Other Multifamily News
Mesa West Capital has provided McDowell Properties with a $29.7 million first mortgage loan to acquire and renovate a 194 unit garden style multifamily community in Cary, North Carolina.
The five year, non recourse loan is secured by The Ellery of Cary, located at 100 Hempstead Ct. in the North Cary/Morrisville submarket, positioned directly between Raleigh and Durham. Built in 1988 on nearly 19 acres, The Ellery of Cary offers a mix of one and two bedroom floor plans averaging 875 square feet. Units feature stainless steel appliances, laminate flooring, walk in closets, private balconies, and in unit washers and dryers. Community amenities include a swimming pool with sun deck, 24 hour fitness center, dog park, outdoor courtyard with fire pits and grills, and walking trails with direct access to the Black Creek Greenway.
The Ellery of Cary is supported by strong demand drivers, primarily its central location near Interstate 40, with access to the region’s famed Research Triangle. This area offers approximately 400,000 jobs across technology, life sciences and healthcare that are all within a 20-minute drive of the property.
The immediate area also has more than 3.4 million square feet of community-serving retail, entertainment and dining located within a three-mile radius.
According to a 2025 Axios report, the Raleigh metro area’s population grew 10.2% between 2020 and 2024, far outpacing the national average of 2.6% and making it one of the fastest growing metros in the country.
While the prior owner completed several capital improvements in recent years, including a new roof, exterior upgrades and common area enhancements, all of the units remain in original condition, presenting a compelling value add opportunity for the sponsor.
“In place rents are well below those of renovated comparable properties in the submarket, providing a significant opportunity to drive rental growth,” said Josh Westerberg, Mesa West Capital’s Head of the Western Region, who led the origination team out of Los Angeles alongside JJ McMahon. “With the recent supply wave moderating, a declining development pipeline and continued population growth in the market, we believe sustained renter demand can support the sponsor’s ability to successfully execute their business plan.”
The financing was arranged by Trevor Brotman, Tricia Linden, and Kara Profitt out of Walker & Dunlop’s Irvine office.
New Yorkers can get expert advice on buying a home for the first time, or applying for affordable rental housing through the HPD Housing Connect lottery, at the Pathways to Housing Expo on Saturday, June 27, in Manhattan, presented by the nonprofit NYC Housing Partnership.
NEW YORK, NY (May 27, 2026) – Greystone, a leading national commercial real estate finance company, has provided a $35,000,000 bridge-to-HUD refinance for a 102-unit assisted living portfolio in Southern California. The financing was originated by Greystone Managing Director Christopher Clare, along with David Young, Ryan Harkins, Ben Rubin, Parker Nielsen, and Liam Gallagher assisting in the transaction.
HH Red Stone has been named one of the top student housing companies in the country in J Turner Research’s 2025 Student Housing Company Online Reputation Assessment (ORA) Power Ranking, earning the No. 10 position nationally with an ORA score of 65.83. J Turner Research says it monitors the online reputation of more than 3,200 off-campus student housing properties nationwide across review sites and ILS platforms, representing to an estimated footprint of more than 1.78 million beds.
Jim Chapman Construction Group (JCCG), a leading build-to-rent (BTR) general contractor based in the Southeast, is pleased to announce its place on the 2026 Builder 100 list, ranking No. 79 among the nation’s top residential builders. The annual report recognizes the largest and most active home builders in the United States, based on annual closings and overall market performance.
Buyers interested in Pulte Homes’ newest West Palm Beach development, The Domaine at SoSo, can now join a VIP list for priority updates and the first opportunity to purchase. Pulte recently closed on a 1.6-acre development site within the trendy SoSo neighborhood and will begin sales in May.
Mesa West Capital has provided Beachwold Residential with a $50.5 million first mortgage loan to refinance a 308 unit garden style apartment community in Jacksonville, FL. The financing was led out of Mesa West Capital’s New York office by Russell Frahm, Head of the Eastern Region, alongside Brad McCarthy.
The five-year, non-recourse loan is secured by Gran Bay Apartments, a 308-unit, 2015 vintage, garden style community comprised of 14 buildings situated on 15.5 acres. The property offers a mix of one, two, and three-bedroom units featuring stainless steel appliances, walk in closets, private balconies, and in unit washers and dryers. Amenities include a resort style swimming pool, fitness center, business center, grilling areas, fire pits, dog park, and children’s play area.
“Jacksonville continues to differentiate itself as a long‑term multifamily market supported by durable population growth, diversified employment drivers, and healthy renter demand,” said Frahm. “Despite a period of elevated new supply, the market absorbed more than 5,000 units in 2025, and construction activity has begun to meaningfully moderate across key submarkets. As deliveries slow and leasing momentum remains intact—particularly in the Southside corridor—we believe well‑located, stabilized assets like Gran Bay are positioned to benefit from improving fundamentals and a more balanced supply‑demand environment over the coming years.”
Gran Bay Apartments is located at 13444 Gran Bay Parkway in Duval County’s Southside submarket, providing immediate access to Interstate 95 and proximity to Flagler Center, a major employment corridor anchored by Baptist Medical Center and Citigroup’s regional operations campus. The surrounding area benefits from strong demographic tailwinds, convenient retail access, and continued population growth, supporting durable rental demand.
The financing was arranged by Taylor Williams of Walker and Dunlop.
NEW YORK, NY (April 20, 2026) – Greystone, a leading national commercial real estate finance company, has provided a $215,500,000 FHA 242 GNMA financing for Care New England Health System (“CNE”), a leading healthcare provider headquartered in Providence, Rhode Island. CNE was advised by Cornerstone Health Advisors LLC and the transaction was originated by Greystone Managing Director Brett Southworth.
NEW YORK, NY (April 20, 2026) – Greystone, a leading national commercial real estate finance company, has provided a $215,500,000 FHA 242 GNMA financing for Care New England Health System (“CNE”), a leading healthcare provider headquartered in Providence, Rhode Island. CNE was advised by Cornerstone Health Advisors LLC and the transaction was originated by Greystone Managing Director Brett Southworth.
