WASHINGTON, D.C. — Commercial and multifamily mortgage bankers are expected to close approximately $578 billion of loans backed by income-producing properties in 2021, according to a report released by the Mortgage Bankers Association (MBA) on Tuesday. The report predicts a 31 percent increase from last year’s loan volume of $442 billion. Jamie Woodwell, MBA’s vice president for commercial real estate research, says that commercial and multifamily real estate markets are moving past the pain that the COVID-19 pandemic caused in 2020. “There remain significant differences by property type, but incomes have rebounded strongly and investor interest in real estate and real estate finance is robust,” says Woodwell. “The result is strong property appreciation and increased transaction activity, both of which are fueling financings.” MBA predicts that multifamily lending alone will rise to $409 billion this year, which would be a new record and a 13 percent increase from 2020’s total of $360 billion. Looking ahead, MBA anticipates additional increases in lending volume in 2022, with activity rising to $597 billion in commercial/multifamily loan originations by mortgage bankers, and $421 billion in total multifamily lending. Based in Washington, D.C., the MBA is a national association representing the real estate finance industry, …
WHITESTOWN, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $25 million loan through Freddie Mac as well as $21.8 million of low-income housing tax credit (LIHTC) equity to Indianapolis-based Kittle Property Group Inc. The capital will be used to build Meadows on Main, an affordable housing property in Whitestown near Indianapolis. Meadows on Main will operate under the Section 42 LIHTC program and will serve residents earning between 40 and 70 percent of the area median income. The property will include 264 units across 10 buildings. Robbie Lynn of KeyBank’s CDLI team and John-Paul Vachon of Key Community Development Corp. structured the financing.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $148 million loan for the refinancing of 1410 Broadway, a 387,265-square-foot office building in Midtown Manhattan. Designed by Ely Jacques Kahn and originally constructed in 1930, the property is located in the Garment District and was 78 percent leased at the time of the loan closing. The borrower, New York City-based L.H. Charney Associates, has owned and managed the property since 1981. Between 2013 and 2020, the company implemented a $14.2 million capital improvement program that included a façade restoration and full renovation of the lobby, corridors, elevators and bathrooms.
WHITE PLAINS, N.Y. — Houlihan-Parnes Properties has arranged a $7.5 million loan for the refinancing of a 56-unit multifamily building located at 177 Grand St. in White Plains, a northern suburb of New York City. The five-story building also houses nine retail units. Jeremiah Houlihan and James Coleman of Houlihan-Parnes placed the loan, which was structured with a five-year term and a 30-year amortization schedule, though Westchester Savings Bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
CHARLOTTE, N.C. — CBRE has arranged a loan for the refinancing of The Village at Commonwealth, an 823-unit multifamily complex in Charlotte. Nate Sittema, Kristen Reilley, Grant Harris and Elliott Voreis of CBRE arranged the loan on behalf of the owner, Northwood Ravin. Manhattan-based KKR provided the five-year permanent loan. The loan amount was not disclosed. Located at 1308 Lorna St., the Village at Commonwealth is situated within Charlotte’s Plaza Midwood neighborhood near Veterans Memorial Park. Built in 2015, the property includes studio, one-, two- and three-bedroom units and townhomes and has ample parking and detached garages. Community amenities include a fitness center, sauna, spa, pool, bike storage, beer garden, barista bar, walking and biking trails, gameroom, pet care, conference room and a clubhouse and business center. Northwood Ravin is a Charlotte-based, full-service development, construction and property management firm.
AUSTIN, TEXAS — Greystone has provided a $41.2 million bridge loan for the acquisition of Legends at Lake Creek, a 250-unit apartment community in the Anderson Mill area of Austin. Built in 2001, the value-add property offers one-, two- and three-bedroom units and amenities such as a pool, resident clubhouse, coffee bar, dog park, fitness center and a playground. Steven Vainer of Greystone originated the loan, which carried a 36-month term with two one-year extension options, on behalf of the borrower, San Antonio-based LYND Co.
BIRMINGHAM, ALA. — Parkview Financial has provided a $25.5 million construction loan to Orchestra Partners Development for the redevelopment of the historic Frank Nelson Building in Birmingham. The overall financing for the property included $9 million in state and federal Historic Tax Credits, opportunity zone investors and a mezzanine loan, according to Parkview Financial. Built in 1903 as the First National Bank Building, the Frank Nelson Building is located at 205 20th St. N. The 10-story, 79,000-square-foot office building will be converted into a 180-unit apartment community and will include four commercial units on the ground floor totaling 9,000 square feet of retail space. Construction is slated for completion in late 2022. The residential units will include 135 studios with averaging 398 square feet and 45 one-bedroom units averaging 532 square feet. The units will feature stainless steel appliances, washer/dryers and custom cabinets. Community amenities will include a dog park and run, fitness center, pool table, outdoor deck, conference rooms and basement storage areas. The retail portion is preleased to The UPS Store in a 3,125-square-foot space and Trattoria ZaZa in a 1,441-square-foot space. The other retail units are available for lease. The property is located less than one mile …
DOUGLASVILLE, GA. — AHS Residential has obtained construction financing for AHS Tributary, a 433-unit mixed-use residential community located in Douglasville, a suburb approximately 20 miles west of Atlanta. PNC Bank provided the $46.5 million construction loan to AHS Residential, which broke ground on the project in late June. The community is slated for a first-quarter 2023 delivery. AHS Tributary will offer studio, one- and two-bedroom floor plans in seven five-story buildings. Apartments will feature stainless steel appliances and in-unit laundry. Community amenities include assigned parking, a business center and a multipurpose clubhouse featuring a swimming pool and fitness center. In addition, the community will feature a two-story, 22,000-square-foot commercial building with a 9,000-square-foot retail space on the first floor and 13 one-bedroom lofts available for lease on the second floor. The property will also include a 5,000-square-foot freestanding retail building.
FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.
MONROE, LA. — Hunt Capital Partners has invested $8.8 million in construction financing to fund the redevelopment of the Miller-Roy Building in Monroe. The investment includes $6.4 million in Low Income Housing Tax Credit (LIHTC) equity and $2.4 million in state and federal Historic Tax Credit equity. The project will also include the construction of multifamily housing units in a newly built property known as Bayou Savoy Building. Michael Echols Enterprises is the developer for the project. Built in 1929, the historic three-story Miller-Roy Building will be reimagined to feature two studio apartments and 16 one-bedroom units, as well as 3,851 square feet of commercial space on the first floor. The Miller-Roy Building used to be the office for one of the first African American newspapers in the South, and was home to many African American-owned businesses at the time. The newly constructed Bayou Savoy Building will span four stories and comprise 48 two-bedroom units. The property will allow a range of incomes for leasing from 20 percent of area median income up to 80 percent, and 14 units will be in the workforce housing range. Project-based rental assistance will be provided for 24 of the 66 LIHTC units, and …