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Multifamilybiz-com Press Releases

  • Hunt Capital Partners Co-Hosting 2019 Investing in Puerto Rico Conference in San Juan
    on April 18, 2019 at 8:21 pm

    NEW YORK, NY - Hunt Capital Partners, the tax credit syndication division of Hunt Companies, Inc., announced today it will co-host the Novogradac 2019 Investing In Puerto Rico Conference. The event is May 9-10 at the Sheraton Puerto Rico Hotel & Casino in San Juan. The conference focuses on the strategies and practical solutions to encourage investment in affordable housing in Puerto Rico and the U.S Virgin Islands.The agenda includes diverse topics for community development investors and others. Sessions planned are:Investment and lending outlook for Puerto Rico and the U.S. Virgin IslandsBest practices for Community Development Block Grant-Disaster Recovery fundsOther key subsidy programs to help development in Puerto RicoOpportunity Zone, LIHTC, RAD, and NMTC Basics“Puerto […]

  • Lexington Reserve in West Suburban Chicago Starts Sales for 21 Single-Family Rowhomes
    on April 18, 2019 at 5:52 pm

    CHICAGO, IL - Lexington Homes has announced the start of sales at Lexington Reserve at Oak Park, a new maintenance-free community of 21 single-family rowhomes located within walking distance of downtown Oak Park, Ill. A model home is under construction and expected to open in early summer. Located at 958 Madison St., between Home and Clinton avenues, Lexington Reserve offers homes with open-concept interiors and modern brick exteriors, including large street-facing windows. Base-priced from $459,990 to $509,990, the rowhomes include three to four bedrooms, 2½ to 3½ baths, attached two-car garages, rooftop decks and optional elevators.The highly walkable urban-feeling suburb is immediately west of Chicago and boasts a large collection of Frank Lloyd Wright-designed […]

  • Draper and Kramer Hires Jacob Vial as Senior Vice President for FHA and HUD Lending Group
    on April 18, 2019 at 5:46 pm

    CHICAGO, IL - Draper and Kramer, Incorporated, a national full-service real estate firm, is pleased to announce Jacob Vial has been hired as senior vice president in the company’s Commercial Finance Group, overseeing Federal Housing Administration/Housing and Urban Development lending for multifamily and senior housing properties. Based out of the firm’s Chicago headquarters, he will serve as chief underwriter for all credit decisions and direct strategic financing initiatives.Vial rejoins Draper and Kramer, where he was a vice president in the Commercial Finance Group from 2008 to 2014, from PGIM Real Estate Finance, where he was most recently a director and FHA deputy chief underwriter for senior housing and healthcare loans. Prior to that, he was a vice president at Capital […]

  • Trez Forman Capital Closes $17.71 Million Transaction for Portfolio of More Than 10 Developments
    on April 18, 2019 at 5:12 pm

    BOYNTON BEACH, FL - Trez Forman Capital has completed a $17.71 million transaction that provides third and fourth mortgage financing to a portfolio of more than 10 residential developments in Florida, Louisiana and North Carolina. All but one of the projects are completely pre-sold to major homebuilder DR Horton.The transaction was structured as a multi-tranche blanket mortgage. Trez Forman had first mortgages on each of the existing projects before the latest deal.In all, the financing covers 1,615 acres, land for 4,237 single-family lots, 400 apartments and two commercial properties.Trez Forman President and CEO Brett D. Forman arranged the loan.The new financing is to be used to buy out a partner, supply working capital for the borrower and provide equity for future […]

  • Dougherty Mortgage Closes $13.9 Million Fannie Mae Loan for CHAF Portfolio in St. Petersburg, Florida
    on April 18, 2019 at 3:01 pm

    ST PETERSBURG, FL  - Dougherty Mortgage recently closed a $13.9 million Fannie Mae loan for the refinancing for CHAF Portfolio, a collection of ten affordable multifamily housing properties located in St. Petersburg, Florida.  The 30-year term, 30-year amortization loan was arranged for borrower CHAF Properties, LLC.Dougherty Mortgage LLC is a full-service, nationwide mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing […]

  • HFF Arranges Equity for 420-Unit 1629 Market Street Development in San Francisco, California
    on April 18, 2019 at 2:11 pm

    SAN FRANCISCO, CA – HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage.  The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub.  The 24/7 location provides access […]

  • Cushman & Wakefield Secures Acquisition Financing for 17th Street Lofts in Atlanta, Georgia
    on April 18, 2019 at 1:27 pm

    ATLANTA, GA - Cushman & Wakefield has secured acquisition financing for 17th Street Lofts in Atlanta on behalf of CF Real Estate Services. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield secured the three-year, floating-rate loan from Heitman.The loan will be used to convert some of the units at 17th Street Lofts into condos, while the remaining units will be retained as for-rent apartments. The property, located at 260 17th Street within Atlantic Station, currently offers two- and three-bedroom loft-style apartments featuring stainless-steel appliances, granite countertops and hardwood floors that offer views of the Atlanta skyline.In the past five years, Cushman & Wakefield’s Equity, Debt & Structured Finance practice has financed […]

  • Rockwell Partners Acquires 164-Unit Apartment Community in Scottsdale, Arizona for $26.15 Million
    on April 17, 2019 at 9:00 pm

    CHICAGO, IL - Rockwell Partners, a leading Chicago-based real estate investment and property management firm, recently completed the $26,150,000 acquisition of Tatum Place Apartments, a 164-unit, Class B multi-family community located in Scottsdale, Arizona. “We spent 18 months studying the top major metros in the U.S., analyzing those markets and underwriting multi-family opportunities.  For a variety of compelling reasons, Phoenix rose to the top,” said Jason Fishleder, principal at Rockwell. “Our investment philosophy is to improve existing, underperforming properties in communities with positive multi-family fundamentals, strong demographics, and highly diversified, robust economies.  Tatum Place checked all of the boxes for us.  We are excited to […]

  • OC Ventures Acquires Second Student Housing Community in Greensboro, North Carolina
    on April 17, 2019 at 5:18 am

    CHICAGO, IL – OC Ventures has acquired Spring Place, a 576-bed student housing community serving the students at UNC-Greensboro and North Carolina A&T State University. Kevin Larimer and Greg Gonzalez of Berkadia’s Student Housing team completed the sale on behalf of Waypoint Residential. The community consists of two- and four-bedroom garden and townhouse style apartment units.The closing of Spring Place marks OC’s second asset in the Greensboro market and the fifth student housing acquisition. Previously, the student housing investment group acquired Block 43 Apartments, a 600-bed cottage-style community in Greensboro and three additional properties in Upstate New York. With 2,458-beds in their portfolio, OC Ventures is one of the fastest growing owners of premier […]

  • Grady Awarded Management of Evolution at Towne Centre Laurel and Discovery Square Apartments
    on April 16, 2019 at 4:44 pm

    SILVER SPRINGS, MD - The addition of these two communities, 340 and 342 apartment homes respectively, increases the total Grady Management, Inc. portfolio to over 13, 200 apartment homes in Maryland and Virginia.Silver Spring, MD – Grady Management today announced that it has assumed property management of Evolution at Towne Centre Laurel and Discovery Square on behalf of an established local ownership group.   The 340-unit Evolution at Towne Centre is located in Laurel, MD and the 342-unit Discovery Square is located in Herndon, VA. Opened in 2017, Evolution at Towne Centre Laurel includes 340 upscale units in 1-, 2- and 3-bedroom floorplans as well as den and loft-style units. Located within Towne Centre Laurel – which includes 350,000 square feet of retail, […]

  • CA Ventures Named One of Chicago’s Top Workplaces by Crain’s Chicago Business
    on April 16, 2019 at 4:20 pm

    CHICAGO, IL - CA Ventures, a U.S. real estate investment holding company, today announced the firm was named one of Chicago’s “Best Places to Work,” an annual list compiled by Crain’s Chicago Business. Rankings were revealed April 11 at an awards luncheon for the top 100 finalists that was held at the Radisson Blu Aqua Hotel in Chicago. The ranking marks the first time CA has been featured on the annual list.“With our rapid growth from a startup focused on student housing to an international conglomerate with a $8.6 billion portfolio across virtually every major property sector, we’ve taken great care to build and maintain a vibrant corporate culture in which people look forward to coming to work each day,” said Tom Scott, CEO of CA Ventures. […]

  • Greystone Provides $24 Million to Refinance Assisted Living Facility in New Jersey
    on April 16, 2019 at 1:54 pm

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $24 million Fannie Mae loan to refinance an assisted living facility in New Jersey. The transaction was originated by DJ Elefant in Greystone’s New York office, on behalf of Sage Healthcare Partners. Neal Raburn and team out of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction.The $23,995,000 Fannie Mae loan carries a 10-year term and 30-year amortization with a two-year interest-only period. The 138-unit assisted living and memory care community offers on-site care as well as a full suite of luxury amenities for long-term residential stays.Greystone originally provided a bridge loan to the borrower […]

  • Greystone Provides $17.7 Million in HUD-Insured Construction Financing for Michigan Property
    on April 15, 2019 at 5:38 pm

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, announced that it has provided a $17,665,500 HUD-insured loan to finance the new construction of 409 on Nine, a 127-unit Green-certified mixed-use property located on Nine Mile Road in Ferndale, Michigan. The FHA construction-to-perm loan was originated by Lisa M. Fischman of Greystone on behalf of Michael Dowdle and Dale Inman of Wolf River Development Company.The HUD-insured financing for the property located at 371-475 Nine Mile Road is a ground-up construction loan that converts to a 40-year permanent, fixed-rate, non-recourse fully amortizing loan after completion and stabilization. HUD insured $6 billion in new construction / substantial rehabilitation (NC/SR) loans in FY2018, of […]

  • Dekel Capital Arranges $47.5 MM Loan from ACORE Capital for Acquisition and Renovation of Vacant Apartment Community in Celebration, Florida
    on April 15, 2019 at 5:08 pm

    LOS ANGELES, CA -- Dekel Capital, on behalf of CGI Strategies, has arranged a $47.5 million bridge loan for the acquisition, renovation and stabilization of a vacant 306-unit luxury multifamily community located at 1662 Celebration Boulevard in Celebration, FL.  Dekel Capital placed the loan with ACORE Capital, a leading commercial real estate finance company.Built in 2015, the 14-and-a-half-acre Class A community consists of six, four-story Art Deco-inspired residential buildings that are undergoing significant improvements to correct construction deficiencies. A portion of the financing will be used to complete the improvements, which have been engineered and approved by the County, and bring the property back to market. With repairs expected to be finished by end of […]

  • Western National Group and Banner Oak Capital Partners Launch Multifamily Investment Partnership
    on April 15, 2019 at 3:41 pm

    IRVINE, CA - Western National Group, a fully- integrated multifamily acquisition, development, construction, and property-management firm based in Irvine, California, and Dallas, Texas–based Banner Oak Capital Partners, LP, a real estate investment management firm focused on providing growth and investment capital to best in class operating partners, have launched a strategic joint venture that will invest in multifamily projects throughout California’s major markets.  The programmatic investment vehicle will provide general partner capital, as well as select limited partner capital, for both the acquisition of existing properties and for ground-up development projects. Additionally, the venture may seek the investment of third-party limited partner capital on a […]

  • HFF Closes Sale and Secures Financing for High-rise Apartment Building in Downtown Philadelphia
    on April 15, 2019 at 3:34 pm

    PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale and secured financing for The Commonwealth, a 98-unit, high-rise apartment building in Philadelphia, Pennsylvania.HFF marketed the properties exclusively on behalf of the seller, global real estate investment manager Invesco Real Estate, and procured the buyer, a joint venture partnership between The Carlyle Group and Alterra Property Group.  In addition, HFF worked on behalf of the new owner to arrange acquisition financing.The Commonwealth was originally constructed in 1906 and underwent a full restoration in 2012 that was completed by Alterra Property Group. Situated at 1201 Chestnut Street, the property’s Midtown Village location has earned it a Walk Score® of 99 and offers […]

  • Berkadia Arranges $13.57 Million Refinancing for Florida Gulf Coast Multifamily Property
    on April 15, 2019 at 2:53 pm

    DUNEDIN, FL – Berkadia announces it has arranged a $13.57 million recapitalization of Promenade at Edgewater, a 188-unit multifamily property in the Gulf Coast community of Dunedin, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the loan on behalf of the buyer, Pensam Capital.Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only.“This was an asset that Freddie Mac and our team knew well, having financed it on Pensam’s acquisition some time ago,” said Foschini. “Working together we were able to transition the loan to one that was both exceptional in its terms, being interest only for the entire loan, and a […]

  • Hunt Real Estate Capital Refinances a Multifamily Property Located in Mesa, Arizona
    on April 15, 2019 at 2:31 pm

    NEW YORK, NY — Hunt Real Estate Capital, a leader in financing multifamily and commercial real estate throughout the United States, announced today it provided a Freddie Mac multifamily loan in the amount of $8.98 million to refinance a multifamily property located in Mesa, Arizona.Rancho Palos Verde Apartments is a 152-unit fractured condo community. The borrower now owns all units and will operate the asset as a garden-style apartment complex that consists of 48 one-bedroom, one-bathroom units, 56 two-bedroom, two-bathroom apartments, and 48 two-bedroom, two-bathroom townhouse-style units contained within 13 two-story residential buildings. There is also a single-story clubhouse that contains the leasing office.“The borrower is a repeat Freddie Mac and Hunt client who has […]

  • Eagle Property Capital Sells 264-Unit Huntington at Stonefield Apartments Located in Houston, Texas
    on April 12, 2019 at 4:51 pm

    MIAMI, FL -  Eagle Property Capital Investments, LLC (“EPC”) announced the disposition of Huntington at Stonefield (the “Property”), a 264-unit multifamily property (the “Property”) located in North Houston, Texas. The Property was acquired by Huntington Multifamily, LLC, a single asset account investment vehicle raised and managed by EPC.Since its acquisition in February 2015, EPC implemented a repositioning program to improve the Property. The strategy included exterior improvements, amenities enhancements, deferred maintenance, interior upgrades, operational efficiencies, and open the community to attract the Hispanic demographic.“The disposition of the Property represented a solid opportunity to lock in a […]

  • Eagle Property Capital Consolidates Presence in Houston Market with 438-Unit Portfolio Acquisition
    on April 12, 2019 at 4:49 pm

    MIAMI, FL - Eagle Property Capital Investments, LLC (“EPC”) announced the acquisition of a 438-unit portfolio (the “Portfolio”) comprised by two Class-A-value-add multifamily properties: Champions Centre and Champions Park (together, the “Properties”) located in Houston, TX. The Portfolio was acquired by EPC Multifamily Partners IV, LLC (“Fund IV”), a private investment vehicle raised and managed by EPC. The Properties acquired represent the fourth and fifth acquisitions for Fund IV.Houston has one of the strongest fundamentals in the United States in terms of population, job growth and overall economic growth. Ranking 6th as the largest economy of the nation in terms of GDP, Houston is known as the Energy Capital of the […]


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