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Affordable HousingDevelopmentLoansMidwestMinnesotaMultifamily

Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

by Kristin Harlow

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.

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Syracuse-MOB-Syracuse-UT
DevelopmentHealthcareLoansOfficeUtahWestern

JLL Arranges Equity for Development of Syracuse Medical Office Building in Utah

by Amy Works

SYRACUSE, UTAH — JLL has arranged an equity placement for the Syracuse Medical Office Building development in Syracuse, approximately 30 miles north of Salt Lake City. CJ Kodani and Mark Root of JLL Capital Markets secured the equity through Chesnut Healthcare Real Estate for the developer, Fort Street Partners. Located at 3000 W. Antelope Drive, the 20,399-square-foot medical office building is fully pre-leased by three regional physical groups. Completed is slated for 2025.

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LoansMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $9.4M Agency Loan for Refinancing of East Harlem Apartment Complex

by Taylor Williams

NEW YORK CITY — Locally based financial intermediary Ariel Property Advisors has arranged a $9.4 million Fannie Mae loan for the refinancing of Olga Mendez Apartments, a 77-unit multifamily complex in East Harlem. The two-building property is located at 1652 Park Ave. and 91 E. 116th St. Matt Swerdlow and Matt Dzbanek of Ariel Property Advisors placed the nonrecourse loan, which was structured with three years of interest-only payments and seven years of payments at a fixed interest rate of 5.56 percent, through PGIM. The borrower was not disclosed.

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GeorgiaLoansMultifamilySoutheast

KeyBank Provides $42.9M Agency Refinancing for Apartment Community in Dawsonville, Georgia

by John Nelson

DAWSONVILLE, GA. — KeyBank Real Estate Capital has provided a $42.9 million Fannie Mae loan for the refinancing of Pointe Grande Dawsonville, a 300-unit apartment community in metro Atlanta. Justin Ownby and Patrick Fitzgerald of KeyBank’s Commercial Mortgage Group originated the financing on behalf of the borrower, Central Florida-based Hillpointe. Built between 2022 and 2023, the garden-style property is situated on a 23.5-acre parcel and features 12 three-story apartment buildings, as well as a 24-hour fitness center, resort-style pool with private cabanas, 24-hour conference and business center, Starbucks coffee/tea bar and a bark park with agility equipment and a pet spa.

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AcquisitionsDistrict of ColumbiaLoansRetailSoutheast

Gantry Arranges $22.3M Acquisition Financing for Target-Anchored Shopping Center in DC

by John Nelson

WASHINGTON, D.C. — Gantry has arranged a $22.3 million acquisition loan for Cityline at Tenley, a Target-anchored shopping center located at 4500 Wisconsin Ave. NW in Washington, D.C.’s Tenleytown neighborhood. The center is part of a mixed-use development that also features 204 condominiums. Other retail tenants at the 89,000-square-foot retail property include Ace Hardware and Bank of America. Cityline at Tenley is situated above a Metro station near American University and across Wisconsin Avenue from a Whole Foods Market grocery store, Wawa and Chick-fil-A. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the fixed-rate financing through a life insurance company on behalf of the borrower, Lincoln Property Co. The loan features a seven-year term with five years of interest-only payments followed by a 30-year amortization schedule.

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645-681-N-Robertson-Blvd
CaliforniaDevelopmentHospitalityLoansMixed-UseRetailWestern

Priority Capital Advisory Arranges $35M Refinancing for Robertson Lane Mixed-Use Project in West Hollywood

by Amy Works

WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.

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Affordable HousingFeaturesLoansMultifamily

Despite Slowdown in Deal Volume, GSEs Remain the ‘Best Game in Town’

by John Nelson

By John Nelson Lending activity in the multifamily divisions of Fannie Mae and Freddie Mac is in the midst of a prolonged slump.  The 2023 multifamily loan volumes for the government-sponsored enterprises (GSEs) were down significantly year-over-year, with Fannie Mae at $52 billion last year (compared to $69 billion in 2022) and Freddie Mac at $48 billion (compared to $73.8 billion in 2022).  And it doesn’t appear that deal volume will return to the frothy levels achieved in 2022 this year. Fannie Mae executed $10.1 billion in loans during the first quarter of 2024, which is almost identical to its first-quarter 2023 production. Freddie Mac generated $9 billion in multifamily loans in the first quarter — up significantly from $6 billion in first-quarter 2023 — but down nearly 45 percent from fourth-quarter 2023. While the GSEs freely acknowledge the slowdown in business, they are more than holding their own when it comes to serving borrowers. The Mortgage Bankers Association (MBA) reports that multifamily loan originations totaled $264 billion in 2023, with the agencies accounting for 38 percent of all multifamily originations. By comparison, the share of overall multifamily originations was closer to 29 percent for Fannie Mae and Freddie Mac …

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340-Nevins-St.-Brooklyn
DevelopmentLoansMultifamilyNew YorkNortheast

Affinius Capital, Kennedy Wilson Provide $160M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams

NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, and global investment firm Kennedy Wilson have provided a $160 million construction loan for a multifamily project in Brooklyn. The site at 340 Nevins St. is located in the Gowanus neighborhood. The project will be a 22-story building that will house 320 units, 25 percent of which will be set aside as affordable housing, as well as 29,000 square feet of retail space. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, coworking spaces and indoor and outdoor lounges. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the debt on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.

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DevelopmentFloridaLoansSelf-StorageSoutheast

Eastern Union Arranges $10.1M Construction Financing for Self-Storage Development in Davenport, Florida

by John Nelson

DAVENPORT, FLA. — Eastern Union has arranged a $10.1 million loan for the ground-up construction of a self-storage facility in Davenport, roughly 65 miles east of Tampa. Marc Tropp of Eastern Union secured the four-year loan on behalf of the undisclosed borrower. The lender was also not disclosed. Upon completion, the development will comprise 690 units across five stories, with a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. Malvern, Pa.-based CubeSmart will operate the facility.

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Affordable HousingDevelopmentKansasLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $29.6M in LIHTC Equity for Affordable Housing Project in Lenexa, Kansas

by Kristin Harlow

LENEXA, KAN. — Walker & Dunlop Inc. has arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the financing of Canyon Creek East, an affordable housing project in Lenexa. The development will include 212 units across five buildings. Jennifer Erixon led the Walker & Dunlop team that arranged the LIHTC equity, which will finance approximately 40 percent of the total development costs, on behalf of MRE Capital. Canyon Creek East is part of the larger Cedar Canyon West development plan, which encompasses a mix of residential, commercial and recreational facilities. MRE’s development will provide units for households earning between 30 and 80 percent of the area median income.  

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