Baltimore M-U Asset Lands $120M for Redevelopment
- Feb 07, 2014
Baltimore—HFF has secured $120 million in construction financing for the redevelopment of The Rotunda, a 661,872-square-foot, mixed-use complex in Baltimore that includes apartments, retail and office space. HFF worked on behalf of Grande Rotunda LLC, an entity owned by Hackensack, N.J.-based Hekemian & Company Inc., to secure the 48-month, construction loan through Wells Fargo.
Due to be completed in 2016, The Rotunda will include 379 luxury residential units averaging 932 square feet each, 170,675 square feet of retail space including a movie theater, approximately 138,000 square feet of existing office space and more than 1,000 parking spaces in a parking structure and surface lots.
The project will be developed around the former Maryland Casualty Insurance Company headquarters building, a four-story office and retail property originally completed in 1921. The residential portion of the development will include amenities such as a 24-hour concierge, swimming pool with views of the Baltimore skyline, a clubroom, fitness center, yoga studio, internet café and outdoor grilling areas. Located at the intersection of West 40th Street at Elm Ave., the development is adjacent to Johns Hopkins University, north of downtown Baltimore.
The HFF team representing the borrower was led by senior managing director Thomas Didio, managing director Cary Abod and associate director Andrew Roland.
Berkeley Point Capital executes $9.8M refinance in San Antonio
San Antonio—Berkeley Point Capital has closed a fully amortizing $9.8 million loan for the refinance of Aquila Oaks Apartments, a 346-unit, affordable community located in San Antonio. The sponsor is California-based Cesar Chavez Foundation, a provider of affordable housing in California, Arizona, New Mexico and Texas that has built or renovated 42 communities.
The refinance allows for near-term capital improvements and a large initial deposit to reserve for future capital needs. The loan was originated by Mickey Rist, director in Berkeley Point’s Michigan office. The property has 7 three-story apartment buildings, 18 two-story apartment building, a leasing office, learning center and two swimming pools. Refinancing was provided under the FHA 223(a)(7) program.
BMC Capital provides $1.3 million loan for Austin property
Austin, Texas—Patrick Short of BMC Capital’s Austin office has arranged for a $1,.3 million Supplemental Loan for a 48 unit multifamily property located in Austin, Texas. The loan featured an eight-year fixed rate at 5.79 percent and a 30 year amortization, co-terminus with the existing first lien. The loan was arranged through one of BMC Capital’s preferred Fannie Mae DUS lending relationships.
BMC Capital is a leading lender for small-balance multifamily and commercial loans in the country and anticipates originating at least 150 such transactions in 2014.