News

Multifamily Lending Volume Rises 17% Year-Over-Year

Apartment Buildings

Multifamily lenders originated a total of $288.7 billion in new mortgages for multifamily properties with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market. The lending volume, generated by 2,463 different lenders, represents a 17% percent increase from 2023 levels, although 53% of the active lenders...

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Pacific Elm Lands Refi for Newly-Transformed Santander Tower

Texas + Apartment Buildings

A CIM Group-managed fund has closed a $132.5 million loan to Pacific Elm Properties to recapitalize Santander Tower, a downtown Dallas high-rise that has been converted from strictly office space into a mixed-use development. This financing follows the completion and stabilization of the project’s first phase of Peridot, a residential conversion that delivered approximately 291...

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Goldman Sachs Acquires Viera Rental Asset for $94M

Florida & Gulf Coast + Apartment Buildings

PAC Land Development has sold off a recently completed 270-unit apartment complex in Viera, Florida. Goldman Sachs paid $94 million for the property, which amounted to nearly $350,000 per unit. Commercial Edge reports PAC completed the property last year using financing of a $49.1 million loan originated by Synovus Bank. Addison Square comprises nine two-,...

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Investor Duo Close on $58.33M Homestead Apartment Refi

Florida & Gulf Coast + Apartment Buildings

Artemis Real Estate Partners and Grand Peaks Properties obtained a $58.33 million loan to refinance The Olivia, a 2018-built, Class A apartment community with 288 units in Homestead, Florida, approximately halfway between Miami and the Florida Keys. The partners acquired the property for $71 million in late 2021 and invested heavily in property enhancements over the...

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Alta West Acquires Premiere Home Mortgage

Canada + Apartment Buildings

Alta West Mortgage Capital has acquired Premiere Home Mortgage, one of Canada’s leading alternative lenders. Financial terms were not disclosed. “For both companies, this acquisition will optimize economies of scale, realize enhanced efficiencies, and broaden our respective product offerings through coalescence,” said George Botros, CEO of Alta West. “Our alignment of values ensures the lasting...

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Vancouver Apartment-Building Sales Plunge: Goodman

Canada + Apartment Buildings

Metro Vancouver apartment-building sales nosedived in the first half of the year, says a new report from Goodman Commercial. A sharp decline in suburban rental-apartment properties spurred the drop, with both transaction and dollar volumes falling significantly, according to the mid-year Goodman Report. “I think the biggest storyline is the massive drop- off in the...

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BlueGate Arranges $162M Construction Financing for Hoboken Mixed-Use

New York & Tri-State + Apartment Buildings

BlueGate Partners, on behalf of Urby and Ironstate Holdings, has secured $162 million in construction financing for the development of Hoboken Urby, a mixed-use residential project in Hoboken, NJ. The BlueGate execution team included Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin, EliZaoutis and Jeremy Silber. PCCP provided the senior construction loan. The 418,332-square-foot, 16-story...

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Hunneman Closes Sale of Coolidge Corner Apartments

Boston & New England + Apartment Buildings

Hunneman facilitated the sale of 10-12 Greenway Ct. in Brookline, MA. The residential complex encompasses two adjacent brick apartment buildings with off-street parking and 14 rental units in Brookline’s Coolidge Corner neighborhood. “Coolidge Corner has long been a highly coveted location for multifamily assets, offering both stability and long-term value,” said Carl Christie, EVP of...

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