TODAY’S DEALS: Zeckendorf Breaks Ground on $500M Condo
New York—Zeckendorf Development has broken ground on a partnership development with Global Holdings Inc. to erect a 87-unit, 44-story condominium known as 50 United Nations Plaza. The asset is located adjacent to the U.N. Headquarters in Manhattan’s Midtown East submarket. The cost is estimated to be approximately $500 million.
London-based Foster + Partners is the architect behind the design which features vertical stacks of bay windows. There is a parking spot for each unit and the property will feature 5,000 square feet of ground-level retail and restaurant offerings, as well as a luxury amenity package.
HFF arranges $9M for Austin student housing
Austin—Holliday Fenoglio Fowler has arranged $9 million in financing for Century Square Apartments, a 138-unit student housing community near The University of Texas in Austin. The mortgage broker worked on behalf of a joint venture between the Cardinal Group Investments and Fundamental Advisors to secure the 10-year fixed-rate Fannie Mae loan. Proceeds were used to acquire the property.
The asset is located at 3401 Red River Road within walking distance of the campus and north of downtown Austin. The sponsor’s renovation plan will include both exterior and interior improvements as part of its rebranding of the property under its urban multifamily platform.
CBRE arranges $128,178-per-unit sale of renovated property
Washington, D.C.—The Washington, D.C. Multi-Housing Investment Team of CBRE arranged the sale of a renovated 218-unit apartment community in the heart of the Baltimore-Washington corridor. Westgate of Laurel was acquired for $27.9 million or $128,178/apartment from Westgate Apartments Investors LLC, by Westgate DNB Associates, a subsidiary of Geller Associates, Inc., of Roseland, N.J.
“The Baltimore-Washington corridor and the region around Fort Meade, the National Security Agency, Defense Information Systems Agency, and U.S. Cyber Command have become a magnet for high-tech jobs. The resulting stability of the workforce continues to pump value and interest into the neighboring real estate market, as exemplified by the acquisition of this attractive asset,” said Michael E. Muldowney, executive vice president.
Built in 1964, 218 units at the 201,704 square-foot complex were updated by the seller with high-end elements, from windows to kitchen finishes, commanding a rental premium over the majority of other local apartments. Westgate of Laurel was approximately 93 percent occupied at closing.
Led by Mike Muldowney, the CBRE team of Bill Roohan, Andy Boyer, Michael Rudolph, Brian Margerum, and Martha Hastings assisted in representing the seller, Westgate Apartments Investors.