F inancial D igest

M id A tlantic Real Estate Journal — October 21 - November 17, 2022 — 7A


Awards recognize impactful use of the Low-Income Housing Tax Credit Cinnaire Investments capture prestigious Charles L. Edson Tax Credit Excellence Awards

IRGINIA — Two of Cinnaire’s invest - ments have been award - ed the prestigious Charles L. Edson Tax Credit Excellence Award (Edson Award). 1300 Residences, a 50-unit senior and veterans housing projects in River Falls, WI, has been selected as the recipient in the Green and Healthy Housing category, and Rauner Family Veterans Apartments by A Safe Haven Foundation, a 75-unit affordable housing community for veterans, has been selected as the winner in the Housing for Veterans of the Armed Forces category. The Edson awards recognize outstanding affordable housing developments and organiza - tions that have demonstrated especially impactful use of the Low-Income Housing Tax Credit. The awards are named in honor of Charles Edson, a longtime champion of afford - able housing well-known for his role in establishing the LIHTC. “Chuck’s role in establishing the Low Income Housing Tax Credit resulted in a program RICHMOND, VA — Mike Lowry, Keith Wells, Reina Mazicioglu , and Hunter Wood of Northmarq’s Rich - mond debt/equity team, ar - ranged the $29.8 million con - struction financing for the multifamily development. The 122,464 s/f plot is located at 103 East 2nd St., Richmond. The permanent-fixed loan was structured on a 5-year term with 3-years interest only followed by a 30-year amorti - zation schedule. Northmarq secured the financing through a local bank. In a second transaction, Reina Mazicioglu and Hunter Wood arranged the $14 million refinance of Hopper Lofts. The 139-unit/4-story multifam - ily property (built in 2012) is located at 700 Everett St., Richmond. The permanent- fixed loan was structured with a 10-year interest only term followed by a 30-year amortiza - tion schedule. Northmarq se - V

Charles L. Edson Tax Credit Excellence Award (Edson Award) presentation.

that has provided more af - fordable housing than any other program in existence,” said Mark McDaniel , Cin - naire president and CEO. “The Housing Credit has supported millions of affordable homes in urban and rural communi - ties across the country. It is an honor to have two of our investments, 1300 Residences and Rauner Family VA Apart - ments, receive the prestigious

Edson Award.” Since 1986, the Housing Cred - it has financed more than 3.6 million homes for low-income households, including formerly homeless individuals and fami - lies, people with disabilities, veterans of the armed forces, and senior citizens. Through public-private partnerships, the Housing Credit offers a proven track record of financing safe, quality, and stable affordable

homes in communities where they are needed most. “As rents have skyrocketed over the past year, these prop - erties have provided sorely needed relief to their residents while improving their commu - nities,” said AHTCC CEO Em- ily Cadik . “This year’s Edson Award winners have changed lives and neighborhoods for the better and show how much more we could gain if we further

expand the program.” Recipients were recognized at an awards ceremony in Washington DC that brought together members of Congress, business, and nonprofit lead - ers to celebrate LIHTC devel - opments that are strengthen - ing communities, improving health, and boosting the local economy in urban, subur - ban, and rural neighborhoods across the nation. MAREJ interest only and a 30-year amortization schedule. North - marq secured financing for the borrower through a regional bank. “The borrower was interest - ed in a short-term bank loan with a flexible prepayment. We went to numerous New Jersey banks for the best deal for this strong, locally based client. We had many options and were able to get the client the best mix of rate, proceeds and fees,” said Ranieri. Tireno Towers, constructed in the late 1960’s, is a 54-unit mid-rise building offering a mix of studio, 1-bedroom and 2-bedroom units. Amenities at the property include bal - conies, laundry facilities on each floor and covered and surface parking. Three former office suites are in the process of being converted to four ad - ditional apartment units. The lobby is also being completely renovated. MAREJ

Northmarq completes $29.8M construction loan for 103 East 2nd St.

103 East 2nd St. aerial

cured the financing through its in-house Fannie Mae platform. Highly rated and located in the upgraded industrial neighborhood of Old Town Manchester, Hopper Lofts lies within city attractions and river views. The Richmond International Airport is only 10.1 miles away from the prop - erty, equaling a 19-minute drive. Residents benefit from proximity to three shopping

centers: City View Marketplace (0.4 miles), Wilton Square at Tobacco Row (2.0 miles), and Fulton Yard Site C (3.6 miles). There are five parks within only 3 miles, conveniently ac - cessible to walkers and bikers. Property features include: Granite kitchen countertops, polished concrete flooring, spacious closets, pet play area with washing station, state- of-the-art fitness center, club -

house, courtyard, lounge, on- site maintenance, elevator, door-to-door trash pickup, and assigned parking space. WHITE PLAINS, NY — Robert Ranieri , senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged refinancing of $9 million for Tireno Towers. The trans - action was structured with a 10-year term with 1-year

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