CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program for the rehabilitation of six affordable housing communities on Chicago’s South Shore. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project-based Section 8 contract. The remaining five properties provide 126 units for families. Evergreen Real Estate Group is the sponsor. The communities are owned by a Low-Income Housing Tax Credit (LIHTC) partnership created by the Housing and Human Development Corp. (HHDC), a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds. Improvements will include new cabinets, countertops, flooring, energy-efficient appliances and fixtures for resident units as well as elevator modernization, upgrades to mechanical, electrical and plumbing systems, replacement of roofs and exterior repairs. HHDC serves as the owner-operator and will provide onsite social service coordinators. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.
NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 111 West 19th Street, an eight-story, 189,731-square-foot office and retail building in Manhattan’s Chelsea neighborhood. The building was originally constructed in 1901 and comprises eight suites, according to StreetEasy.com. Aaron Niedermayer of JLL arranged the financing through Citigroup Inc. on behalf of the borrower, locally based investment firm The Kaufman Organization.
ASBURY PARK, N.J. — JLL has arranged $80 million in construction financing for SURFHOUSE Asbury Park, a 226-unit multifamily project in coastal New Jersey. The six-story building will house studio, one-, two- and three-bedroom apartments that will range in size from 700 to 1,200 square feet, as well as three- and four-bedroom townhomes. Amenities will include a pool, fitness center, resident lounge and a rooftop deck, and the project also includes 3,500 square feet of ground-floor retail space. Jon Mikula, Matthew Pizzolato and Ryan Carroll of JLL arranged a senior construction loan from Unity Capital for the project in addition to $21 million in equity that was raised on Crowdstreet. The borrower and developer is a joint venture between iStar Residential and Starfield Cos.
DENVER — Colliers Mortgage has provided a Fannie Mae loan for the refinancing of The Everett, a market-rate multifamily property in Denver. Built in 2022, The Everett features 33 studio units with a loft floor, providing separation for bedroom and living areas. Other unit amenities include stainless steel appliances, dishwashers and in-unit washers/dryers. Ray Picone of Colliers’ Denver office secured the five-year loan for the borrower, The Everett LLC. The size of the loan was not disclosed.
CHARLOTTE, N.C. — JLL has arranged a combined $132.9 million in construction financing for 2125 N Davidson, a 389-unit midrise multifamily development underway in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL arranged a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. Set for completion in summer 2026, 2125 N Davidson will feature studio, one-, two- and three-bedroom apartments averaging 762 square feet in size. Amenities will include a rooftop patio with views of Uptown Charlotte, courtyard with native planting, fitness room in each building, coworking space with a coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The property will also include 13,751 square feet of street-facing retail space that Space Craft plans to lease to boutique retailers, coffee purveyors and local and neighborhood service retailers. The developer has tapped Swinerton to construct the development. The companies also recently built The Joinery, an $80 million multifamily development in Charlotte’s nearby Optimist Park neighborhood.
LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.
SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located in Worcester County in the central part of Massachusetts. Edgemere Crossing will house 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, clubhouse, fitness center, conference area, dog park and outdoor grilling and dining stations. The borrower and developer is a joint venture between The Dolben Co. and Belmont Capital. The direct lender was not disclosed.
NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided two acquisition loans totaling $20.8 million for a pair of Manhattan apartment buildings with a combined 51 units. In the first transaction, Derby Capital provided $17 million for a 31-unit building in the East Village that includes ground-floor retail space that is leased to Lucy’s Bar and Top Beauty Salon. In the second deal, the firm funded a $3.8 million loan for a 20-unit building in Rose Hill neighborhood. The undisclosed borrower(s) plans to use portions of the proceeds to fund capital improvements.
DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $23 million acquisition loan for Maravilla, a 310-unit apartment community in northwest Dallas. According to Apartments.com, the property was built in 1967 and offers studio, one-, two- and three-bedroom units that range in size from 450 to 1,350 square feet. Amenities include multiple pools, a clubhouse, pet park, playground, soccer field and outdoor grilling and dining stations. Ralph Rader of MMCC arranged the 10-year, fixed-rate loan on behalf of the buyer, a partnership led by Granite Towers Equity Group. Maravilla was 99 percent occupied at the time of sale.
WEST NEW YORK, N.J. — JLL has arranged a $150 million construction loan for RB3, a 426-unit multifamily project that will be located across the Hudson River from Manhattan in West New York, N.J. The 11-story waterfront property, which will be located within the 200-acre Port Imperial master-planned development, will offer studio, one- and two-bedroom units. Residences will be furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, fitness center, clubhouse, private offices and coworking spaces, a virtual reality room, golf simulator, children’s playroom, sky lounge, grilling stations and a pickleball court. Jon Mikula, Jim Cadranell, Steven Klein and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Northwestern Mutual on behalf of the locally based borrower, Canoe Brook Development.