WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations increased 59 percent in the third quarter of 2024 compared to a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The third-quarter volume also represents a 44 percent increase from the second quarter. There was a 510 percent year-over-year increase in the dollar volume of loans for healthcare properties, a 99 percent increase for hotel properties, 82 percent increase for retail properties, 57 percent increase for industrial properties and a 56 percent increase for multifamily properties. Office real estate originations decreased 3 percent from a year ago. Among investor types, the dollar volume of loans originated for commercial mortgage-backed securities (CMBS) increased by 260 percent year-over-year. There was a 69 percent increase for depository (i.e. bank) loans, a 62 percent increase for investor-driven lender loans, 31 percent increase in loans for life insurance companies and a 28 percent increase in loans from government-sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac). Jamie Woodwell, MBA’s head of commercial real estate research, says that lower interest rates due in part to the Federal Reserve’s 50-basis-point decrease in September were “a key driver” for the uptick …
GREENVILLE, TEXAS — Adolfson & Peterson (AP) Construction has begun a $56 million civic renovation and expansion project in Greenville, located northeast of Dallas. The SportsPark Center will be a 120,390-square-foot recreation and athletic center with six basketball courts and an area designated for an interchangeable turf field. The facility will also house recreation and lap pools, locker rooms, a dry sauna, two party rooms, a childcare center, lounge and office spaces. The second floor will offer an indoor track, designated workout spaces, group fitness rooms and an outdoor fitness terrace. BRS Architecture is leading design of the project, which will also include the updating and remodeling of the 18,177-square-foot Reecy Davis Center. In addition to improvements to athletics spaces and equipment throughout this facility, the project team will construct a new, 13,655-square-foot building with an additional gym, game room and multi-purpose space. Completion of both projects is slated for May 2026.
DALLAS — Texas-based investment firm SPI Advisory has acquired Winsted at White Rock, a 314-unit apartment community located in the Lakewood area of northeast Dallas. Built in 1996, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops and private balconies/patios. Select units also have full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling and dining stations, coworking lounge and a resident clubhouse. The seller was not disclosed. SPI Advisory plans to fully renovate the remaining classic units to premium levels, enhance common areas and amenity spaces and finish installing washers and dryers in all residences.
HOUSTON — Colliers has brokered the sale of a 209,000-square-foot office building located at 4265 San Felipe St. in the River Oaks area of West Houston. According to LoopNet Inc., the 14-story building was originally constructed in 1984 and renovated in 2021. David Carter and Todd Moore of Colliers represented the undisclosed seller in the transaction. The buyer, DML Capital, has tapped Stream Realty Partners as the leasing agent.
WEATHERFORD, TEXAS — Locally based brokerage firm The Woodmont Co. has negotiated the sale of The Village at Weatherford, a 44,827-square-foot shopping center located roughly 30 miles west of Fort Worth. Tenants include Dollar General and Rent-A-Center. Russel Wehsener of The Woodmont Co. represented the seller, Sinclair Investments, in the deal. Gibson Duwe and Kyle Poulson of Transwestern represented the undisclosed buyer.
HOUSTON — Three new tenants have signed leases at The Ion, a 266,000-square-foot office, life sciences and innovation hub in Midtown Houston. The tenants are energy giant Occidental Petroleum Corp. (6,500 square feet), venture capital group Fathom Fund (1,200 square feet) and tech firm Activate (2,000 square feet). Rice Management Co., the entity that acts as steward of Rice University’s endowment, owns The Ion District.
KeyBank Provides $93M in Construction Financing for Affordable Seniors Housing Community in Columbus
COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.
OLIVETTE, MO. — Brinkmann Constructors has broken ground on The Irvington Place Apartments, a 205-unit apartment complex in Olivette, a western suburb of St. Louis. Balboa Real Estate Partners is developing the five-story, 218,000-square-foot development. Amenities will include a pool, fitness center, yoga room, outdoor courtyard, clubroom, work-from-home space and a dog wash station. Slaggie Architects Inc. is the project architect.
DICKINSON, N.D. — Bernard Financial Group (BFG) has arranged a $7.5 million Freddie Mac loan for the refinancing of Lincoln Meadows, a 203-unit multifamily property in Dickinson, a city in western North Dakota. The three-story community was built in 2012. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Lincoln Meadows Owner LLC.
CAROL STREAM, ILL. — Lee & Associates has negotiated the $1.5 million sale of a 4,500-square-foot, former bank property in the Chicago suburb of Carol Stream. The freestanding building at 1275 N. County Farm Road features six drive-thru lanes. Rick Scardino of Lee & Associates represented the buyer, Universal Metro Asian Services, which plans to relocate to the facility and utilize it for adult daycare services. Brendan Reedy and Jimmy Danaher of Mid-America Real Estate represented the seller, GW Carol Stream LLC.