Deals & Transactions

Stuart Gardens

Developer

Vitus Group

Lender

Merchants Capital

Lender

Merchants Bank

Stuart Gardens, an affordable multifamily property owned by Vitus Group and located in Newport News, Virginia, has secured HUD and equity bridge financing totaling $97,800,000. The asset comprises 491 units and is being rehabilitated by Vitus Group. Merchants Capital secured $62.8 million in HUD Section 221(d)(4) permanent financing and $35 million in equity bridge loans from Merchants Bank. Across the two phases, 489 of the 491 units are restricted to families earning 60% of area median income, and 100% of residential units are covered by a Section 8 Housing Assistance Payment contract. Construction began in August 2026 and is expected to finish in January 2028.

April Housing Florida Portfolio

Lender

Berkadia

Lender

Fannie Mae

Owner / Sponsor

April Housing

Berkadia secured $366.1 million in Fannie Mae financing to refinance April Housing's 13-property Florida credit facility. Announced on October 1, 2026, the transaction closed on September 9. The garden-style affordable housing portfolio includes properties in Miami, Jacksonville and Tampa. Berkadia Affordable Housing arranged the financing for April Housing, a Blackstone portfolio company, to support the continued operation and preservation of the communities. The lender announcement does not disclose the unit count for this particular portfolio. April Housing's separate company-wide preservation figures should not be treated as the number of homes in this transaction.

Civitas Closes $104 Million Senior Loan for 164-Unit Class a Multifamily Community

Civitas Capital Group has closed a $104 million senior construction loan for The Summit, a 164-unit multifamily development in downtown Avon, Colorado, being developed by Grand Peaks. The project will include 144 market-rate apartments, 20 affordable units and approximately 5,000 square feet of commercial space, with construction expected to begin in Q3 2026. The Town of Avon is contributing up to $11.84 million in public financing to support the development. Located near Beaver Creek Resort, The Summit qualifies as a rural Targeted Employment Area under the EB-5 program and is intended to help address Eagle County’s significant housing shortage.

Drew Capital Secures $70 Million in Financing for Cosmo 440, a 216-Unit Residential Tower in Newark, NJ

Developer

Yisroel Berger

Lender

Dwight Mortgage Trust

Broker

Akiva Drew

DREW CAPITAL ARRANGES $70M FINANCING FOR 216-UNIT COSMO 440 IN NEWARK Drew Capital has arranged a $70 million non-recourse, interest-only loan for Cosmo 440, a 25-story, 216-unit multifamily property at 440 Elizabeth Avenue in Newark, New Jersey. The financing was arranged by Akiva Drew, founder and principal of Drew Capital, on behalf of 440 Elizabeth NJ Urban Renewal LLC, sponsored by Yisroel Berger. The lender was Dwight Mortgage Trust. Drew Capital has been involved with the property through multiple stages of its capitalization, previously arranging construction financing for a full gut renovation as well as subsequent lease-up financing. Built in 1969, Cosmo 440 has been repositioned as a Class A multifamily community with 190 market-rate units and 26 affordable units. The property totals approximately 272,222 gross square feet and includes amenities such as a fitness center, co-working lounge, concierge, playground, social spaces, parking and EV charging.

Soquel Affordable Housing Development

Participant

Safehold Inc.

Developer

The Pacific Companies

Equity partner

Wells Fargo

Participant

Citi Community Capital

Safehold Inc. has closed a $45 million ground lease for the development of a 256-unit affordable housing community in the Soquel area of Santa Cruz, California. The Low-Income Housing Tax Credit development is being developed by The Pacific Companies and is expected to be delivered in 2028. Wells Fargo and Citi Community Capital are providing construction financing and tax credit equity, while Citi is also providing permanent financing. The transaction represents Safehold's second recent affordable housing ground lease in the Santa Cruz area as the company expands its ground lease platform within the affordable housing sector.

Wnc Institutional Tax Credit Fund 59, L.p.

Participant

WNC & Associates, Inc.

WNC & Associates has closed WNC Institutional Tax Credit Fund 59, L.P., a $210 million national Low-Income Housing Tax Credit fund investing in 2,015 affordable housing units across 18 communities in 13 states. The portfolio includes seven new-construction communities and 11 preservation communities, including two historic rehabilitation projects. Five properties will serve seniors and 13 will provide affordable housing for families. Fund 59 also includes investments utilizing Energy Tax Credits and Historic Tax Credits.