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Kennedy Wilson Provides $175M Construction Loan for KRE Group’s 49-Story Apartment Tower in Jersey City

by John Nelson

JERSEY CITY, N.J. — Beverly Hills, Calif.-based Kennedy Wilson has provided a $175 million senior construction loan for the development of Artwalk Towers, a 49-story apartment high-rise project in Jersey City. Locally based KRE Group is the developer behind the new multifamily tower, which will comprise 595 units in the city’s Journal Square neighborhood. KRE Group, which has developed more than 1,800 apartments in Journal Square across multiple projects, expects to complete Artwalk Towers by fourth-quarter 2027. Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin and Eli Zaoutis of BlueGate Partners arranged the construction loan and represented the private family that sold the land. Upon completion, Artwalk Towers will feature a street connector to a PATH train station, resort-style pool, barbecue area, gym, coworking spaces and a sky lounge with views of the New York City skyline. “We are excited to close on our first loan with [KRE Group], which has a proven track record of delivering top-tier projects that meet the needs of the area’s residents,” says Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “The Artwalk Towers loan aligns with our strategy to support transformative multifamily developments in urban areas.” Whitesell says that the firm’s debt investment group …

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LouisianaMarket ReportsMultifamilySoutheastSoutheast Market Reports

New Orleans’ Multifamily Markets Sees Diminishing Impact From ‘Three I’s’

by John Nelson

In our state of the market overview  article in Southeast Real Estate Business October 2023, we defined three challenges in the metro New Orleans multifamily market. These are interest rates, inflation and insurance — or as we dubbed them “the three I’s.” Not to be redundant; however, a year later these elements are still very much factors in the current market and continue to define how multifamily assets are acquired, sold, financed and developed. There is, however, reason for optimism as each of these defining elements has diminished, albeit not completely, from where they were 12 months ago. Interest rates — On Sept. 18, the Federal Reserve reduced short-term rates by 50 basis points — the first reduction in four years. More importantly was the decline in the rate of the 10-year Treasury yield, which is what most multifamily loans are priced from. As of this writing, the 10-year Treasury yield was at 3.76 percent, the lowest it has been in the past 16 months.  A further reason for optimism is the fact that the Fed has indicated the potential for four rate cuts next year. There is also the anticipation of further clarity in the capital markets once the …

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Content PartnerFeaturesIndustrialLoansMidwestMultifamilyNortheastSelf-StorageSoutheastTexasWestern

Part 1: Navigating the Financing Landscape: What’s Driving Activity Today?

by Sarah Daniels

By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part one of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well-positioned going forward. Much has been written about the decline in transaction volumes over the last 24 months. There is no question that properties are changing hands at a slower pace compared to the activity seen during the low interest rate environment that prevailed during the pandemic. Even so, many investors continue to seek out financing to address a variety of circumstances. In today’s market, beyond simply refinancing due to an upcoming loan maturity, three scenarios have been driving financing activity among owners of self-storage, multifamily and industrial assets: restructuring debt as a project evolves, elective refinancing to improve performance and capitalizing on a new business plan. We will cover the first theme below in part one of this two-part series. Business Plan Progression Offers Opportunities for Owners to Unlock Value As a business plan evolves and the asset matures, it’s beneficial for owners to reassess their capital stack to optimize investment performance and maximize their goals. Completing a refinance at a natural project inflection …

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AcquisitionsMultifamilyTexas

Archway Equities Buys 264-Unit Apartment Complex in Northeast Dallas

by Taylor Williams

DALLAS — California-based investment firm Archway Equities has purchased Coronado Apartment Homes, a 264-unit multifamily complex located in the Lakewood area of northeast Dallas. Built on 6.8 acres in 1984, the property comprises 11 three-story buildings that house one- and two-bedroom units. Amenities include a pool, fitness center and a clubhouse. Rob Key, David Austin and William Jennings of JLL represented the undisclosed seller in the transaction. Archway plans to implement a value-add program.

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DevelopmentMultifamilyNew YorkNortheast

Baxter Development, Rieger Homes Complete 104-Unit Apartment Complex in Marlboro, New York

by Taylor Williams

MARLBORO, N.Y. — A partnership between Baxter Development and Rieger Homes has completed Hudson West, a 104-unit apartment complex in Marlboro, about 80 miles north of New York City. Hudson West comprises five buildings that house 84 two-bedroom units and 20 three-bedroom units. Residences range in size from 1,100 to 1,400 square feet. Amenities include a fitness center, clubroom and outdoor green space. Rents start at $2,500 per month for a two-bedroom apartment. Hudson West was 70 percent preleased at the time of completion.

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FloridaLoansSeniors HousingSoutheast

MonticelloAM Provides $87M Bridge and Working Capital Financing for Skilled Nursing Portfolio in Florida

by John Nelson

NEW YORK CITY — Multifamily and seniors housing bridge lending platform MONTICELLOAM LLC (MonticelloAM) has provided $87 million in bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida. The portfolio comprises 450 skilled nursing beds across four properties. Proceeds from the loan, which features a 24-month term and two six-month extensions, were used to refinance existing debt on the properties. A $7 million working capital revolver will fund day-to-day operational expenses for the facilities. The borrower was not disclosed.

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AcquisitionsFloridaMultifamilySoutheast

JLL Brokers Sale of 294-Unit Mark at Wildwood Apartments in Oxford, Florida

by John Nelson

OXFORD, FLA. — JLL has brokered the sale of The Mark at Wildwood, a newly built, 294-unit apartment community located at 3795 Bismark Court in Oxford. The property sits at the northwest corner of The Villages master-planned community in Central Florida’s Sumter County. Cliff Taylor, Joe Ayers, Ryan Hixon, Tucker Brooks and Mike Scott of JLL represented the sellers, Varden Capital Properties and Tellus Partners, in the transaction. TriBridge Residential purchased the property for an undisclosed price. Completed in 2023, The Mark at Wildwood features a mix of one-, two- and three-bedroom flat and carriage home-style units. Amenities include a resort-style pool and a clubhouse.

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CaliforniaLoansMultifamilyStudent HousingWestern

JLL Secures $45M Acquisition Financing for Garden Village Student Housing Community Near UC Berkeley

by Amy Works

BERKELEY, CALIF. — JLL Capital Markets has secured $45 million in financing for Hawkins Way Capital’s acquisition of Garden Village, a student housing community in Berkeley. Located at 2201 Dwight Way, Garden Village offers 77 residential units for students. The property will be operated as the FOUND Study Southside Berkeley and will be managed by FCL Management. Built in 2016 near the University of California, Berkeley (UC Berkeley), the mid-rise property offers a mix of two- and four-bedroom floor plans, a rooftop farm and flower garden, secured access, outdoor patios, an indoor lounge, laundry room, fitness center and bike storage. The community consists of 18 buildings, totaling 64,301 square feet. Brandon Smith, Annie Rice and Gyasi Edmondson of JLL Capital Market’s Debt Advisory arranged the two-year, floating-rate loan through Limekiln Real Estate Investment Management. The financing package includes an initial funding of $36 million, with an additional $9 million available for future funding.

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AcquisitionsIllinoisMidwestMultifamily

SVN Chicago Commercial Brokers $1.2M Sale of Multifamily Property in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — SVN Chicago Commercial has brokered the sale of a seven-unit multifamily property in the Chicago suburb of Lombard for $1.2 million. The sales price marked one of the highest price-per-door transactions in Lombard to date, according to SVN. The 5,950-square-foot property is located at 143 E. Grove St. Joe Connelly of SVN represented the seller, while David Szymanowski of SVN represented the all-cash buyer.

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Market ReportsMultifamilyNevadaWesternWestern Market Reports

Reno’s Multifamily Market Adapts to Higher Rates, Election Year Dynamics

by John Nelson

— By Ben Galles, senior vice president of CBRE — Interest rates have been the biggest factor for Reno’s multifamily market this year, reaching some of the highest levels seen in a long time. The market for multifamily properties in Northern Nevada has been slow to adjust to the new lending environment, with sellers unwilling to price assets at a rate of return that would provide most buyers with positive leverage. In other words, the interest rate on loans used to purchase many of the current listings is higher than said property’s cap rate. Multifamily sales volume in Northern Nevada is down 14 percent compared to the same time last year. One of the major drivers for the drop in sales volume is that only three deals have secured bank debt, with the average loan to value (LTV) of those loans being roughly 48 percent. While cash transactions have represented more than 58 percent of the transactions, a large percentage of deals have involved owner financing. Some owners who needed to move their assets over the past 12 months found that offering below-market interest rate owner financing was a significant selling point. Many of the deals that closed with owner …

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