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Affordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilyOfficeSoutheastTop Stories

Nuveen Green Capital Provides $465M C-PACE Financing for Office-to-Residential Conversion Project in D.C.

by Kristin Harlow

WASHINGTON, D.C. — Nuveen Green Capital (NGC) has provided $465 million in C-PACE financing for The Geneva, an office-to-residential conversion project in Washington, D.C. The transaction represents the largest Commercial Property Assessed Clean Energy (C-PACE) financing in history as well as D.C.’s largest office-to-residential conversion to date, according to NGC. The borrower, Philadelphia-based developer Post Brothers, also received a $110 million senior loan from investment firm Mavik, bringing total financing to $575 million. The project’s overall price tag is $750 million, according to The Wall Street Journal. Located at 1825-1875 Connecticut Ave. NW, the 604,000-square-foot office property is comprised of two nine-story towers at the confluence of D.C.’s upscale Kalorama, Dupont Circle and Adams Morgan neighborhoods. The property will be converted into a 15-story luxury apartment building with 429 market-rate units, 42 extended-stay rentals, 61 affordable housing units and 57,000 square feet of commercial space. A timeline for construction was not provided. The $465 million in C-PACE financing was administered through DC Green Bank, which serves as the administrator of the DC PACE program on behalf of the District of Columbia. The DC PACE program is a special financing option for renewable energy projects such as solar, energy efficiency upgrades …

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LoansMultifamilyNew JerseyNortheast

BlueGate Partners Arranges $150M Permanent Loan for Northern New Jersey Apartment Building

by Taylor Williams

HOBOKEN AND JERSEY CITY, N.J. — Regional brokerage and debt advisory firm BlueGate Partners has arranged a $150 million permanent loan for The Devan, a 336-unit apartment building located along the Hoboken-Jersey City border. Completed in 2024, The Devan offers studio, one-, two- and three-bedroom units and amenities such as a fitness center, library/media room, coworking lounges, courtyard with a pool and a dog run. Mark DeLillo of BlueGate Partners arranged the financing on behalf of the borrower, a partnership between URSA Development Group and Fields Grade. The direct lender was not disclosed.

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LoansMultifamilyNew YorkNortheast

Ariel Property Advisors Places $6.1M Loan for Refinancing of Brooklyn Apartment Buildings

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has placed a $6.1 million loan for the refinancing of two rent-stabilized apartment buildings totaling 26 units in the Park Slope area of Brooklyn. The buildings include ground-floor retail space. Matthew Dzbanek and Matt Swerdlow of Ariel originated the five-year loan, which carried an interest rate of 5.81 percent, through an undisclosed agency lender. The borrower was also not disclosed.

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DevelopmentLoansNew YorkNortheastOfficeTop Stories

Related Cos., Oxford Properties Close $2.45B Capitalization for 70 Hudson Yards Office Tower in Manhattan

by John Nelson

NEW YORK CITY — Related Cos. and Oxford Properties Group have fully capitalized 70 Hudson Yards, a 72-story office tower underway within the co-developers’ 28-acre Hudson Yards campus in Manhattan’s Midtown West neighborhood. The companies recently closed $2.45 billion in financing for the project, including a $1.6 billion construction loan from Wells Fargo, Bank of America and Standard Chartered, as well as equity from institutional investors. “Securing full equity and the largest construction loan in New York since 2020, on attractive terms, demonstrates the growing global demand from sophisticated investors and lenders of capital into first class office product like 70 Hudson Yards,” says Dean Shapiro, Oxford’s global head of development. The multi-tenant tower will span 1.4 million square feet and include the U.S. headquarters for Deloitte, one of the “big four” accounting firms that signed a lease for more than 800,000 square feet at the tower last year. The lease represents the largest tenant relocation in New York City since 2020, according to Related and Oxford. Shapiro adds that the co-developers broke ground before the lease with Deloitte was executed. Related and Oxford plan to begin vertical construction in the first half of the year. The foundations are nearing …

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AcquisitionsContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastWestern

Navigating Fannie Mae, Freddie Mac Small Balance Multifamily Loan Programs

by Sarah Daniels

By Ann Atkinson, Regions Real Estate Capital Markets Most multifamily real estate owners need to finance or refinance their apartment community at some point. Many utilize the small balance multifamily loan programs available through Fannie Mae and Freddie Mac to do so. Understanding how lenders navigate each phase of the loan cycle can give owners a strategic advantage, especially in a time of elevated rate volatility. A significant amount of multifamily debt is maturing in 2026. Borrowers should not wait to refinance to avoid the concentrated competition later in the year when lenders are faced with refinancing demand. In addition, modest rent growth today offers refinancing upside; and finally, Fannie Mae and Freddie Mac have higher production caps in 2026, providing more runway for lending. The following overview, based on Regions Real Estate Capital Markets’ experience, outlines five key phases of the process, with helpful tips throughout: 1. Screening and Term Sheet Loan screening kicks off the relationship between borrower and lender. The lender’s production representative often conducts an introductory call with the borrower, who completes an application and provides due diligence items. Access a checklist of items to provide to Regions for screening here. Tip #1: Get all required (and …

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ConnecticutLoansNortheastRetail

HKS Real Estate Arranges $7.9M Acquisition Loan for Connecticut Shopping Center

by Taylor Williams

MILFORD, CONN. — New York City-based HKS Real Estate Advisors has arranged a $7.9 million acquisition loan for a 105,481-square-foot shopping center in the southern coastal Connecticut city of Milford. The center sits on a 22-acre site and was 44 percent leased at the time of sale. Andrew Pilchick and Alex Dobosh of HKS arranged the debt through 360 Capital Funding on behalf of the borrower, Constitution Credit, which plans to implement a value-add program.

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GeorgiaLoansMixed-UseOfficeSoutheast

Selig Obtains $245M Refinancing for 1105 West Peachtree Office Tower in Midtown Atlanta

by John Nelson

ATLANTA — Selig Enterprises has obtained a $245 million loan for the refinancing of 1105 West Peachtree, a 31-story office tower in Midtown Atlanta. The 653,525-square-foot tower was nearly fully leased at the time of financing to tech giant Google and law firm Smith, Gambrell & Russell. Matt Rendele and Christine Curry of Selig worked with CBRE on the financing, which was structured as a CMBS SASB (single-asset/single-borrower) loan. Delivered in 2021, 1105 West Peachtree features The Office Bar and Sky Plaza, a one-acre amenity deck that connects to the Epicurean Atlanta hotel and 40 West 12th, a luxury condo tower.

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IllinoisIndustrialLoansMidwest

IPA Capital Markets Arranges $96.7M in Financing for Industrial Portfolio in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $96.7 million in financing for three industrial properties in Rockford. Frank Montalto and Ethan Splan of IPA secured the three-year, nonrecourse financing with Bank OZK on behalf of Craig Erdmier, a Northern Illinois-based design-build and construction management professional and general contractor. The portfolio comprises more than 650,000 square feet, including two fully stabilized buildings totaling 503,395 square feet. The financing will be used to consolidate the stabilized assets and support the construction of the third facility, which will total roughly 155,000 square feet. Each building was developed as a build-to-suit for a global pharmaceutical services provider.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

Partnership Receives $255.6M in Construction Financing for Bronx Affordable Housing Project

by Taylor Williams

NEW YORK CITY — A partnership between affordable housing developer Type A Projects and local nonprofit organization BronxWorks has received $255.6 million in construction financing for River Commons, a 328-unit project that will be located in the Concourse area of The Bronx. Construction is expected to begin within the coming weeks. The package includes $91.3 million in both tax-exempt ($64.3 million) and taxable ($27 million) bond financing from the New York City Housing Development Corp. In addition, the New York City Department of Housing Preservation and Development (HPD) is providing more than $100 million in capital through its New Construction Finance program. Capital One also provided a letter of credit on the deal. Additional financing for the project stems from Low-Income Housing Tax Credits that were syndicated by Hudson Housing Capital. Situated on the former site of a former hospital parking lot, River Commons will be a 17-story building that will house 328 affordable and supportive housing units, a 43,000-square-foot public healthcare center that will be operated by New York City Health + Hospitals (H+H) and 6,000 square feet of flexible community space that will be occupied by African Communities Together. The development will also feature a 7,000-square-foot public green …

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