Multifamily

CBRE Arranges $15.4M Acquisition Loan for Del Arte Townhomes in Aurora, Colorado

by Amy Works August 23, 2024

AURORA, COLO. — CBRE has arranged a $15.4 million loan for Stratford Partners’ acquisition of Del Arte Townhomes in Aurora, just east of Denver. Located at 11135 E. Alameda Ave., Del Arte Townhomes offers 94 one- and two-bedroom apartments with washers/dryers and attached garages. Built in 2001, the community features eight two-story buildings across 6.5 acres. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured a five-year, interest-only agency loan. CBRE’s Shane Ozment, Terrance Hunt, Andy Hellman and Justin Hunt facilitated the sale of the community.

August 23, 2024

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Negotiates $3.6M Sale of Apartment Building in Denver

by Amy Works August 23, 2024

DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily property in Denver. The asset traded for $3.6 million, or $238,33 per unit. Located at 1301 E. 33rd Ave., the building offers 15 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed seller, while Robert Lawson of Pinnacle represented the undisclosed buyer in the deal.

August 23, 2024

Affordable Housing Illinois Loans Midwest Multifamily

FHLBank Chicago Launches $300M LIHTC Collateral Pilot Program

by Kristin Harlow August 23, 2024

CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program, which provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. While all FHLBank Chicago members are eligible to participate, up to $200 million of the LIHTC Collateral Pilot Program funding will be reserved for members with assets under $1.46 billion, including CDFIs. The LIHTC program is a key federal tax policy designed to incentivize private investment in the development and preservation of affordable rental housing in the United States for lower-income households. Loans needed to fund LIHTC projects are often sold to investors for securitization, but projects meeting local or specialized needs may have smaller loan amounts that can be challenging and more expensive to finance, since the lender may have to hold the loans in their portfolio. “Our members are working to address needs and gaps in affordable housing …

August 23, 2024

Development Illinois Loans Midwest Multifamily

JLL Arranges $31M Construction Loan for Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow August 23, 2024

CHICAGO — JLL Capital Markets has arranged a $31 million loan in the form of a participating mortgage for the construction of 1529 N Fremont, a 132-unit apartment building in Chicago’s Lincoln Park neighborhood. Construction is expected to begin this quarter on the five-story project, which will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces. Units will average 500 square feet each. Amenities will include a fitness studio, coworking lounge and activated outdoor space. Lucas Borges and Ryan Sullivan of JLL arranged the loan on behalf of the borrowers, CityPads and Wayland Real Estate Capital. A life insurance company provided the four-year loan.

August 23, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $12M Sale of Multifamily Property in Suburban Minneapolis

by Kristin Harlow August 23, 2024

BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $12 million sale of The Groves Apartments, a 120-unit multifamily property in the Minneapolis suburb of Brooklyn Park. Built in 1967, the asset features 60 one-bedroom units and 60 two-bedroom units. Amenities include a fitness center, community room, playground and garage units. Zach Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.

August 23, 2024

Development Loans Multifamily New York Northeast

JLL Arranges $52M Construction Loan for Manhattan Multifamily Project

by Taylor Williams August 23, 2024

NEW YORK CITY — JLL has arranged a $52 million construction loan for a multifamily project located at 133 E. 55th St. in Manhattan’s Midtown East neighborhood. The project currently rises 12 stories and will reach 21 stories upon completion, which is scheduled for winter 2025. Designed by Zproekt Architecture, the building will house one-, two- and three-bedroom units as well as one three-bedroom duplex penthouse. Amenities will include a spa complex with a sauna, steam room and plunge pool, as well as a fitness center, package room and an outdoor recreation area. Locally based bridge lender Emerald Creek Capital provided the loan to the developer, a joint venture between Rybak Development and BK Developers. Robert Tonnessen and Aaron Neidermayer led the tranasaction for JLL.

August 23, 2024

Loans Multifamily New York Northeast

Bayview PACE Provides $3.5M in Financing for Yonkers Apartment Building

by Taylor Williams August 23, 2024

YONKERS, N.Y. — Bayview PACE has provided $3.5 million in C-PACE financing for a 170-unit apartment building in Yonkers, located north of New York City. The 10-story building at 66 Main St. was originally built in 2008 and offers amenities such as a fitness center, basketball court, community room, media room and rooftop terrace, as well as nearly 20,000 square feet of ground-floor retail space. The undisclosed owner will use the financing to fund energy-efficiency initiatives and HVAC repairs and replacements. To close the loan, Bayview worked with Energy Improvement Corp. (EIC), a nonprofit development corporation that provides long-term alternative financing to fund clean energy projects in commercially owned buildings in New York.

August 23, 2024

Development Loans Multifamily New York Top Stories

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

by Hayden Spiess August 23, 2024

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 …

August 23, 2024

Affordable Housing District of Columbia Loans Multifamily Southeast

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

by John Nelson August 22, 2024

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 …

August 22, 2024

Acquisitions Multifamily Student Housing Texas

Inland Private Capital Sells 512-Bed Student Housing Property in San Marcos, Texas

by Taylor Williams August 22, 2024

SAN MARCOS, TEXAS — Illinois-based Inland Private Capital Corp. (IPC) has sold Uptown Square, a 512-bed student housing property located in the Central Texas city of San Marcos. Built in 2015, the 316-unit property serves students at Texas State University and features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, business center, outdoor grilling and dining stations and a dog park. Uptown Square is 91 percent preleased in advance of the 2024-2025 academic year. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented Inland in the transaction. Greystar purchased the property for an undisclosed price.

August 22, 2024

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