Archstone Begins First Asset in Berkeley

Archstone breaks ground in Berkeley, Calif.; Canyon Capital provides $27.4 million for a mixed-use project in Tampa; and Meridian Capital arranges a $15.9 million CMBS refinancing of a mixed-use portfolio.

Archstone Berkeley on Addison

Berkeley, Calif.—Archstone has broken ground on Archstone Berkeley on Addison, the company’s first apartment community in Berkeley, Calif. The 94-unit asset will be located at the corner of Third and Addison, blocks from the Berkeley Marina and the San Francisco Bay.

“Berkeley is an incredible city and an excellent fit for an Archstone apartment community,” says Amir Massih, vice president of development at Archstone. “We’re excited about starting this project and look forward to providing an outstanding addition to the neighborhood and for our future residents.”

The property’s amenity package will include a roof deck with a view of the Golden Gate Bridge, an open-air fitness center, and a pet salon.

“This is the first Archstone development start in the Bay Area since completing the second phase of Archstone San Bruno in 2007,” adds Rick Lamprech, Archstone’s executive vice president of development for the West Region. “We’re pleased to be back in the business of developing great apartment homes in a vibrant neighborhood in one of the nation’s premier markets.”

Canyon Capital funds $27.4M loan for mixed-use project in Tampa

Tampa, Fla.—Canyon Capital Realty Advisors has provided a $27.4 million senior loan to GCAK Tampa LLC, an affiliate of Tampa-based Mercury Advisors, to refinance assets in the Grand Central at Kennedy. The refinance will allow GCAK to complete the sales and marketing of the remaining condominium units and to continue the lease up and build-out of the remaining first generation office and retail space.

Grand Central is a Class A mixed-use asset with 392 condos, 110,000 square feet of ground-floor retail, and approximately 70,000 square feet of office space. GCAK acquired the unsold residential, office and retail space from the original developer in 2010. The project is located just east of downtown Tampa in the Channel District.

“The Channel District has established itself as a highly desirable place to live in Tampa,” says Bobby Turner, chairman and chief executive officer of Canyon Capital Realty Advisors. “Grand Central is a high quality project that is poised to capture the growing residential and commercial demand in the Channel District.”

Meridian Capital arranges $15.9M CMBS refinancing of mixed-use portfolio

Chicago—Meridian Capital Group LLC negotiated a $15.9 million mortgage to refinance a nine-building mixed-use portfolio located in the Lakeview, Bucktown, and Uptown neighborhoods of Chicago.

The 10-year, non-recourse CMBS loan provided by Ladder Capital Finance features a competitive interest rate of 5.25 percent. The portfolio contains 30,200 square feet of retail space in addition to 76 apartment units that have been completely renovated with condominium level finishes.

The deal was negotiated by Meridian Managing Director, Gershon Friedman, who is based in the company’s Skokie, Ill. office.