TODAY’S DEALS: Rockefeller Group, IPA Break Ground in Arizona
Gilbert, Ariz.—The Rockefeller Group and Investment Property Associates announced plans to break ground in Arizona late last summer, and Liv Northgate is now under construction. The $57.5 million development is located in the Phoenix suburb of Gilbert and will bring 402-units to the area in its first phase. The apartment community is springing up on Rockefeller’s 155-acre mixed-used community known as North Gateway, about 30 miles outside of downtown Phoenix.
“When The Rockefeller Group sought to have a presence in the Gilbert area in 2009, we were very enthusiastic about the opportunity to invest in this project,” says Kevin Hackett, CEO of The Rockefeller Group. “With our partner IPA, we look forward to seeing our vision for the property realized at Liv Northgate, and eventually, all of North Gateway.”
Liv Northgate will be managed by IPA. The North Gateway project will accommodate 226,000 square feet of office space, 1.1 million square feet of industrial/flex and 12.2 acres of retail space.
Terrace Capital provides $7.8M for an Ohio Asset
Columbus, Ohio—Terrace Capital has announced a $7.8 million non-recourse multifamily loan for Jeffery Apartments, a 98-unit Class A asset in Columbus, Ohio. The 75 percent loan-to-value mortgage was used by the borrower, JDS Development & Management, to repay existing debt and equity for the acquisition of several apartment units that were previously sold when the project was originally developed as a condominium. The mortgage had a 10 year fixed term and a 30 year amortization schedule.
“Lending in the state of Ohio has been challenging over the last several years, with the decline of the auto industry in the region, which has gone on for the last 30 years,” says Mr. Trow, a director and senior underwriter at Terrace Capital. “Despite the economic issues, Terrace Capital is willing to take the time to find credit worthy borrowers in the state and structure deals in a competitive fashion. Terrace is currently evaluating approximately another $260MM in high leverage, multifamily financing opportunities in Michigan, Florida, Ohio, Indiana & Georgia.
Cohen Financial secures financing for properties in Midwest
Aurora, Ill.—Cohen Financial announced that Dan Rosenberg, a partner and managing director of Cohen Financial in the Chicago office, secured financing for several commercial and multifamily properties. The apartment properties financed were: Stone Crossing Apartments in Aurora, Ill., and Pine Hill Apartments in Wheeling, Ill.
The properties were financed by Greystone, LoanCore Capital LLC, Morgan Stanley Commercial Capital and The Private Bank.
“Each transaction was separate and distinct; however, all were unified by the fact that they had to close by the end of the year. Each borrower was extremely pleased that Cohen Financial could fulfill their closing needs amidst the uncertainty in the capital markets and the current unsettled political environment,” said Rosenberg.