TODAY’S DEALS: Inland Enters into Student Housing Development Partnership
Eugene, Ore.—Inland American Communities has entered into a partnership with an Oregon-based development company and investors on a student housing development known as University House Arena District. The asset is located a quarter mile from the University of Oregon campus. It is slated to open in the fall of 2013 and will add 244 beds to Inland American Communities’ existing student housing portfolio, which includes over 5,000 beds.
“The University House Arena District asset aligns with our strategy to double the size of our student housing portfolio through the development and acquisition of best-in-class properties in diversified markets,” says Travis Roberts, president of Inland American Communities. “The partnership with a leading Oregon based developer provided an attractive option for entering this high barrier-to-entry market, and we look forward to the successful completion of this project.”
Queens development site near Citi Field hits market for $21M
Queens, N.Y.—A full developable city block at 112-21 Northern Boulevard in the North Corona neighborhood of Queens, N.Y. has hit the market for $21 million. Eastern Consolidated has exclusive rights on the parcel, which is adjacent to Citi Field (home of the Mets) and Flushing Bay.
The 1.67-acre, 73,000-square-foot development site is also next to the Willets Point redevelopment area, where Related Cos. and Sterling Equities are planning to construct a large master-planned mixed-use development. That plan is expected to bring over 5,500 apartments as well as parks, office buildings and a hotel.
“With talks of a new soccer stadium, retail and apartments in the area, investors are taking note that this part of Queens is ripe for new development,” says David Schechtman, executive managing director at Eastern Consolidated. “This is a great time to take advantage of a great location that is transforming into New York’s newest ‘destination’ hub for sports and shopping.”
Currently, there are two, triple-net-leased structures situated on the triangular-shaped parcel, as well as an ancillary garage structure positioned near the southeast corner of the property. According to Schechtman, the property will be delivered vacant by November 1, 2013, or ownership is willing to structure a short-term leaseback while redevelopment plans are being pursued.
NorthMarq arranges $22.6M in interest-only mortgage
Aventura, Fla.—Gary McGlynn, Kenneth Gentzel and Frank Relihan of NorthMarq’s Washington, DC Regional office, arranged acquisition financing of $22.6 million for Lincoln Pointe Apartments, a 285-unit market-rate multifamily community located on Williams Island in Aventura, Fla.
Financing was full term interest-only and was arranged for the borrower, a major state pension fund-controlled entity, by NorthMarq through its relationship with a correspondent life company lender.
“This property is a Class A, fully stabilized core asset with additional upside via the redevelopment associated with additional FAR,” said McGlynn.