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FeaturesLoansSeniors Housing

C-PACE Financing Hits Its Stride 

by Hayden Spiess

By Hayden Spiess Investment firm and asset manager Nuveen has a dedicated “What is C-PACE?” page on its website, outlining the basics of this unique type of financing. That the firm sees such a fact sheet as necessary is unsurprising, given that within the commercial real estate industry, Commercial Property Assessed Clean Energy (C-PACE) financing carries less familiarity relative to other financing products.  Anne Hill, senior vice president of Bayview PACE, says that “there are some misconceptions out there” and that there is “some confusion around the product.”  Lenders say that now though, despite the fact that some misinformation and lack of awareness persist, the tool is rapidly gaining favor among borrowers that recognize its exceptional utility, especially in the volatile environment of today.   Origins Originated in Berkeley, California, in 2008, commercial property assessed clean energy (C-PACE) financing is now available in 40 states throughout the country. C-PACE serves as an alternative funding source for commercial projects that qualify on the basis that they will result in reduced energy and water usage and greater building efficiency.  “When the program was created, the idea was that the government wanted to allow property owners an easier way to finance energy efficiency …

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

Colliers Mortgage Arranges $5.7M HUD-Insured Loan for Refinancing of Stanton Park Apartments in D.C.

by John Nelson

WASHINGTON, D.C. — Colliers Mortgage has arranged a $5.7 million HUD-insured loan to refinance Stanton Park Apartments, a 62-unit affordable housing community located in Washington, D.C.  As part of the refinance, the Non-Profit Community Development Corp. of Washington, D.C. (NPCDC) has obtained an extension for its use restriction to preserve its affordable housing options while operating under the Low-Income Housing Tax Credit (LIHTC) program. The HUD loan features a 35-year term and amortization schedule. Stanton Park Apartments comprises three one-bedroom units, 42 two-bedroom units and 17 three-bedroom units. Laundry facilities are located in each building, while disabled-accessible units contain an in-unit washer/dryer. Additional amenities at the property include barbecue and picnic areas and onsite parking.

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DevelopmentLoansMidwestMultifamilyOhioSeniors Housing

Churchill Stateside Group Provides $7.9M in Construction Financing for Ohio Senior Living Project

by Kristin Harlow

LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.

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HealthcareLoansMultifamilyOregonSeniors HousingWashingtonWestern

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

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DevelopmentLoansMultifamilyNew YorkNortheastOffice

Feil Receives $65M Construction Loan for Office-to-Residential Conversion Project in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based owner-operator The Feil Organization has received a $65 million construction loan for an office-to-residential conversion project in Midtown Manhattan. The project will convert the 14-story office building at 140 W. 57th St., which was originally constructed in 1908, into a 47-unit condo building. Units will come in studio, one-, two- and three-bedroom floor plans and will range in size from 502 to 1,776 square feet. Amenities will include a landscaped rooftop deck, indoor resident lounge, fitness center and a tenant storage room. The existing lobby, entryway, elevators and common hallways will be upgraded as part of the conversion. Deutsche Bank provided the loan. Construction is scheduled to begin in the coming weeks and to be complete in late 2026. MdeAs Architects is designing the project, which Feil is developing in partnership with Lloyd Goldman and the Nakash Family.

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DevelopmentFloridaLoansMultifamilySoutheast

13th Floor, JSB Capital Group Obtain $67.5M Construction Loan for Multifamily Project in Davie, Florida

by John Nelson

DAVIE, FLA. — A joint venture between 13th Floor Investments and JSB Capital Group has obtained a $67.5 million construction loan for Parks at Davie, a 383-unit multifamily project in the north Miami suburb of Davie. Santander Bank provided the loan. Peter Mekras of Aztec Group advised the joint venture on the capitalization, which also included an undisclosed amount of preferred equity from Houston-based Marble Capital. Designed by Corwil Architects, Parks at Davie will feature studio, one-, two- and three-bedroom units ranging in size from 568 square feet to 1,415 square feet. Amenities at the property will include a clubhouse with a resort-style pool, fitness center, business center with coworking areas and about 6,200 square feet of ground floor retail space. The site for Parks at Davie is located on the east side of Broward College’s Davie campus near the Florida Turnpike. 13th Floor and JSB Capital expect to break ground later this month, with completion slated for 2027.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

Red Oak Capital Provides $8.7M Acquisition Loan for Multifamily Property in East Point, Georgia

by John Nelson

EAST POINT, GA. — Red Oak Capital Holdings has provided an $8.7 million bridge loan for the acquisition and renovation of Garden Courts Apartments, an 86-unit multifamily community in the southwestern Atlanta suburb of East Point within three miles of Hartsfield-Jackson Atlanta International Airport. Underwritten within Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan carries a two-year term with a 73.9 percent loan-to-value ratio. Dave Christensen, Thomas Gorsk and James Myatt of Red Oak originated the loan. Arden Gist of Gist Group LLC arranged the financing on behalf of the borrower, Atlanta-based Miller Capital Properties. The loan proceeds will fund the property’s acquisition and approximately $1.3 million in capital improvements, equating to roughly $15,350 per unit. Interior upgrades will include new appliances, flooring, paint, doors, cabinetry and bathroom fixtures. Exterior renovations will address roofing, siding, landscaping, asphalt and HVAC system repairs, among other common area enhancements. Situated at 4060 Janice Drive, Garden Courts Apartments sits on 5.5 acres and comprises six, two-story buildings. Built in 1983, the property features 24 one-bedroom, 60 two-bedroom and one three-bedroom apartments, as well as a single-family rental home. Amenities at the complex include a swimming pool, laundry facilities, basketball court and a …

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DevelopmentFloridaLoansMultifamilySoutheast

Centennial Bank Provides $17.5M Construction Loan for One Daytona Multifamily Project in Florida

by John Nelson

DAYTONA BEACH, FLA. — Centennial Bank has provided a $17.5 million construction loan for The Edge Collection at Icon One Daytona, a 129-unit apartment community located at 200 Daytona Blvd. in Daytona Beach. The midrise property is part of One Daytona, NASCAR’s master development across from Daytona International Speedway that includes residential options and two hotels, including The Daytona, a Marriott Autograph Collection Hotel. Centennial Bank provided the loan for Daytona Apartment Holdings II LLC, an entity owned by Prime Hospitality Group. The developer plans to deliver The Edge Collection at Icon One Daytona later this month.

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Ora-Hackensack
LoansMultifamilyNew JerseyNortheast

G.S. Wilcox Arranges $68M Permanent Loan for Ora Apartments in Hackensack

by Taylor Williams

HACKENSACK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $68 million permanent loan for Ora, a 270-unit, newly completed apartment building in Hackensack. The property features studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Amenities include a fitness center, coworking lounge and a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through an undisclosed life insurance company. A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, and Riverbank Management LLC owns Ora.

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La-Central-Bronx
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Hudson Cos., BRP Receive $343M in Financing for South Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — A partnership between locally based owner-operators, The Hudson Cos. and BRP Cos., has received $343 million in financing for Phase II of La Central, a multifamily project in the South Bronx that will add 420 affordable and supportive housing units to the local supply. The second phase will encompass Building C (166 units) and Building E (254 units), which will rise 13 and 26 stories, respectively, and house one-, two-, three- and four-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. In addition, Phase II, which is slated for a 2028 completion, will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space. Building C will be constructed to meet Passive House standards, operating entirely on electricity to eliminate carbon emissions, while Building E will be built to achieve LEED Gold certification. Following completion of Phase II, La Central will comprise more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, house nearly 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed …

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