Kushner’s Post

W&D Secures $110M Construction Loan for BK Multifamily Development Read the full article below..

Fident Capital secured $6.2MM of construction financing for the development of three, 3-story, single-family residences in the Pacific Beach submarket of San Diego, California. A national private lender provided the 80% LTC financing with a favorable rate floor and quick closing process. Project Highlights: •The borrower’s election to exercise that option streamlined the entire process, leading to a closing in less than 90 days from the start of efforts. •During due diligence, a residual land valuation analysis supported an increase in loan proceeds while maintaining the lender's LTC/LTV thresholds, reducing the borrower’s equity need for the vertical build. •The client’s recent rehabilitation and sale of an adjacent historic property further supported the project’s terminal value in a market with few luxury comparables. Challenges: •Increase in project costs necessitated a rebalancing of debt and equity contributions. •Lack of new home sales in a highly desirable beach submarket required additional market research to ensure the project's viability. •The perceived pressure on potential residential buyers due to the rising interest rate environment needed to be addressed. #sandiego #singlefamily #commercialrealestate #pacificbeach

The Canadian government is providing $107.5 million in low-interest loans through the Rental Construction Financing Initiative (RCFi) to build a 215-unit multifamily complex in Vancouver. The project is known as W42 and the government’s funding is part of a federal program to provide $500 million for the construction of over 1,110 units. #Canada #CanadaMortgageandHousingCorp #governmentfunding #Marcon #rentalhousing #Vancouver

Veteran Housing Corp applauds your past efforts but would challenge each and every local, state, and federal housing agency or affordable housing developer to do better in 2024 and beyond. Demand permanent affordability in all projects receiving government funding, subsidies, tax credits, or incentives! Veteran Housing Corp would also ask three questions about the housing projects you support or are involved with: 1. How much funding, federal tax credits, or government benefits or incentives from all government sources did the projects receive? 2. What is the affordability period for each project? 3. What guarantees exist that tenants will not be displaced after the "affordability period expires? Every local, state, and federal housing authority and affordable or workforce housing stakeholder should adopt the State of Vermont's "permanent affordability" policy as a model for all future government funded or subsidized housing projects or developments, no exceptions! https://lnkd.in/eFEUC8c8

Unless you have deep pockets like this organization, real estate has become a team sport for small operators. It’s no longer a syndication game, it has become a syndication in collaboration with another syndication organization. #teamsport #oneplusone #david>goliath

Secure $88M Construction Loan for Charleston Multifamily with GBT Read the full article below..

Petros was proud to provide $27 million in C-PACE financing to this innovative multifamily new construction project in downtown Chicago — the largest C-PACE deal in Chicago — read the Commercial Observer story below to learn how Petros was able to get it done despite a “continually evolving market.” #cpace #financingthewayforward

Deal or no deal? While there's cautious optimism in the market due to anticipated Federal rate cuts, construction financing still remains a challenge. Cymbal DLT's Asi Cymbal comments, “We’re not out of the woods yet, but for the first time in a while I’ve heard an eagerness to get back into the market." The firm plans to pursue construction financing later this year after breaking ground on the Nautico District, a $1.5 billion multi-phased, mixed-use development on Fort Lauderdale's riverfront with multifamily, hotel, condo and retail components. Read more in The Real Deal South Florida's latest by Katherine Kallergis on the current state of construction lending. https://bit.ly/3S3bfIb

𝐑𝐞𝐚𝐥 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐒𝐭𝐮𝐝𝐢𝐞𝐬 by David Van Waldick, Principal, Western Realty Finance The realm of real estate finance is both intricate and dynamic. Each project, with its unique challenges and nuances, demands a thorough understanding of market intricacies and a meticulous approach. Our recent engagement with Swan Lake Luxury Homes in the Houston area exemplifies this. Community Home Builders and Development, the driving force behind this project, initially anticipated an equity requirement of $2.8 million. However, after an exhaustive underwriting process at Western Realty Finance, we discerned that the actual equity required amounted to $3,398,663, with the debt component being $11,265,000. 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: Location: Houston area. Developer: Community Home Builders and Development. Swan Lake Luxury Homes: A selection of 30 luxury homes, each ranging from 1800 to 3300 sq. ft., designed for the discerning homeowner. 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐁𝐫𝐞𝐚𝐤𝐝𝐨𝐰𝐧: Sources: Equity: $3,398,663 Debt: $11,265,000 Total Sources: $14,663,663 Uses: Land Cost: $3,900,000 Site Construction: $3,750,000 Offsite Cost: $2,000,000 Soft Cost: $1,615,000 Lender Origination and Broker Fees: $309,788 Interest Reserve: $3,238,875 Lender Closing Costs: $50,000 Total Uses: $14,663,663 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: Every construction finance venture offers insights into the depths of the real estate market, emphasizing the significance of precise financial planning. The Swan Lake Luxury Homes case study highlights the importance of detailed underwriting and the advantages of collaborating with a mortgage broker experienced in construction finance. 𝐖𝐞𝐬𝐭𝐞𝐫𝐧 𝐑𝐞𝐚𝐥𝐭𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 works closely with experienced residential developers to arrange financing from non-bank private debt funds backed by private equity, for solid for-sale and for-rent housing projects.   For a quick analysis of your project and to explore financing options, contact David Van Waldick or James Carenza. Or catch up on recent project financing news: https://lnkd.in/gAdiMUrB #RealEstate #ConstructionFinance #Housing #BuildtoRent