Multifamily Lending

The transaction includes a $29.2 million ($143,098/unit) non-recourse, first mortgage loan secured by a 204-unit apartment complex known as Riverplace Apartment Homes, located in Independence, Oregon. Built in 2015, Riverplace Apartment Homes consists of three-story residential buildings, eight garage buildings, one clubhouse and one car wash situated on 10.13 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a 35-year term, and subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $16 million ($73,578/unit) non-recourse, first mortgage loan secured by a proposed 218-unit, affordable, multifamily apartment community known as Atkinson Stacks Sunrise Metro, located in Salt Lake City, Utah. The property consists of an existing 100-unit, four-story structure called Sunrise Metro, with an addition of 18 new units to the second floor (hereinafter referred to as “Phase I”) and new construction of Atkinson Stacks (proposed 100-unit, six-story structure, hereinafter referred to as “Phase II”). The structures are to be connected by an existing one-story common space. The construction/renovation of Phase I has commenced and has an estimated substantial completion of January 2026. The construction of Phase II is scheduled to commence December 2025, with an estimated duration of approximately 18 months for substantial completion in June 2027. The property is situated on a 2.7-acre site. The proposed loan will be used for substantial rehabilitation of the property. The loan is structured with a 16-year term, and subsequent to a one-year interest-only period, amortizes on a 40-year schedule.

The transaction includes a $17.98 million ($124,861/unit) non-recourse, first mortgage loan secured by a to-be-built, 144-unit, Low-Income Housing Tax Credit (LIHTC), garden-style apartment complex known as The Cooperative 1581, located in Moab, Utah. The project will consist of three three-story walk-up buildings and will be 100% income- and rent-restricted, targeting households earning between 40% and 80% of the Area Median Income (AMI), with a blended average of 60% AMI. Expected construction completion is scheduled for April 2027. The Subject will be situated on a 5.64-acre site. The proposed loan will be used for construction of the property. The loan is structured with a 15-year term and amortizes on a 40-year schedule.

The transaction includes a $24.85 million ($261,579/unit) non-recourse, first mortgage loan secured by a 95-unit apartment complex known as Pacific Sands Apartments, located in San Diego, California. Built in 1971 and renovated in 2016, Pacific Sands Apartments consists of nine two-story residential buildings, situated on 2.41 acres of land. The proposed loan will be used for refinancing the existing debt of the property. The loan is structured with a five-year term, and subsequent to a four-year interest-only period, amortizes on a 30-year schedule.

The transaction includes an undisclosed amount, non-recourse, first mortgage loan secured by a 288-unit, garden-style apartment complex known as Chisholm Trace Apartments, located in Cleburne, Texas. Built in 2021, Chisholm Trace Apartments consists of 12 three-story apartment buildings and a one-story clubhouse/office, situated on a 13.16-acre site. The proposed loan will be used to refinance the existing debt of the property. The loan is structured with a five-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule.

The transaction includes a $16.5 million ($100,425/unit) non-recourse, first mortgage loan secured by a 170-unit, garden-style student housing community known as Heritage Apartments, located in Spartanburg, South Carolina. Built in 2020, the property consists of seven one- to four-story buildings, situated on 14.16 acres of land. The proposed loan will be used for acquisition of the property. The loan is structured with a five-year term, and, subsequent to a five-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $112.38 million ($155,228/unit) non-recourse, first mortgage loan secured by a 724-unit, garden-style apartment complex known as Aspire Pinnacle Peak, located in Phoenix, Arizona. Built in 2009, the property consists of three-story residential buildings, situated on 29.48 acres of land. The proposed loan will be used to refinance the property. The loan is structured with a 10-year term and amortizes on a 35-year schedule.

The transaction includes a $86.1 million ($281,382.35/unit) non-recourse, first mortgage loan secured by a 306-unit, garden-style, and partially affordable apartment complex known as Willows at Ventura, located in Ventura, California. Built in 2024, the property consists of 13 two-, three-, and four-story apartment buildings, situated on 8.03 acres of land. The proposed loan will be used to refinance existing debt on the property. The loan is structured with a seven-year term, and, subsequent to a three-year interest-only period, amortizes on a 35-year schedule. This loan was closed under Freddie Mac’s new Lease-Up program.

The transaction includes a $21.47 million (116,696/unit) non-recourse, first mortgage loan secured by a 184-unit apartment complex known as Schooner Cove III, located in Ypsilanti, Michigan. Built in 1995 and renovated in 2018, the property consists of 13 three-story residential buildings, situated on 21.19 acres of land. The loan is structured with a 15-year term, and, subsequent to a 120-year interest-only period, amortizes on a 360-year schedule.

The transaction includes a $12.21 million ($249,265/unit) non-recourse, first mortgage loan secured by a 49-unit apartment complex known as Essex Street Apartments, located in Boston, Massachusetts. Built in 1900 and renovated in 1992, it received two known major renovations in 1986 and 2005. The property consists of one eight-story residential building, situated on 0.69 acres of land. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a 10-year interest-only period.

The transaction includes a $20.325 million ($94,097/unit) first mortgage loan secured by a 216-unit, garden-style apartment complex known as Residence at Deer Park, located in Deer Park, Texas. Built in 1973, Residence at Deer Park consists of 19 two-story apartment buildings and two one-story common area buildings, situated on a 9.99-acre site. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a five-year term, and subsequent to a two-year interest-only period, amortizes on a 30-year schedule.

The transaction includes a $24.7 million ($84,880/unit) non-recourse first mortgage loan secured by a 291-unit apartment complex known as Mallard Creek Apartments, located in Kingwood, Texas. Built in 1999, Mallard Creek Apartments consists of 32 two-story residential buildings and is situated on 13.28 acres of land. The property also consists of a total of 72 covered parking spaces and 369 surface parking spaces, providing a parking ratio of 1.52 spaces/unit. The proposed loan will be used to refinance the existing debt on the property. The loan is structured with a seven-year interest-only term.