Loans

KeyBank Provides $48M in Total Financing for Affordable Seniors Housing Project in Charlotte

by Julia Sanders February 8, 2022

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a total of $48 million in financing for Eastway Park Apartments, a 132-unit affordable seniors housing development in Charlotte. The financing includes a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae mortgage-backed security (MBS) as Tax-Exempt Bond Collateral (MTEB). In addition, KeyBank subsidiary Key Community Development Corp. (KCDC) is investing $12 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity to support the development. The nonprofit borrower and developer, Harmony Housing, did not disclose a construction timeline for the project. Eastway Park will include age-restricted units for those 55 years of age and older. The property will serve households earning a range from 30 percent to 80 percent of area median income (AMI) and will be subject to an agreement ensuring ongoing affordability for at least 30 years. Out of the 132 units, 40 of the one-bedroom units will have project-based rental assistance and veterans’ preference by way of Veterans Affairs Supportive Housing (VASH) Vouchers from Inlivian, formerly known as Charlotte Housing Authority. The development will provide supportive services to tenants including a shuttle service. The development team has also contacted organizations such as …

February 8, 2022

Loans Multifamily Texas

Ready Capital Closes $13M Acquisition Loan for Houston Multifamily Property

by Taylor Williams February 8, 2022

HOUSTON — New York City-based Ready Capital has closed a $13 million loan for the acquisition, renovation and stabilization of an unnamed, 152-unit apartment complex in Houston’s Medical Center submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 8, 2022

Loans Multifamily New York Northeast

BHI Provides $33.1M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams February 8, 2022

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $33.1 million construction loan for a multifamily project in Brooklyn. The borrower, CW Realty Group, plans to develop a 59-unit project with 30 parking spaces at 251 Front St. in the borough’s Vinegar Hill area. A completion date for the transit-served project was not disclosed.

February 8, 2022

Connecticut Loans Multifamily Northeast

Ready Capital Closes $7.7M Acquisition Loan for Multifamily Asset in Bridgeport, Connecticut

by Taylor Williams February 8, 2022

BRIDGEPORT, CONN. — New York City-based Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a 63-unit multifamily property in Bridgeport, Conn. The nonrecourse, interest-only loan carried a 36-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.

February 8, 2022

Loans Midwest Multifamily Wisconsin

Ready Capital Closes $8.2M Acquisition Loan for Apartment Complex in Madison, Wisconsin

by Kristin Harlow February 8, 2022

MADISON, WIS. — Ready Capital has closed an $8.2 million loan for the acquisition, renovation and stabilization of a 56-unit apartment complex in Madison. The undisclosed borrower plans to renovate unit interiors. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

February 8, 2022

Affordable Housing Arizona Loans Multifamily Seniors Housing Western

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Amy Works February 8, 2022

TUCSON, MESA AND PHOENIX, ARIZ. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, located at 8111 E. Broadway Blvd. in Tucson, features 612 independent living and assisted living units in a mix of studio, one- and two-bedroom floor plans with a private balcony or patio. Community amenities include central dining, transportation services, recreational venues, swimming pools, a fitness center and laundry facilities. Twenty percent of the units must be rented to residents with incomes at or below 50 percent of the area median income (AMI) and 46 of the units are targeted to households at or below 80 percent AMI. The remainder of the units are rent restricted to 30 percent to 80 percent of AMI. Fellowship Square Historic Mesa, located at 35 …

February 8, 2022

Gregg Gerken TD Bank Affordable Housing quote

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

by Sarah Daniels February 8, 2022

The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …

February 8, 2022

Loans Multifamily Texas

Ready Capital Closes $24.5M Acquisition Loan for San Antonio Apartments

by Taylor Williams February 7, 2022

SAN ANTONIO — New York City-based Ready Capital has closed a $24.5 million loan for the acquisition and stabilization of an unnamed, 288-unit apartment complex in San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 7, 2022

Loans Lument Multifamily New York Northeast

Lument Provides $115M Agency Loan for Refinancing of New York City Multifamily Property

by Taylor Williams February 7, 2022

NEW YORK CITY — Lument has provided a $115 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in New York City. The property was originally built in the 1950s and consists of seven residential buildings, 40 commercial units and a parking garage. The loan carries a 10-year term, fixed interest rate and a 30-year amortization schedule. Nicholas Diamond led the transaction for Lument. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

February 7, 2022

Georgia Loans Multifamily Southeast

New York Life Real Estate Investors Provides $88.8M Loan for Apartment Community in Atlanta

by Julia Sanders February 7, 2022

ATLANTA — New York Life Real Estate Investors has provided an $88.8 million loan for The Edge on The Beltline, a 350-unit apartment community in Atlanta’s Inman Park neighborhood. James Maynard and Brian Kochan of Newmark arranged the seven-year, fixed-rate loan on behalf of the borrower, Nashville-based Carter-Haston. Built in 2019, The Edge on The Beltline offers studio, one-, two- and three-bedroom floorplans. Units include granite countertops, walk-in closets, hardwood-style flooring, stainless steel appliances, available storage units and private balconies. Community amenities include a pool, tropical oasis courtyard, office pods available for lease, onsite restaurants, fitness center, pet spa, package room, clubroom, private garage parking, electric car charging stations and bike maintenance and storage. Located at 670 Dekalb Ave. NE, The Edge is located directly adjacent to the Eastside Trail of the Atlanta BeltLine. The property is also 3.3 miles from Georgia Tech, a little over one mile from Georgia State University and 11.5 miles from Hartsfield-Jackson Atlanta International Airport.

February 7, 2022

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