West
Tampa-Area Community Secures $12M Refi
Berkadia has arranged the refinancing of a 148-unit property located in Lakeland, Fla., on behalf of the borrower, Capital Pensam. The loan was secured through Freddie Mac.
Lee & Associates Brokers LA Community
The firm arranged the sale of a 33-unit property located in the Palms neighborhood of Los Angeles, approximately 10 miles from the city’s downtown.
Employment Regains Momentum in Albuquerque
As job creation continues at an above-trend rate, the metro’s relative affordability could prompt migration into the state, bolstering multifamily demand.
NAI Capital Completes OC Ground Lease
The 99-year ground lease valued at $287 million includes three parcels located in Santa Ana, Calif. The tenants plan to develop more than 500 affordable housing units.
CBRE Team to Represent Seller in 2 CO Transactions
Creekside at Palmer Park and Woodland Hills are both located in Colorado Springs. Griffis/Blessing received $99.5 million for the two assets totaling 488 units.
Sequoia Equities Secures $100M Refi in Orange County
The owner acquired the 484-unit luxury community in 2009; the new financing package retires $60 million in debt.
Multifamily Financing’s Endurance Test
The strong multifamily market is fueling competition in the lending environment, with an abundance of new players and extended services from life companies. Tower Capital’s Adam Finkel shares his views on the capital stack outlook for 2019, along with some predictions for the sector.
Demand for Housing Outpaces Supply in Portland
The metro’s strong economy and positive demographics are contributing to a growing demand for rental housing, especially in the workforce category.
Hunt Real Estate Secures $23M for Phoenix-Area 1031 Exchange
The 224-unit Canyon Woods and the 148-unit Shadow Rose are both slated for upgrades, with ownership set to invest roughly $3.5 million in improvements.
Bank of America Provides $25M for Bay Area Refi
The loan retires a prior, $30 million CMBS mortgage from late 2008, which had been set to mature in January.