MINNEAPOLIS, MN – Hunt Real Estate Capital, a division of ORIX Real Estate Capital, has provided a $43 million Fannie Mae DUS Conventional Multifamily loan to refinance Ironclad Apartments, a 172-unit mid-rise apartment community in Minneapolis, Minnesota that debuted in 2019.
The loan refinances construction debt from a bank the borrower utilized to build Ironclad and a neighboring hotel starting in 2017.
“We were proud to partner with the sponsor, as well as Rohit Narayanan at Lighthouse Advisors, to complete this Fannie Mae refinance,” said Nicholas Diamond, vice president at Hunt. “This was the sponsor’s first agency deal and first multifamily project in over two decades, and we were humbled to be selected as their partner in this undertaking. With the new structure in place, Ironclad is well-positioned to reap the benefits of agency financing for years to come.”
In February of this year, the transaction was originally expected to proceed as a Fannie Mae Multifamily Near-Stabilization execution. In the wake of the COVID-19 crisis and subsequent market disruption, Fannie suspended the program, yet was able to work with Hunt to quickly pivot to the conventional option.
The $43 million loan features a low, fixed interest rate and 10-year term with three years of interest only followed by a 30-year amortization schedule. In addition to paying off construction debt with low-cost capital at a fixed interest rate, the closing provides for substantial cash-out proceeds to the sponsors of approximately $2.1 million.
Ironclad Apartments is a “class A” property with high-quality amenities, as well as two commercial units. Due to the high-quality nature of the asset and its prime location, Ironclad was able to successfully lease up and stabilize during the summer months despite challenges caused by the pandemic.

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LADY LAKE, FL – ConcordRENTS announced the Grand Opening of Lake Sumter Apartment Homes, a $28.7 Million affordable housing community, consisting of 158 apartment homes serving those making 40% – 80% of the area median income. Located minutes from the Lake Sumter Landing in The Villages, Lake Sumter Apartment Homes is the newest affordable community in 16 years in Sumter County.
Lake Sumter Apartment Homes is dedicated to providing safe and quality housing for the expanding needs of families in Sumter County. The community will appeal to the most discerning preferences including traditional 3-Tale Garden style building designs as well as unique Carriage Homes over Garages. Each home will be fully equipped with granite countertops and CleanSteel energy efficient appliances, along with other modern finishes. By offering more 3 and 4 bedroom homes than most other apartments communities, it provides opportunity for larger families and those wanting additional space for a guest room or home office. The residents will also be able to take advantage of community amenities with a business center, heart healthy cardio and fitness studio, walking path along community pond and a dog park.
The Villages is one of the largest age-restricted active adult communities in the country, expanding over 3 counties and 20,000 acres, and filled with over 100 miles of golf cart legal streets and trails. This 55+ community features three town squares, 60 recreational centers, as well as 12 championship golf courses, including the well-known Palmer Legends and Lake Sumter Apartment Homes is located just minutes from the epicenter.
Lake Sumter Apartment Homes is the first affordable phase of a three-phase 334 apartment home development. Funding for Lake Sumter Apartment Homes comes from $14.3 Million in Tax-Exempt Bonds, issued by the Housing Finance Authority of Volusia County, $10.85 Million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corporation, and other sources provided through by the Developer, Atlantic Housing Partners, L.L.L.P.
ConcordRENTS is a national leader in high quality, customer-focused property management of affordable multifamily rental housing. ConcordRENTS oversees over 100 properties in Florida.

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PHOENIX, AZ – Banyan Residential has announced the start of new construction at 5321 E. Washington in Phoenix, Arizona, marking the company’s second ground-breaking in the area this year. Centrally located just east of the Loop 202 Freeway and directly adjacent to the Valley Metro light rail, the project will offer 223 market-rate apartment units to residents seeking luxury multifamily housing and proximate access to the downtown hubs of Tempe, Scottsdale, and Phoenix. The project is located in an Opportunity Zone, part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017.
“We at the City of Phoenix are excited to see Banyan Residential start the development of this Opportunity Zone project,” said Christine Mackay, Community and Economic Development Director for the City of Phoenix. “The strategic location of this development is driving additional interest in the area, and these projects are adding vitality, economic opportunity, and infrastructure improvement to our city.”
Designed by local architect CCBG, the community will feature an industrial design motif and include a resort-style pool, fitness center, rooftop deck, mobile workspace hub, and fenced dog run area. Individual unit interiors feature stainless steel appliances, engineered stone countertops, and plank flooring, as well as glass showers and balconies in select units.
“Together with our exceptional partners at Mountain Pacific Opportunity Partners, we are excited to announce the start of construction at Banyan Washington,” said Ben Brosseau, the founder of Banyan Residential. “This project will be a welcome addition to the quick-developing corridor along Washington.”
Construction will start in September, led by general contractor Hardison Downey. Banyan anticipates delivering first units for occupancy in late 2021.
Max Friedman, a partner at Banyan Residential, added “We are very pleased to announce the ground breaking, especially considering the massive impact that the COVID-19 pandemic has had on jobs across the region. Banyan Washington represents a significant financial investment in the Phoenix community, and will make 150 construction jobs for residents in the area. New apartments will help support the growing workforce in Phoenix, one of the leading markets in the US for job gains.”

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