Commercial Lending

Commercial Lending (238)

Fannie Mae Increases Loan Limit on Small Multifamily Properties

Fannie Mae has increased the loan limit of small multifamily mortgage loans to $6 million, from $3 million or less nationwide and $5 million or less in high-cost markets. The objective was to ensure an adequate supply of affordable housing. The changes will simplify the definition of a small loan and provide more opportunities for… Read more...

Spirit Bascom Acquires Building in Posh N.J. Town

Spirit Bascom Ventures, a partnership between Spirit Investment Partners and The Bascom Group LLC, has purchased the 30-unit apartment building at 204 Grand Street in Hoboken, N.J. The $15,500,000 acquisition closed in mid-January. Spirit Bascom acquired 1024 Clinton Street also in Hoboken in July. Nat Gambuzza and Manny Sanghera of CBRE represented the seller, and… Read more...

Mill Creek Breaks Ground on Upscale San Diego Development

Mill Creek Residential, a multifamily investor and operator, has begun construction on Modera San Diego, a luxury apartment community in the East Village neighborhood of San Diego. The seven-story community is the company’s first foray into San Diego, and move ins are projected for spring of 2021. "San Diego is rapidly becoming one of the… Read more...

American Street Brokers Three Deals in Midwest

Hunt Real Estate Capital, a commercial real-estate lender, has financed three multifamily properties, two in Chicago and one in Lakewood, Ohio. The deals were brought to the firm by American Street Capital, a correspondent broker based in Chicago. The transactions include the following properties: Hunt provided a $1.6 million non-recourse mortgage to refinance 7200 South.Bennett… Read more...

Redwood Participating in a Multifamily Fund

Redwood Trust Inc. is participating in a multifamily whole-loan investment fund in a bid to expand its access to rental-housing credit. Earlier in January, Redwood invested in a limited partnership created to acquire up to $1 billion of floating rate, light-renovation multifamily loans from Freddie Mac. Redwood, a real estate investment trust, has committed to… Read more...

Greystone Ranks No. 1 in Fannie Mae Small Loans

Greystone, a commercial real-estate lending, investment, and advisory company, ranked No. 1 in small loan production in the delegated underwriting and servicing program from Fannie Mae in 2018. With $3.9 billion in Fannie Mae loan origination volume, Greystone ranks sixth overall, which includes affordable housing, green, market rate and small loans. In specialty areas of… Read more...

3650 REIT Funds $27.5M Construction Loan in Phoenix

3650 REIT has funded a $27.5 million senior construction loan to Greenlight Communities for the development of a 252-unit affordable multifamily project in Phoenix. Churchill Commercial Capital, a commercial mortgage bank in Phoenix, was responsible for arranging the financing. “3650 REIT understands our business plan and provided us with a highly attractive financing solution that… Read more...

Hunt Completes Affordable Multifamily Loan

Hunt Real Estate Capital has arranged a Fannie Mae affordable multifamily loan in the amount of $19.5 million to finance the acquisition of a multifamily property, located in Austin, Texas. Blunn Creek Apartments consists of 280 apartments and is comprised of 12, three-story buildings. The borrower, Avanath Capital Management, has acquired more than 8,000 apartment… Read more...

Elevation Financial Sells Baton Rouge Housing Community

Elevation Financial Group, a provider of senior and multifamily affordable housing, has sold Serenity Apartments at Baton Rouge. The 328-unit multifamily community sold for $15.5 million or $47,256/unit. Elevation purchased the property in August 2016 for $4 million or $12,195/unit. At the time of acquisition, almost half of the apartment units weren’t fit to live… Read more...

Freddie Mac, RBC Close $180M Low-Income Fund

Freddie Mac and RBC Capital Markets’ Tax Credit Equity Group have closed a $180 million Low-Income Housing Tax Credit Fund, and they have already completed several transactions. Ten transactions have closed, including two in Puerto Rico and eight in New York, South Carolina, Tennessee, Texas and West Virginia. The closing marks Freddie Mac’s fourth LIHTC… Read more...

Greystone Provides $14.7M in Freddie Mac Loan

Greystone, a commercial real estate lending company, has provided a $14,796,000 million Freddie Mac loan for the acquisition of SouthGlenn Place, a multifamily property located in Denver. The financing was originated by Ana Ramos of Greystone’s Los Angeles office, while both the seller and buyer were represented by Greystone Unique Apartment Group. [caption id="attachment_9227" align="alignright"… Read more...

NAPA Sells Four Properties

NAPA Ventures has sold four Dallas-based properties--Westwood Apartments, Ravenwood Apartments, Oates Creek Apartments and Brandon Mill Apartments. Combined these units make up roughly 700 of NAPA's almost 4000-unit portfolio, and are the latest sales completed by the real-estate investment firm. "As simple as it sounds, we executed our business plan and sold the assets," said … Read more...

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