News

Developers Secure $96M Financing for West Loop Apartment Project

Chicago & Midwest + Apartment Buildings

A joint venture of Chicago-based developers Focus, Melrose Ascension Capital and DAC Developments secured approxiametrly $96 million in financing to build a 19-story apartment tower in the West Loop. The development team landed a $71.6 million construction loan from CIBC and $23.9 million in preferred equity from Heitman to develop a 287-unit building at 1221...

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Everett Affordable Project Secures $56M from Tax-Exempt Bond, LIHTC

Boston & New England + Apartment Buildings

MassDevelopment has issued a $34,308,000 tax-exempt bond on behalf of 25 Garvey Street Housing, LLC, an affiliate of Atlanta-based Impact Residential Development and locally based The Neighborhood Developers, which will use bond proceeds to build a new 125-unit affordable housing development at 25 Garvey St. in Everett, MA. Construction is underway and is expected to be...

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Lower Core Inflation Clears Way for BoC Rate Cut

Canada + Apartment Buildings

Lower-than-expected inflation has increased the chances of a Bank of Canada interest-rate cut on Wednesday, according to leading economists. Statistics Canada reported Tuesday that the country’s annual inflation rate rose to 1.9% in August. More importantly for policymakers, core inflation—which strips out volatile items such as energy—eased to its lowest level in more than three...

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Forecast Calls for “Lackluster” Growth in Apartment Rents Through Year-End

Apartment Buildings

Multifamily rents changed little in August due to seasonality and rising uncertainty about consumers’ financial health, Yardi Matrix reported. The average U.S. advertised rent fell $1 to $1,755 in August as year-over-year growth fell 10 basis points to 0.7%. “Rent growth is expected to remain lackluster through year-end,” according to the latest Yardi Matrix National...

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TSMC Partnering on Massive Mixed-Use Project Near Plant

Phoenix & Southwest + Apartment Buildings

For Taiwan Semiconductor Manufacturing Company (TSMC), building in-demand computer chips is not enough. TSMC Arizona is now partnering with PulteGroup in a rezoning effort to expand the innovation corridor along SR 303 and north of Dixileta, which would support the company’s planned expansion.  The Phoenix Business Journal reports that developers envision creating a community with...

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Tucson Apartment Developer Closes on $40.5M Loan

Phoenix & Southwest + Apartment Buildings

MC Companies obtained a $40.5 million construction take-out financing for The Place at Silverbell, a 300-unit apartment community in Tucson.    JLL worked on behalf of the borrower, MC Companies, to arrange a floating-rate loan through its JREC balance sheet program. Brad Miner and Drew Lydon led the JLL Capital Markets team. The Place at...

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Tampa Condo/Hotel Owners Close on Record C-PACE Loan

Florida & Gulf Coast + Apartment Buildings

Nuveen Green Capital (NGC) closed on the largest C-PACE transaction to date, $290 million for the Pendry Hotel & Residences in Tampa, Florida. NGC provided the loan to Two Roads Development, in partnership with Sculptor Capital Management, for the total $520 million financing package. By utilizing C-PACE mid-construction, the Sponsor leveraged its flexible repayment structure...

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Blackstone Eyes Potential €1.2B Sale of Spanish Apartments

Apartment Buildings

Blackstone is considering selling a Spanish rental apartment portfolio worth about €1.2 billion (US$1.4 billion), reported Bloomberg News. The asset management giant first invested in the Iberian multifamily market more than a decade ago in the aftermath of the global financial crisis. JLL and Eastdil Secured have been retained to advise on the potential sale,...

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