NEW YORK CITY — Berkadia has provided a $31.8 million Freddie Mac loan for the refinancing of a 92-unit mixed-income apartment building located at 4180 Carpenter Ave. in The Bronx. The unit mix comprises nine market-rate studios and 55 market-rate one-bedroom apartments, along with one affordable studio, 23 affordable one-bedroom units and four affordable two-bedroom residences. The building, which was completed in 2024 and was 98 percent occupied at the time of the loan closing, also houses 8,000 square feet of commercial space that is occupied by Little Stars Daycare. Matt Nihan of Berkadia originated the 10-year, fixed-rate loan on behalf of the owner, New York-based owner-operator Stagg Group.
WEST VALLEY CITY, UTAH — ViaWest Group and GEM Realty Capital have received $43.3 million in construction financing for the development of 5400 South, a previously announced three-building warehouse project in West Valley City. Kevin MacKenzie, Jason Carlos, Jeff Pew and Lilley Kroll of JLL secured the floating-rate loan for the borrower. Situated on 28.7 acres at 7301 W. 5400 S, the 470,334-square-foot development will feature clear heights ranging from 32 feet to 36 feet across the buildings. In total, 5400 South will offer 110 dock-high doors, 18 grade-level doors, 54 trailer parking spaces and 443 automobile parking spaces. The buildings will offer flexible space configurations ranging from 19,500 square feet to 218,499 square feet. Construction commenced in November, with completion slated for December 2026.
ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for a redevelopment phase of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community. Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project. KeyBank CDLI provided a $39.1 million taxable construction loan and $25.2 million in federal low-income housing tax credit (LIHTC) equity. Key Commercial Mortgage Group originated an $8.5 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote two series of tax-exempt bonds totaling $30 million. Upon completion, the senior living community will feature 30 units reserved for residents earning at or below 50 percent of the area median income (AMI); the remaining 118 units will be reserved for seniors earning at or below 60 percent of AMI. All units will be reserved for residents age 55 and older. Amenities at the community will include a lobby, package room, social service office, arts-and-crafts room, fitness center, community room, computer lounge and laundry room. Additionally, 500 square feet of …
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Capital Returns as 2025 Signals a Market Reset
By Patrick McGlohn, senior managing director, Berkadia After two years of caution and recalibration, capital is flowing back into commercial real estate. The bid-ask gap between buyers and sellers is narrowing, underwriting assumptions are stabilizing and both equity and debt investors are once again finding common ground. At Berkadia, we’re seeing equity move from the sidelines to the playing field, selectively, but decisively. Equity’s Comeback: Selective, but Strong Private equity and institutional investors are increasingly re-entering the market, with activity strongest in the “Smile States,” stretching from Northern Virginia to the western states and extending into major cities like Chicago. Much of the capital is chasing value-add and opportunistic plays rather than core, stabilized assets. Over the past couple of years, many equity investors would only touch preferred equity because of valuation uncertainty, but now we’re seeing common equity return in a meaningful way. The change reflects both greater pricing clarity and a collective sense that the bottom of the market cycle has passed. Navigating the Wall of Maturities The looming wall of debt maturities remains a defining storyline for 2025 and beyond. Nearly $950 billion in commercial mortgages matured in 2025 — roughly 20 percent of all outstanding commercial …
RICHARDSON, TEXAS — Berkadia has arranged the sale and financing of Appletree Court, a 118-unit seniors housing property in Richardson, located northeast of Dallas. The community features assisted living and memory care units. A joint venture between Marquee Capital and Winterpast Capital Partners sold the property to a joint venture between Virtus Real Estate Capital and Winterpast. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller in the transaction. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia originated a seven-year, floating-rate Freddie Mac acquisition loan on behalf of the buyer.
COLUMBIA, S.C. — New York-based Eastern Union has secured $2.9 million in financing for the acquisition of Arcadia Lakes Shopping Center, a 33,684-square-foot retail center located at 6432 Two Notch Road in Columbia. Marc Tropp of Eastern Union arranged the five-year mortgage on behalf of the buyer, CityWide Properties. The loan features a 75 percent loan-to-cost ratio and a 6.65 percent interest rate. Proceeds of the loan were used for the purchase of the shopping center, as well as for a line of credit for tenant improvements and leasing commissions. CityWide Properties is planning to upgrade the property with new exterior lighting and paint, parking lot repaving and striping and fresh landscaping. Tenants at the property include Rent-A-Center, Pizza Hut, Boost Mobile and Heights Finance.
STARKVILLE, MISS. — TSB Capital Advisors has arranged the refinancing for The Walk Starkville, a 531-bed student housing community located near the Mississippi State University campus in Starkville. TSB arranged the fixed-rate loan on behalf of Spaces Management. Terms of the financing were not released. Developed in 2023, The Walk Starkville offers 249 units in one-, two-, three-, four- and five-bedroom floorplans. Amenities include a resort-style swimming pool, fitness center and yoga studio, spa with a sauna and steam room, an entertainment courtyard with a TV and multiple lounge areas, as well as a clubhouse with a golf simulator, gaming lounge and private study areas.
DES MOINES, IOWA — Dallas-based HALL Structured Finance (HSF) has provided a $108 million first lien construction loan for 515 Walnut Tower in downtown Des Moines. St. Joseph Group is the borrower and developer. Richard Price and Jackie Meagher of Berkadia arranged the loan. The project will rise 33 stories with 390 apartment units. A central amenity “lodge” will offer fitness, coworking, lounge and entertainment areas, including a rooftop terrace with hot tubs and cooking space. The second floor will feature a 4,000-square-foot fitness center as well as sky walk connections to an adjacent parking garage.
BANNOCKBURN, ILL. — Associated Bank has provided an $11.7 million loan to GTZ Properties for the development of a four-building, multi-tenant retail center on a vacant parcel at 1300 Half Day Road in Bannockburn. The 23,864-square-foot project is situated on a 5.3-acre corner lot adjacent to a Mariano’s grocery store and across the street from a Heinen’s grocery store. The development is 93 percent preleased with one space remaining. Signed leases include Wells Fargo Bank, Chipotle, Heart Certified Auto Care, Just Salad and a nail salon. The Gardner School is purchasing a parcel to develop the fifth building on the property as an early childhood education center. Completion of the retail center is slated for summer 2026. Daniel Barrins of Associated Bank handled the loan arrangements and closing.
ATLANTA — Walker & Dunlop (NYSE: WD) has provided a $192 million Freddie Mac loan for the refinancing of a national portfolio of four multifamily properties totaling 1,137 units. The borrower was Atlanta-based owner-operator Cortland. The portfolio consists of Cortland at the Hammocks I & II in Miami, which total 720 units, as well as the 224-unit Huntington Glen Apartments in Dallas and the 193-unit Cortland Congress Park in Denver. According to Apartments.com, Cortland at the Hammocks offers one-, two- and three-bedroom units that range in size from 552 to 1,488 square feet. Cortland Congress Park features similar floor plans as well as studio options. Huntington Glen has one- and two-bedroom units that range in size from 516 to 937 square feet. Stephen Farnsworth led the Walker & Dunlop team that originated the financing on behalf of Cortland, which previously executed capital improvement programs to unit interiors, building exteriors and amenity spaces at all three properties. “Since acquisition, Cortland has invested meaningfully in these communities, successfully executing its value-add strategy and repositioning the assets within their respective markets,” says Farnsworth. “Our continued partnership reflects a shared commitment to supporting mission-driven communities and delivering lasting value for residents and investors alike.” …