WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has set the 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac to be $78 billion for each agency for a combined total of $156 billion. The 2022 caps are based on FHFA’s projections of the overall growth of the multifamily originations market. This year the caps are set at $70 billion a piece for both Fannie Mae and Freddie Mac. The FHFA wants the agencies to keep their focus on providing liquidity for affordable housing and underserved markets. Just like this year, the organization is requiring that at least 50 percent of Fannie Mae’s and Freddie Mac’s multifamily business in 2022 to be mission-driven affordable housing, or for units affordable to residents earning 80 percent of area median income (AMI). However, at least 25 percent of the agencies’ multifamily business is required to be affordable to residents at or below 60 percent of AMI, up from the 20 percent required this year. Additionally, the FHFA is expanding certain definitions of what it determines as “mission-driven affordable housing.” Starting next year, the FHFA will allow loans on affordable units in cost-burdened renter markets and loans to finance energy or …
FORT WORTH, TEXAS — Greysteel has arranged a loan of an undisclosed amount for the refinancing of Longhorn Crossing Apartments, a 240-unit multifamily asset in Fort Worth. Built in 2016, the garden-style property offers one-, two- and three-bedroom units and amenities such as a fitness center, pool and a business center. Fisher Wells of Greysteel arranged the nonrecourse loan, which carried a five-year term and a floating interest rate. The borrower was an undisclosed 1031 exchange investor.
COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.
ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.
LITHIA, FLA. — JLL Capital Markets has secured $53 million in acquisition financing for Circa at FishHawk Ranch, a 260-unit, garden-style multifamily community in Lithia, about 24.9 miles from Tampa. Elliott Throne, Brian Gaswirth, Jesse Wright and Kenny Cutler of JLL represented the New York-based borrower, GMF Capital, to secure the three-year, floating-rate loan through New York-based Sound Point Capital Management LP. Circa at FishHawk Ranch includes studio, one-, two- and three-bedroom units averaging 1,045 square feet. Built in 2015, the property spans four stories with the units featuring dishwashers, fireplaces and electronic thermostats. Community amenities include a fitness center, pool with cabanas, clubhouse, courtyard, pet play area, picnic area, business center, bike storage and conference rooms. The property also offers trash pickup services and onsite maintenance. Located at 13930 Spector Road, the property is close to several retailers such as Publix at Alafia Commons, Fishhawk Bagels, FishHawk Sporting Goods and Payaathai Cuisine. Circa at FishHawk Ranch offers connectivity near Fishhawk Boulevard, Lithia Pinecrest Road, Highway 301 and Interstate 75. Jared Frydman and Alejandro Ramirez led the GMF Capital team internally. Jordan Heller of South Point originated the loan.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $50 million construction loan for a multifamily project in the Astoria neighborhood of Queens. The 13-story building will consist of 143 condominiums and 40,034 square feet of ground-floor commercial space. The property will offer a mix of 11 studios, 48 one-bedroom apartments and 84 two-bedroom units with an average unit size of 743 square feet. Amenities will include a fitness center and a rooftop terrace. The borrower and developer, Ming Garden Realty LLC, expects to complete the project in fall 2023.
KISSIMMEE, FLA. — Concord Summit Capital LLC has arranged more than $60 million in construction financing for Sunset Walk Apartments, a 352-unit development in Kissimmee. Construction is already underway and is slated for completion in early 2023. Kevin O’Grady, Justin Neelis and Daniel Rojo of Concord Summit sourced the financing on behalf of the developer, Encore Capital Management. The financing includes a $45.6 million senior loan and $14.8 million in preferred equity. Pacific Western Bank is the senior lender for the non-recourse financing. Located at 8000 Fins Up Circle, Sunset Walk Apartments will include three- and four-story buildings, with 704 parking spaces for residents. The property will also feature 152 one-bedroom apartments ranging from 739 to 886 square feet; 164 two-bedroom units ranging from 1,026 to 1,180 square feet; and 36 three-bedroom apartments ranging from 1,253 to 1,324 square feet. Community amenities will include a fitness and yoga center, pool, club room and business center. The property is located within the master-planned community of Sunset Walk, a mixed-use retail and entertainment destination. Encore originally acquired the Sunset Walk site in 2013. Since then, the developer has completed the 184-room Margaritaville Resort Orlando, 631 Margaritaville-branded cottage homes, more than 192,000 square …
LANHAM, MD. — Greystone has provided an $18.2 million Fannie Mae loan to refinance Lilly Gardens, a 142-unit multifamily community in Lanham. Cullen O’Grady of Greystone originated the 10-year, non-recourse loan. Built in 1965, Lilly Gardens features 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units. Apartments include a garbage disposal, hardwood floors, air conditioning, patio/balcony and free gas heat/cooking. Community amenities include an onsite leasing office, parking, playground, swimming pool and eight common laundry areas. The property was 99 percent occupied at the time of refinancing. Located at 6828 Riverdale Road across 6.2 acres, the apartment property is located about 10 miles from Washington, D.C. The property is also three miles from the University of Maryland and 24.2 miles from Baltimore/Washington International Thurgood Marshall Airport. Greystone sourced the transaction through Marc Tropp of Eastern Union Funding. The undisclosed borrower is a Maryland-based private investor and repeat Fannie Mae, Eastern Union and Greystone client.
NASHVILLE, TENN. — Knighthead Funding LLC has provided a $33 million construction loan for the development of Pie Town, a mixed-use residential property in Nashville. The financing is the fourth loan that Knighthead has provided to the sponsor, Nashville-based CA South Development. Peter Illuzzi of Knighthead originated the loan. Located at 629 7th Ave. S near downtown Nashville, Pie Town will be a five-floor project. The property will include 78 condominium units located over ground-floor office space and storage. Building amenities will include an outdoor pool, rooftop deck and yoga rooms on each floor.
IRVINE, CALIF. — Talonvest Capital Inc., a California-based boutique financial advisory firm, has arranged a $118.2 million bridge loan for the refinancing of a portfolio of four self-storage facilities located in and around New York City. The properties, which total 320,819 net rentable square feet across 5,148 units, are located in Brooklyn, Long Island City (Queens), Yonkers and White Plains. The portfolio also included 12,380 square feet of commercial space. An undisclosed global investment management firm provided the nonrecourse, floating-rate loan to the borrower, self-storage owner-operator Clutter Inc. Jim Davies, Kim Bishop, Eric Snyder, David DiRienzo and Tom Sherlock of Talonvest handled the debt placement.