Business Specialties
Pillar Provides Freddie Mac Loan for Richmond Community
The company originated a $10.4 million, 7-year loan for the acquisition of a 348-unit community located in the Bellwood. The asset has an occupancy rate of 97.4 percent.
Lerner Refinances Affordable Housing in Suburban DC
The company, which has owned the property since 1993, received $34.5 million for Springs at Reston, a 362-unit community in Reston, Va.
JV Launches VA Affordable Housing
Jefferson Apartment Group, SCG Development and the Fairfax County Redevelopment and Housing Authority are developing Residences at Government Center, a 270-unit property in Fairfax County.
ResiModel Becomes redIQ
When MHN first spoke with Elliot Vermes, founder and CEO of redIQ, back in 2015, the data intelligence start-up had a different name (ResiModel). Two years later, Vermes says his company has taken some valuable lessons from its work with clients—and made a pivot to focus more heavily on data standardization to meet the needs of more users.
Waiting for Wage Growth
Employment figures for June show 361,000 more workers were in the labor force than in May. However, consistently mediocre wage growth in the 2- to 3-percent range could impact the multifamily industry if it persists.
Changing the HVCRE Rules: What to Expect
In a strict lending environment, the clarification of High Volatility Commercial Real Estate (HVCRE) regulation could help improve loan terms for investors and developers. However, the long-awaited changes, stipulated in a bill referred to the House Financial Services Committee, have little chance of being approved and implemented, Alston & Bird’s Gregg Loubier told MHN.
KTGY, Trammell Crow Break Ground on $135M CA Mixed-Use Project
Dubbed the Alexan Webster, the 1.42-acre destination will include 234 luxury apartments with 15 percent of its units designated as affordable. Completion is scheduled for summer 2019.
RADCO Acquires Fifth Apartment Property in Houston
Champions Village Apartment Homes, which will be rebranded as City Gate at Champions, includes 278 units and will be overseen by the company’s management platform.
Greystone Provides $23M HUD Loan for FL Development
Viking Cos. will use the funds to build 23 West Apartments, a 176-unit community in Gainesville, Fla. The HUD-insured loan period covers 17 months of construction plus 40 years.
Affordable Housing Portfolio Secures $142M in Financing
Harmony Housing tapped KeyBank Real Estate Capital to provide loans to six of its properties, located in Texas, Michigan, Wisconsin and Florida. Each property reserves half of the units for residents making 60 percent of the area median income.