Scottsdale-based Taylor Morrison and Kennedy Lewis Investment Management (KLIM) have entered into a land and construction financing facility agreement, opening $3 billion in capacity for existing and new land opportunities, land development, and construction costs of projects by Taylor Morrison’s build-to-rent brand, Yardly.
This new facility provides further cash flow efficiency and optimizes value. Taylor Morrison’s existing land strategies include joint ventures, seller financing, deferred participation payments, land banking and more.
Taylor Morrison and KLIM have experience working together with an existing land banking agreement serving the homebuilders’ for-sale operations. The flexible finance facility will provide balance sheet relief and greater optionality, serving existing Yardly assets and new acquisitions. Yardly homes have first-floor entry, limited wall-sharing to reduce noise, and no neighbors above or below you. In addition, dogs are welcome, and units have a backyard.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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