianapolis
DevelopmentIndianaMidwestNews

Thompson Thrift Breaks Ground on The Crossing Lofts in Fishers District

by Lynn Peisner

FISHERS, IND. — Thompson Thrift has broken ground The Crossing Lofts at Fishers District, a 273-unit community with approximately 10,000 square feet of ground-floor commercial space in the Indianapolis suburb of Fishers. The four-story development is located within The Crossing at Fishers District, the southern portion of Thompson Thrift’s Fishers District master planned community and home to the 7,500-seat Fishers Event Center. Once complete, the approximately $750 million, 123-acre project will include multifamily, hotel, office dining, retail and entertainment spaces connected by pedestrian paths. Amenities will include a resort-style heated …

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Piper-Glen-Charlotte
DevelopmentFinanceNewsNorth CarolinaSoutheast

RK Investors Secures $81M Construction Loan for Charlotte Project

by Lynn Peisner

CHARLOTTE, N.C. — CBRE has arranged an $81 million construction loan for Sutherland at Piper Glen, a 299-unit community under development by a consortium of investors led by Charlotte-based RK Investors. Western-Southern Life Insurance Co. was the lender. CBRE’s Nate Sittema, Kristen Reilley and Elliott Voreis led the transaction. Currently under construction at 9621 Elm Lane, Sutherland at Piper Glen will feature four five-story buildings built atop a single-story parking podium. The community is the first multifamily component of Greenway at Piper Glen, a 53-acre residential master-planned development by RK …

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Courtside-II-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

HTG Opens $58M Affordable Housing Community in Miami

by Lynn Peisner

MIAMI — Housing Trust Group (HTG) has completed and opened Courtside Apartments II, a $58 million affordable housing community in Miami’s Overtown neighborhood. The 120 units are reserved for families earning at or below 30, 50, 60 and 70 percent of area median income, with monthly asking rents starting at $683. Located at 1698 NW 3 Avenue and 1501 NW 4 Avenue, Courtside Apartments II consists of two five-story buildings located on either side of the Culmer Center, a historic community center, creating a larger residential campus together with the …

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Chapanoke-Raleigh
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Joint Venture Breaks Ground on $58M Affordable Housing Development in Raleigh

by Lynn Peisner

RALEIGH, N.C. — Gilbane, Harmony Housing Affordable Development Inc. and F7 International Development have broken ground on Chapanoke, a $58 million, 200-unit affordable housing community in Raleigh. Chapanoke’s floor plan mix includes one-, two- and three-bedroom units reserved for residents earning between 30 and 70 percent of area median income The development is supported by a public-private financing structure that includes tax credit equity, private financing and local public investment. Greystone Real Estate Capital is providing low-income housing tax credit equity, while Greystone Housing Impact Investors LP and Citi Community …

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