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TODAY’S DEALS: Bozzuto Group Secures $75 Million in Financing for Mixed-Use Development, and Other Transactions
Published: October 01, 2008
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By Anuradha Kher, Online News Editor
Baltimore--A Bozzuto Group-led venture has completed financing and commenced construction on The Fitzgerald at UB Midtown, a mixed-use community located in Baltimore’s cultural district.
The financing consists of a $52 million construction loan provided by Bank of America and RBS Citizens, as well as $23 million in equity funded primarily by New York State Teachers’ Retirement System (NYSTRS).
The Fitzgerald is a joint venture between The Bozzuto Group, Gould Property Co., NYSTRS and former Baltimore Raven Michael McCrary. The project sits on 4.6 acres of land owned by the University of Baltimore and is part of a massive redevelopment effort by the university and the surrounding community.
“To secure this level of financing during the current economic environment is a momentous accomplishment for all involved,” says Thomas Bozzuto, CEO of The Bozzuto Group. “We give credit to our lenders, to the University of Baltimore and to the city of Baltimore for their confidence in, and commitment to, The Fitzgerald at UB Midtown.”
Bozzuto has commenced construction and is expected to complete work in 2010.
HFF Arranges Loan for Third Phase of Southern California Community Bringing Total Financing to $100.72M
Cucamonga, Calif.--The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $13.27 million in financing for the third phase of Homecoming at Terra Vista, a Class A multifamily community in Rancho Cucamonga, Calif. This phase includes 80 units that were completed in 2007.
HFF placed the 14-year fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corp.).
HFF arranged the financing for the first two phases of the property in 2005 and 2007 through Wachovia Multifamily Capital. Total funding for all three loans is $100.72 million. Lewis Operating Corp. is a real estate developer specializing in California and Nevada.
The property is situated on 39.07 acres at 11660 Church St. within the master planned community of Terra Vista in Rancho Cucamonga. Homecoming at Terra Vista features 15 different one-, two- and three-bedroom apartment, townhouse and villa floor plans.
Arbor Closes $4,600,000 Fannie Mae DUS Loan
Arbor Commercial Funding LLC recently arranged a $4.6 million loan under the Fannie Mae DUS product line to refinance the 282-unit complex known as Carriage House in Topeka, Kan.
The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.23 percent.
