Property Type

John Ducey Walker & Dunlop agency financing affordable housing

How to Maximize Agency Financing for Affordable Housing

by Sarah Daniels October 24, 2023

There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …

October 24, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

Public-Private Partnership Breaks Ground on $62M Affordable Seniors Housing Community in Honolulu

by Amy Works October 23, 2023

HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the development. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of ‘Aiea Sugar Mill, Aloha Iā Halewilikō fulfills a part of the ‘Aiea Town Center Master Plan. The project is within walking distance to public transportation. A total of 13 units will be set aside for households with incomes at or below 30 percent of the area median income (AMI), 75 units for households with incomes at or below 50 percent of AMI, and 51 units for households with incomes at or below 60 percent of AMI. EAH is partnering with Lanakila Pacific, a local nonprofit services organization, which will provide access to its Meals on Wheels program. In Hawai‘i, EAH Housing currently manages 23 properties with over 2,700 units. The …

October 23, 2023

Industrial Loans Nevada Western

Gantry Arranges $17M Refinancing for Silverado Commerce Center in Southwest Las Vegas

by Amy Works October 23, 2023

LAS VEGAS — Gantry has secured a $17 million fixed-rate refinancing for the first phase of Silverado Commerce Center, an industrial property in southwest Las Vegas. The borrower is a private real estate investor, which developed the property. Proceeds of the loan will pay off the developer’s construction loan. Chris Funai of Gantry arranged the 10-year loan, which features a fixed rate and a 30-year amortization schedule. One of Gantry’s correspondent life company lenders provided the funds. The property features two industrial buildings totaling 141,000 square feet. At time of financing, the asset was fully occupied by multiple tenants.

October 23, 2023

Acquisitions Nevada Retail Western

Newcastle Properties Buys Whole Foods-Anchored Shopping Center in Las Vegas

by Amy Works October 23, 2023

LAS VEGAS — Chicago-based Newcastle Properties has purchased a retail center located at the northeast corner of Lake Mead Boulevard and Tenaya Way in Las Vegas’ Summerlin area. Terms of the transaction were not released. Whole Foods Market, Five Guys Burgers and Fries, Blaze Pizza, Firehouse Subs and FedEx Office are tenants at the 90,373-square-foot shopping center.

October 23, 2023

Acquisitions Retail Washington Western

HDA Partners Acquires Y Plaza Retail Center in Vancouver, Washington for $3.6M

by Amy Works October 23, 2023

VANCOUVER, WASH. — HDA Partners has purchased Y Plaza, a shopping property in Vancouver, from Slosar Properties for $3.6 million. Located at 14602-14612 NE Fourth Plain Blvd., Y Plaza features 22,200 square feet of retail space. Deborah Ewing of Fuller Group Commercial Real Estate Services represented the seller, while Eric Garske of Marcus & Millichap represented the buyer in the deal.

October 23, 2023

Acquisitions California Retail Western

Voit Real Estate Brokers Sale of 6,360 SF Retail Property in Vista, California

by Amy Works October 23, 2023

VISTA, CALIF. — Voit Real Estate Services has negotiated the acquisition of a retail building at 825 Civic Center Drive in Vista, approximately 40 miles north of San Diego. Newport Beach-based Union Bank of California sold the asset to Vista-based Moonlight Cultural Foundation for $2 million. The buyer, a local theatre production company, will use the 6,360-square-foot building for youth training and prop storage. Peter Kies of Voit Real Estate Services’ Carlsbad office represented the seller, while Cushman & Wakefield represented the buyer in the transaction.

October 23, 2023

Acquisitions Multifamily Texas

AMLI Residential Sells 314-Unit Apartment Community in Dallas Design District

by Taylor Williams October 23, 2023

DALLAS — AMLI Residential has sold AMLI Design District, a 314-unit apartment community in Dallas. The property was built in 2013 and includes 26,830 square feet of retail space and 664 parking spaces. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, coffee bar, outdoor grilling and dining stations, multiple pet play areas, conference room and a skyline lounge. Roberto Casas of JLL represented AMLI Residential in the transaction. Melissa Quinn, Lee Weaver, Rob Rothaug, Cristian Sieman, Lauren Dow and Chris Grievous, also with JLL, provided an undisclosed amount of Freddie Mac acquisition financing to the buyer, international investment firm HASTA Capital. The sales price and financing amount were not disclosed.

October 23, 2023

Development Hospitality Texas

Stratus Development Partners Opens 212-Room Hotel in Downtown Austin

by Taylor Williams October 23, 2023

AUSTIN, TEXAS — An affiliate of California-based Stratus Development Partners has opened the 212-room Cambria Hotel Austin Downtown at 68 East Ave., adjacent to the historic Rainey Street District. The 16-story, 223,975-square-foot hotel offers a pool, fitness center, 24-hour market and 8,300 square feet of meeting and event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. San Diego-based Azul Hospitality Group will manage the hotel.

October 23, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of 146,612 SF Shopping Center in North Dallas

by Taylor Williams October 23, 2023

DALLAS — Locally based brokerage firm STRIVE has negotiated the sale of Gallery on the Parkway, a 146,612-square-foot shopping center in North Dallas. Bed, Bath & Beyond and Buy, Buy Baby most recently anchored the property, which was built on 12 acres in 1995. Other tenants include Nordstrom Rack and Cost Plus World Market. Chicago-based REIT Blue Owl Real Estate sold Gallery on the Parkway to Dallas-based investment firm Four Rivers Capital for an undisclosed price. Adam Gottschalk of STRIVE brokered the deal.

October 23, 2023

Acquisitions Multifamily Texas

Vanguard Real Estate Arranges Sale of 22.8-Acre Multifamily Development Site in San Marcos, Texas

by Taylor Williams October 23, 2023

SAN MARCOS, TEXAS — Dallas-based brokerage firm Vanguard Real Estate Advisors has arranged the sale of a multifamily development site in the Central Texas city of San Marcos. The site spans 22.8 acres at the southwest corner of Staples Road and Old Bastrop Highway. Jordan Cortez, Mason John and Haley Birmingham of Vanguard represented the buyer, South Carolina-based Woodfield Development, which plans to develop a 360-unit project at the site that will be known as Addie’s Point.

October 23, 2023

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