TODAY’S DEALS: EdR to Build $46.1M Asset at Duke University
Durham, N.C.—EdR has announced plans to develop a $46.1 million student housing community at Duke University through a joint venture with Javelin 19 Investments. EdR is the 90 percent owner and managing member of the venture, and it will provide development, construction oversight and management services for the 386-bed asset, which is scheduled for completion in summer 2014.
“We are excited to be involved with Javelin 19 in this development,” says Randy Churchey, EdR president and chief executive officer. “Javelin 19 is a forward-thinking development company with a solid reputation and we are confident that, together, we will have other successes and exciting opportunities in the future.”
The asset itself is geared towards graduate students and upperclassmen, and is located within walking distance of the recently leased university office and research space where graduate students will be employed or studying. Graduate students actually comprise more than half of Duke’s total 2012 enrollment of 14,591 students.
“While a graduate student at Duke, I led several consulting projects focused on the nearby West End community,” says Jill Homan, principal at Javelin 19 Investments. “This highly traveled, yet under resourced corridor between Duke and downtown Durham is an incredibly exciting redevelopment opportunity. I’m proud to join with the EdR team and invest in the city to improve and enhance the quality of life and business appeal of Durham.”
The urban-style mid-rise will include studios and one-, two- and three-bedroom apartments along with an amenity package including a lounge, coffee bar, fitness center, yoga area, cable, Wi-Fi, an outdoor grilling area and a swimming pool. There are also plans for an attached garage with 400 parking spaces. Completing the team with EdR and Javelin 19 are lead architect JDavis Architects of Raleigh, N.C., civil engineer John R. McAdams of Durham, N.C. and Clancy & Theys Construction Co. of Wilmington, N.C.
UC Funding closes $12.1M bridge loan in Charlotte
Charlotte, N.C.—UC Funding has funded a $12.1 million bridge loan to acquire and renovate a 330 unit Class B apartment complex in Charlotte, N.C. This is the fifth deal between the borrower and UC Funding in the last 12 months. UC Funding was able to provide 98 percent of the acquisition cost within 15 days of the application.
“We are a relationship driven lender that takes great pride in giving real estate owners the capital they need to grow their portfolios,” says Dan Palmier, president and CEO of UC Funding. “Our capital solution program with this sponsor allows him to do what he does best, which is to source property that is undervalued and then create value through actively managing the asset.”
NorthMarq arranges $10.1M in Freddie Mac acquisition financing
Gilbert, Ariz.—Gardiner Champlin and Marty Meagher, senior vice presidents and managing directors of NorthMarq’s San Diego regional office, respectively, arranged first mortgage acquisition financing of $10.1 million for Legacy Village, a 120-unit market-rate two- and three-story garden apartment community located in Gilbert, Ariz.
Financing was based on a 10-year term with two years interest-only followed by a 30-year amortization schedule thereafter. NorthMarq arranged this financing for the borrower, The Reserve at Gilbert Towne Centre LLC, through its seller-servicer relationship with Freddie Mac.
“This repeat borrower transaction was executed smoothly by Freddie Mac to achieve purchase closing and loan funding on the required target date,” says Champlin.