Loans

Delta Equity Management Refinances 195,723 SF Industrial Property in Bayonne, New Jersey

by Taylor Williams April 3, 2023

BAYONNE, N.J. — Locally based development and investment firm Delta Equity Management has refinanced Harborview Logistics & Distribution Center, a 195,723-square-foot industrial property located in the Northern New Jersey community of Bayonne. The property features a clear height of 40 feet, 46 loading doors, 32 trailer parking spaces and 149 car parking spaces. Jon Mikula and Michael Lachs of JLL arranged the fixed-rate loan through Lincoln Financial Group. At the time of the loan closing, Harborview Logistics & Distribution Center was fully leased to an affiliate of The Home Depot.

April 3, 2023

Affordable Housing Loans Multifamily Texas

Envolve Communities Receives $24.8M in Financing for Houston Affordable Housing Complex

by Taylor Williams March 31, 2023

HOUSTON — Envolve Communities, an Alabama-based multifamily owner-operator, has received $24.8 million in financing for the acquisition and rehabilitation of Coral Hills Apartments, a 172-unit affordable housing complex in Houston. Built in 1973, the property consists of 16 two-story buildings that house one- and two-bedroom units that are reserved for households earning 30, 50 or 60 percent or less of the area median income. The financing includes $14.6 million in Low-Income Housing Tax Credit equity, which was provided by Hunt Capital Partners, as well as $11.8 million in construction financing from M1 Bank. Bellwether Enterprise Real Estate Capital also provided a $6.7 million permanent loan.

March 31, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast Top Stories

MassDevelopment Issues $151M in Bond Financing for Affordable Housing Projects Near Boston

by Jeff Shaw March 31, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …

March 31, 2023

Development Georgia Loans Multifamily Southeast

Santander Bank, TD Bank Provide $100M Construction Loan for Multifamily High-Rise Project in West Midtown Atlanta

by John Nelson March 30, 2023

ATLANTA — Santander Bank and TD Bank have provided a $100 million construction loan to The Allen Morris Co. for Stella at Star Metals, a 21-story multifamily high-rise development in Atlanta’s West Midtown district. The 327-unit tower is the latest phase for Allen Morris Co.’s Star Metals District, a mixed-use development straddling Howell Mill Road that includes the Sentral at Star Metals apartments and Star Metals Offices. Brasfield & Gorrie constructed the other two properties and will serve as general contractor for Stella at Star Metals. The property will feature units with floor-to-ceiling windows, 10-foot ceiling heights, Italian cabinetry, stone countertops and outdoor balconies. Amenities will include a two-story, full-service bar and green roof terrace on the 17th floor; infinity pool, cabana and grilling stations on the seventh floor; an indoor/outdoor fitness center; dog spa; and a theater-style screening room. Additionally, Stella’s ground level will house 25,000 square feet of retail space anchored by chef-driven restaurants from the restaurateurs at Grass Fed Culture and Fishmonger. Stella residents are expected to move-in by mid-2025. Allen Morris Co. recently acquired 3.3 acres that will house fourth, fifth and sixth phases of Star Metals District.

March 30, 2023

Affordable Housing Development Loans Louisiana Multifamily Southeast

Hunt Capital Partners Invests $6.2M in LIHTC Equity for Affordable Housing Redevelopment in Baton Rouge

by John Nelson March 30, 2023

BATON ROUGE, LA. — Hunt Capital Partners has provided $6.2 million in LIHTC equity for Government Corridor, a 103-year-old affordable housing redevelopment in Baton Rouge. The project will renovate 34 detached single-family and duplex homes that are reserved for families earning up to 30, 50 and 60 percent of the area median income (AMI). Additionally, 30 percent of all homes at Government Corridor will be set aside for special needs households. Originally built in 1920, the campus comprises three clusters that are situated within short distance of the recently overhauled Government Street. Only 15 percent of Government Corridor is occupied, and residents of the occupied units will be relocated until the first phase of the project is complete. The development team for Government Corridor includes general contractor Ethridge Construction; architect Erick Parnell, owner of ArchBoutant; and property manager GHCP Management LLC, an affiliate of nonprofit partner Gulf Coast Housing Partnership (GHCP). Rehabilitation work is underway and scheduled for completion in February 2024. Other capital partners include United Bank, the State of Louisiana Division of Administration Office of Community Development and GCHP.

March 30, 2023

Affordable Housing Indiana Loans Midwest Multifamily

JLL Provides $18.2M Acquisition Loan for Affordable Housing Community in Lafayette, Indiana

by Kristin Harlow March 30, 2023

LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.

March 30, 2023

Acquisitions California Industrial Loans Western

PSRS Arranges $5.9M in Financing for Industrial Property in Carlsbad, California

by Jeff Shaw March 30, 2023

CARLSBAD, CALIF. — PSRS has arranged $5.9 million in financing for the acquisition of a 32,000-square-foot industrial property in Carlsbad. The deal closed in 35 days to meet the borrower’s 1031 exchange deadline. The non-recourse loan features a five-year term with a 5.55 percent interest rate and a 30-year amortization. Ryan Frankman and Ari Zeen of PSRS arranged the financing through an insurance company.

March 30, 2023

Arizona Development Loans Multifamily Western

Ascent Companies, Vanderbuild Receive $44.9M in Construction Financing for Amavida Apartments in Marana, Arizona

by Jeff Shaw March 29, 2023

MARANA, ARIZ. — Ascent Companies and Vanderbuild have received $44.9 million in construction financing for Amavida, a 200-unit apartment community in Marana. The community will be situated northwest of Tucson. The developers are planning to break ground on Amavida in the next few weeks. It will include a clubhouse, fitness center, pool, entertainment lawns, barbecues and dog parks. Amavida will also feature a 3.5-acre private park, an amenity not offered by any other multifamily property in the Tucson area. Brandon Harrington and Tyler Woodard of Northmarq’s debt and equity team secured the financing.

March 29, 2023

Industrial Loans New Jersey Northeast

Valley Bank Provides $11M Loan for Refinancing of Northern New Jersey Industrial Property

by Taylor Williams March 28, 2023

HACKENSACK, N.J. — Valley Bank has provided an $11 million loan for the refinancing of 211-215 South Newman Street, an 81,000-square-foot industrial property located in the Northern New Jersey community of Hackensack. The multi-building facility features a clear height of 15 feet, three drive-in doors, 11 docks and ample car and trailer parking. The borrower was locally based investment firm The STRO Cos. Tenants at the property include Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes.

March 28, 2023

Company News Features Loans New York Northeast

Turmoil in Bank Sector Causing Frayed Nerves as Banks Approach Debt Wall, Says Trepp

by John Nelson March 28, 2023

After massive bank runs earlier this month, the Federal Deposit Insurance Corp. (FDIC) took the reins at two regional banks, Silicon Valley Bank based in Northern California and New York City-based Signature Bank. First Citizens Bank has since agreed to acquire the assets of Silicon Valley Bank. According to the FDIC, 2023 already represents the largest year in bank failures in terms of total assets ($319.4 billion combined between the two banks) since 2008, when 25 banks failed (representing $373.6 billion in total assets). “In a very short timeframe, we’ve now seen two of the biggest bank failures on record, the biggest one of course being Washington Mutual back in September 2008,” said Matt Anderson, managing director of Trepp, a New York-based data analytics firm. “We are in a very fraught period right now. Nerves are very frayed at the moment seeing two large bank failures in quick succession.” The comments came during a Trepp-hosted webinar titled “Bank Turmoil and What it Means for CRE & Capital Markets” on Friday, March 24. The three-person webinar featured panelists Anderson and Dr. Stephen Buschbom, research director at Trepp. Lonnie Hendry, the firm’s senior vice president and head of commercial real estate and …

March 28, 2023

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