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80-Clarkson-NYC
DevelopmentLoansMultifamilyNew YorkTop Stories

Joint Venture Receives $985M Financing for 100-Unit Luxury Condo Towers in New York City 

by Hayden Spiess

NEW YORK CITY — A joint venture between Zeckendorf Development, Atlas Capital Group and The Baupost Group LLC has received $985 million in financing for the development of 80 Clarkson, a full-block condominium project along the Hudson River in Manhattan’s West Village neighborhood. The two towers of the development will rise 450 feet and total 100 ultra-luxury units. The first tower is scheduled for completion in 2026, with the second following in 2027. Newmark arranged the loan for the project on behalf of the developers. Jordan Roeschlaub, Chris Kramer and Jonathan Firestone of Newmark secured the financing from Cale Street Partners and Farallon Capital Management. The community will feature outdoor space, luxury finishes, an amenity package and ground-floor retail space. 80 Clarkson is located on the northernmost portion of the former St. John’s Terminal Building, which was originally built in 1934 as the terminus to the High Line Rail Road. The building spanned almost four city blocks, nearly 850 feet along the Hudson River.  In 2016, Atlas led a prior venture in a complex rezoning which allowed for significantly increased density on the site. After negotiating early terminations with the building’s office tenants, the venture sold the portion of the …

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

Fannie Mae Q&A: Agency Remains Active Capital Source for Multifamily Borrowers

by John Nelson

WASHINGTON, D.C. —The Mortgage Bankers Association (MBA) recently published that multifamily originations totaled $246.2 billion in 2023, a 49 percent decline compared to 2022 and below its April estimation of $264 billion. Additionally, the Washington, D.C.-based organization said that 51 percent of active lenders made five or fewer multifamily loans last year. While a step back in terms of loan volume, the multifamily sector still stands out relative to other property types as the sector represented more than 60 percent of all commercial real estate loans provided in 2023, according to an MBA report in April. Chris Flynn, senior vice president and multifamily chief underwriter for Fannie Mae Multifamily, says that it’s important to keep that in perspective as all loans for all commercial real estate asset classes declined in 2023. “Multifamily was seen as an attractive asset class among the commercial real estate sectors in 2023 and was viewed as relatively more stable, from an investment perspective, compared to office, retail, and industrial,” says Flynn. The agencies didn’t take any breaks last year as Fannie Mae and Freddie Mac combined to generate 42 percent of all 2023 multifamily loans, according to the MBA, which tracks loans made on multifamily …

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AcquisitionsCompany NewsGeorgiaLoansSoutheast

Trimont Agrees to Acquire Wells Fargo’s Commercial Mortgage Servicing Business

by John Nelson

ATLANTA AND SAN FRANCISCO — Atlanta-based Trimont has signed a definitive agreement to acquire Wells Fargo’s non-agency third-party commercial mortgage servicing business. The acquisition does not include the San Francisco-based company’s Fannie Mae or Freddie Mac business lines, which Wells Fargo will continue to service, along with the loans remaining on its balance sheet. Värde Partners, a global alternative investment firm, acquired and has owned Trimont through certain funds since 2015. Värde will provide funding for the acquisition, which will enable Trimont to offer servicing across all non-bank commercial real estate lending structures. Following the close of the acquisition, which is expected to occur in early 2025, Trimont will manage more than $715 billion in U.S. and international commercial real estate loans, making the firm the largest commercial real estate loan servicer in the United States. Trimont’s consultants in the transaction include J.P. Morgan Securities LLC (financial advisor), Goldman Sachs & Co. LLC (general advisory services) and Kirkland & Ellis LLP, Cadwalader, Wickersham & Taft LLP, and Trilegal (legal). Wells Fargo Securities LLC served as exclusive financial advisor to Wells Fargo, and Wachtell, Lipton, Rosen and Katz served as the company’s legal advisor.

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LoansMultifamilySoutheastTennessee

BWE Provides $34.1M Agency Refinancing for Apartment Community in Metro Nashville

by John Nelson

MADISON, TENN. — BWE has provided a $34.1 million Fannie Mae loan for the refinancing of Bristol Park at Riverchase, a 300-unit apartment community located at 100 Riverchase Blvd. in Madison, roughly 10 miles northeast of Nashville. Charles DuBose and David Foulk of BWE originated the financing on behalf of the borrower, GrayCo. The loan has a seven-year term and interest-only payments for the life of the loan. Bristol Park at Riverchase features a mix of one-, two- and three-bedroom apartments, as well as a fitness center, sand volleyball court, swimming pool, business center and a pet play area.

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DevelopmentLoansMultifamilyNortheastPennsylvania

PACE Loan Group Provides $10.6M in C-PACE Financing for Philadelphia Multifamily Project

by Taylor Williams

PHILADELPHIA — PACE Loan Group (PLG) has provided $10.6 million in C-PACE financing for a 114-unit multifamily project in Philadelphia. The site at 1440 Front St. in the city’s Fishtown neighborhood is an assemblage of six vacant city lots. The project will include five studios, 95 one-bedroom units and 14 two-bedroom units, as well as a fitness center, business center and 2,083 square feet of retail space. Matthew McCormack of PLG originated the loan on behalf of the borrower, Archive Development. McCormack also worked with JLL to place a $14 million construction loan with Builders Capital for the project, which is slated for a summer 2026 delivery. Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable loan terms to borrowers that make qualified improvements in sustainability initiatives, including energy, lighting and water usage.

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FloridaLoansMixed-UseMultifamilyRestaurantRetailSoutheast

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

by John Nelson

MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.

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LoansRetailSoutheastVirginia

MMCC Arranges $14.5M Refinancing for Somerset Crossing Shopping Center in Gainesville, Virginia

by John Nelson

GAINESVILLE, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.5 million loan for the refinancing of Somerset Crossing, a 108,000-square-foot shopping center located on Somerset Crossing Drive in Gainesville, about 30 miles west of downtown Washington, D.C. Jared Cassidy of MMCC’s D.C. office worked with Dean Zang and David Crotts of Institutional Property Advisors (IPA), a division of Marcus & Millichap, to arrange the 18-month loan through Trevian Capital. The borrower, an unnamed development firm, used the non-recourse financing to refinance its existing acquisition loan on the property, as well as pay off its investor base and fund tenant build-outs and improvements. Urban Air and Goodwill will anchor Somerset Crossing in the near future.

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LoansMidwestMultifamilyNebraska

Northmarq Provides $75.5M Loan for Refinancing of Luxury Apartment Complex in Omaha

by Kristin Harlow

OMAHA, NEB. — Northmarq has provided a $75.5 million Fannie Mae loan for the refinancing of Brickline at The Mercantile in Omaha. Completed in 2023, the luxury apartment complex features 379 units along with commercial space leased to three restaurant/entertainment concepts. Amenities include a resort-style pool, golf simulator, fitness center, yoga studio, electric vehicle charging stations and coworking spaces. Kevin McCarthy, Jeff Frankel, Alex Czachor and Jason Kinnison of Northmarq originated the loan on behalf of the borrower, a joint venture between Hines and Cresset Real Estate Partners. The eight-year, fixed-rate loan features interest-only payments and a flexible prepayment option starting after the sixth year.

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IllinoisLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $2.6M Acquisition Loan for Multifamily Property in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.6 million loan for the acquisition of a 34-unit multifamily property located at 1 S. View St. in Aurora. Michael Hughes of MMCC arranged the loan through a local credit union on behalf of the borrower, a real estate development company. The five-year loan features a 7.39 percent interest rate with a 30-year amortization schedule. The property features a mix of studio to two-bedroom units and is located four blocks from downtown.

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Meadowbrook-Apts-West-Sacramento-CA
CaliforniaLoansMultifamilyWestern

Dwight Capital Provides $21.6M HUD Loan for Meadowbrook Apartments in West Sacramento, California

by Amy Works

WEST SACRAMENTO, CALIF. — Dwight Capital has provided a $21.6 million HUD 223(f) loan for Meadowbrook Apartments, a newly renovated multifamily community in West Sacramento. Proceeds from the loan will be used to retire existing debt and fund property improvements for the borrower, Tesseract Capital Group. The loan also benefitted from a Green Mortgage Insurance Premium Reduction set at 25 basis points, as Meadowbrook Apartments holds National Green Building Standard Bronze certification. Meadowbrook Apartments features 92 one-, two-, three- and four-bedroom units with patios and balconies spread across 10 two-story residential buildings. Community amenities include two communal buildings, a fitness center, game room, dog park, pool, barbecue/picnic area and pool house with bathroom and kitchenette facilities.

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