59M Archives - VRJ Properties

KeyBank Secures $59M for Ohio Housing Projects

VRJwebmaster — Fri, 17 Jan 2025 22:48:41 +0000

KeyBank Community Development Lending and Investment (CDLI) provided a $15.5 million construction loan, a $3.18 million permanent loan and $17.7 million in low-income housing tax credit (LIHTC) to finance the new construction of The Grand and The Glen, a two-site workforce affordable housing project in Toledo, Ohio.

Derek Reed and David Lacki of KeyBank CDLI structured the financing for the transaction. The Grand and Glen will introduce 70 affordable family units to a vacant city-owned parcel and an underutilized parking lot.

The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. The development aims to diversify housing options, rejuvenate vacant or underutilized parcels, and inject approximately $28 million of investment into the city of Toledo. The sponsor, Pivotal Housing Partners, is an Ohio-based multifamily developer and property management company with LIHTC properties operating in 16 states.

The post KeyBank Secures $59M for Ohio Housing Projects appeared first on Connect CRE.

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Dwight Mortgage Trust Finances $59M Bridge Loan for Oregon MF

VRJwebmaster — Tue, 09 Apr 2024 22:35:07 +0000

Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided $58.8 million in bridge financing for Solis at Petrosa, a newly constructed 260-unit apartment complex in Bend, Oregon.

Proceeds from the loan will go towards refinancing the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up. Lake Oswego-based McBride Capital brokered the transaction for a repeat Dwight client, Pahlisch Commercial. Proceeds from the loan refinance the borrower’s existing construction debt and fund an operating reserve to facilitate lease-up.

Situated on nearly 10 acres of land, the property consists of eight three-story buildings and one four-story building. Its amenities include a pool, a community lounge equipped with a full kitchen, a fitness room, and a golf simulator room. Solis at Petrosa is located directly opposite Pine Nursery Park, a sprawling 159-acre space offering a variety of recreational facilities such as sports fields, pickleball courts, fishing ponds, trails, and a dog park.

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Raleigh Industrial Portfolio Trades for $59M

VRJwebmaster — Tue, 11 Feb 2020 00:00:00 +0000

JLL has arranged the $59 million sale of Northside Center, a 15-building light industrial and office portfolio in the Raleigh-Durham metro.

Located on more than 33 acres, the 548,560-square-foot portfolio is adjacent to Interstate 440 and offers tenants easy access to downtown Raleigh and North Hills. Northside Center is 98% leased and comprises seven distribution/industrial warehouses, three multi-story office buildings and four single-story/flex properties.

Valerie Derrick, John Mikels, Chris Norvell, Scot Humphrey and Justin Good of JLL represented the seller, a private family trust, in the transaction. The Spectrum Cos. purchased the portfolio in partnership with FCA Partners.

For comments, questions or concerns, please contact David Cohen

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