Lument Closes $28M Loan for Ohio Multifamily Property
Lument closed a $28 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 221(d)(4) loan to assist TFG Housing Resources and Raise Up with the substantial rehabilitation of Western Horizon, a 353-unit affordable housing community in Lorain, Ohio.
The transaction utilized a component of the Rental Assistance Demonstration (RAD) program. Lument’s Joey Hague, a managing director based in Columbus, led the transaction. The units were converted through the RAD program in conjunction with 4% low-income housing tax credits through the Ohio Housing Finance Agency. In addition to the FHA mortgage, Lument Securities served as the underwriter for $9.2 million in tax-exempt bonds.
“The FHA 221(d)(4) program was an ideal fit as it installs fully amortizing 40-year construction to permanent financing at a favorable interest rate, positioning the community for future success,” said Hague. Originally built in the 1950s as three separate communities, Leavitt Homes, Westview Terrace, and Westgate Apartments have historically operated as public housing.
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout