TODAY’S DEALS: NorthMarq Arranges $32M for California Construction
San Mateo, Calif.—NorthMarq Capital’s San Francisco regional office has arranged a construction loan for the development of a 108-unit community located at 2889 East Kyne Street in San Mateo, Calif. Known as Field House, the asset is the first apartment development built in Phase II of the master-planned community known as Bay Meadows.
Dennis Williams, managing director at NorthMarq, arranged the loan. Financing was based on a 36-month interest-only term and was placed with a regional bank.
“The lender provided attractive construction loan terms that included a flexible loan amount with attractive pricing,” Williams says.
Field House is being developed by a partnership consisting of Stockbridge and Wilson Meany. BDE Architecture designed the community, which is slated to open in late 2014. Amenities include two landscaped courtyards, a community room, outdoor spa, fitness center, pool and bike storage.
Korman Communities completes $34M White Plains disposition
White Plains, N.Y.—Holliday Fenoglio Fowler has closed the sale of a 12-story, 124-unit community in White Plains, N.Y., on behalf of the seller, a joint venture between Korman Communities and an institutional partner. The DSF Group acquired the asset clear and free of debt for $34 million.
The property, 25 Marine Ave., is located in downtown White Plains directly across from a Metro-North station offering direct Manhattan access. Renovated in 2004, the property features a fitness center, residents lounge, internet café and a 159-space parking garage.
“DSF has been very active in the Northeast during the last several years,” says Jose Cruz, senior managing director at HFF. “This was DSF’s first acquisition in the New York area and they did a great job of working through the transaction and closed on time.”
Crescent Communities buys two acres for an Orlando development
Orlando, Fla.—Crescent Communities has paved the way for its development of a 275-unit luxury asset in Orlando with the acquisition of a two-acre land parcel. The company plans to begin construction later this year. The plot is part of the 5.6-acre Central Station site under development by RIDA Development Corp. that will include office space, a hotel and ground-level retail. The site is also adjacent to a commuter train station for SunRail, which is scheduled to launch in 2014. Crescent Central Station will feature 20,000 square feet of amenities and 12,000 square feet of ground floor retail.
“Central Station is an ideal location for the type of communities that we emphasize at Crescent,” says Jay Curran, vice president for Crescent Communities Multifamily Group. “Communities of the future will have sustainable designs that incorporate transit oriented development and a rich menu of amenities for the way that people want to live, work and play.”
The amenity package at Crescent Central Station includes a demonstration kitchen, two-level fitness center, a pool, bike repair, pet care and a sky deck.