CIT Provides $38 Million Financing for Florida Apartment Complex

“Lakeside at Winter Park is in an attractive location within the Greater Orlando market, a geography PRG has been investing in and targeting for many years,” said Ron Orgel, Managing Director and Head of East Coast Acquisitions at PRG. “Given PRG’s value-added experience and knowledge of the Orlando market, we look forward to continuing to develop and maintain the facilities at the property, including improving the units and amenity offerings for the residents. We appreciate CIT’s agility and expertise in arranging this financing.”

“We regularly invest in residential properties in major metropolitan areas and Lakeside at Winter Park is a great fit for our portfolio,” said Chris Niederpruem, managing director and group head for CIT’s Real Estate Finance business.

CIT’s Real Estate Finance business, part of the 

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Value Add Industrial Investor Closes on Speculative Financing for the Acquisition of 67,000SF Vacant Warehouse in Montgomery County, PA

KING OF PRUSSIA, Pa., Nov. 27, 2020  /PRNewswire/ — Diligence Capital Advisors of Philadelphia sourced and negotiated a $5,900,000 loan from a New Jersey community bank for the acquisition of a 67,000 square foot vacant industrial asset in Montgomery County Pennsylvania. Diligence Capital Advisors described the borrower-sponsor as a boutique real estate investment firm based out of New Jersey which specializes in value add and opportunistic industrial assets in the PhiladelphiaNew Jersey metro market.   This continues the recent string of numerous speculative financing loan closings for Diligence Capital Advisors in the last 180 days.

Based on reports from the lender, the loan closed within 60 days of a signed term sheet, which was confirmed by principals from Diligence Capital Advisors. The parties also jointly confirmed that the loan also was structured with an earn out for the borrower upon hitting stabilization and other agreed upon financial

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Greystone Provides $20.65 Million in Freddie Mac Financing for Sanford, FL Multifamily Duo

NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) — Greystone, a leading private national commercial real estate finance company, provided two refinancing loans for a multifamily portfolio in Sanford, Florida. The transactions were originated by Dan Sacks, Managing Director in Greystone’s New York office.

The properties include:

  • Aqua Link, a 140-unit property, which received a 10-year, variable-rate, $12,115,000 Freddie Mac mortgage. Renovated in 2020, the garden-style property spans 9 acres. Amenities for the two- and three-bedroom units include grilling area, coffee bar, common laundry, swimming pool, picnic area, playground, and clubhouse, with 321 surface parking spaces.
  • Stoneridge, a 120-unit property, which received a 10-year, variable-rate, $8,541,000 Freddie Mac mortgage. Built in 1975 and renovated in 2020, the garden-style property consists of studio-, one-, two-, and three-bedroom units. Amenities include a grilling area, coffee bar, common laundry, picnic area, playground, and clubhouse, with 188 surface parking spaces.

“It’s been a

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BGL Announces the Completion of Historic Adaptive Reuse Conversion Financing for Ceres Enterprises

CLEVELAND, Nov. 5, 2020 /PRNewswire/ — Brown Gibbons Lang & Company (BGL) is pleased to announce the successful completion of development financing for Ceres Enterprises (Ceres). The multi-faceted capital structure will support the adaptive reuse of the former NASA Glenn Research Center in Fairview Park, Ohio. BGL’s Real Estate Advisors Group served as the exclusive financial advisor to Ceres in this transaction.

The capital structure will support the adaptive reuse of the former NASA Glenn Research Center in Fairview Park, Ohio.

Ceres Enterprises is a leading developer and operator of fine select service hotels in the Midwestern United States, and is a preferred developer and operator of Marriott, Hilton, Wyndham and Choice Hotels. The repurposing of the NASA property will include a 3-story, 59-room, select-service Trademark Collection by Wyndham hotel, 92-unit Class-A apartments, a 6,638 square foot banquet and event space, a 13,117 square foot future brewery and

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Walker & Dunlop Completes $60 Million Sale and Financing for Unique Condo-to-Multifamily Redevelopment in Los Angeles

BETHESDA, Md., Nov. 4, 2020 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it completed the $60,000,000 sale of 416 on Broadway, a 115-unit Class A apartment community in the established Glendale submarket of Los Angeles, California.

Originally built as for-sale condominiums in 2009, 416 on Broadway boasts exceptionally large floor plans, averaging 1,102 square feet. This unique feature has proven to be a significant advantage over the competition, as renters continue to work from home and desire extra space. In addition to spacious units, residents enjoy a boutique feel, an abundance of outdoor amenity space, including a fully renovated state-of-the-art fitness center, and convenient access to the retail, entertainment, and dining in Glendale. Its excellent location and unmatched offerings position 416 on Broadway to perform well for years to come.

Walker & Dunlop’s property sales team included Hunter Combs and Blake Rogers. The

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Walker & Dunlop Completes Sale and Financing for Multifamily Property Near The Battery Atlanta

BETHESDA, Md., Oct. 26, 2020 /PRNewswire/ — Walker & Dunlop, Inc. announced today that its multifamily property sales group, Walker & Dunlop Investment Sales, recently completed the sale of The Columns at Bentley Manor, a 418-unit garden style apartment community in Marietta, Georgia.

The Columns at Bentley Manor benefits from proximity to the Cumberland and Galleria submarkets, which boast over 31 million square feet of office space, and offers a convenient commute to Downtown Atlanta’s employment centers. The property is just minutes away from The Battery Atlanta, a transformative $1.5 billion mixed-use development, providing residents a true live, work, play experience.

The Walker & Dunlop Investment Sales team was led by Managing Director and middle-market expert, Kyle Palmer. Based in Atlanta, Georgia, Mr. Palmer facilitated the transaction and served as advisor to ECI Groups, who is both the original developer and the seller of the

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UWM Homeowner Study Shows Consumers are Shopping, Financing and Selling Homes Differently Amid COVID-19 Pandemic

PONTIAC, Mich., Oct. 26, 2020 /PRNewswire/ —  United Wholesale Mortgage, (UWM), #1 wholesale lender and largest purchase mortgage lender in America, announced the results from its 2020 COVID-19 homeowner survey. The survey was conducted by a third party to survey 1,000 U.S. homeowners in September 2020.

“Home is more important than ever today,” said Sarah DeCiantis, CMO of UWM. “So we responded to the need in the market by making rates in the two’s available for new homes, refinances and cash-out refinances available exclusively through independent mortgage brokers.”

Key findings include changes in home buying habits during COVID-19:

  • Close to half of the consumers surveyed who moved to a new home moved to the suburbs since March 1, 2020.
  • Since March 1, 2020 70% of the people surveyed who purchased a new primary home also sold their old home, with nearly 3 in 4 consumers selling
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How to buy an RV, from choosing the right type of vehicle to financing

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • If you’re considering an RV purchase, know what type of RV you want before you start looking, and plan to be patient as sales have risen during the pandemic. 
  • Plan to buy locally , as you’ll want to have a connection with the dealership if anything goes wrong with your RV later. 
  • Get the best deal on both financing and insurance by shopping around and comparing offers before settling on a loan or policy.
  • See Business Insider’s top picks for RV loans in 2020 »

RV buying has flourished since the onset of the COVID-19 pandemic, as travel trailers, campers and other types of recreational vehicles offer a safe way

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Greystone Provides $13.9 Million in HUD-Insured Financing for Seniors Housing Property in Seattle, Washington

NEW YORK, Sept. 22, 2020 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, provided a $13.9 million HUD-insured loan to refinance an 80-unit seniors housing property in Seattle, WA. The transaction was originated by Greystone’s Shana Daby, Managing Director and Lorie Hanson, Relationship Manager, on behalf of Lake City Project Associates, LLC. 

The non-recourse HUD 223 (a)(7) loan for $13,903,400 refinances the property at a low, fixed rate and 40-year term and amortization, resulting in a significant reduction in annual debt service payments. As green certified and energy efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually.

Constructed in 2017, The Savoy at Lake City Senior Living is a four-story apartment building in North Seattle consisting of 80 one- and two-bedroom apartments that feature high ceilings, modern appliances and upgraded

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Greystone Provides $24 Million in HUD-Insured Financing for a Multifamily Property in Azle, Texas

NEW YORK, Sept. 30, 2020 (GLOBE NEWSWIRE) — Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $24 million HUD-insured loan to refinance a 224-unit multifamily property in Azle, Texas. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Partin Development Group.

The $24,126,900 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.

Constructed in 2018, Reata West Apartments features 10 three-story garden-style apartment buildings and 224 one-, two- and three-bedroom units with modern amenities and finishes, full-size in-unit laundry, and private outdoor living space. Residents also enjoy access to the community’s clubhouse and business center; pool, fitness center and outdoor recreational facilities; and dog park, on-site

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