Canyon-Johnson Invests $25.7M into JV Development
- Apr 18, 2012
Montclair, Calif.—Canyon-Johnson Urban Fund has made a $25.7 million equity investment into a joint venture with an affiliate of GLJ Partners for the acquisition and development of a fully-entitled 15.4 acre redevelopment site in Montclair, Calif. The Paseos, which is scheduled to break ground this summer, will be a 385-unit transit-oriented development.
The project is a component of the North Montclair Downtown Specific Plan, a mixed-use TOD district between the Montclair Transcenter and the Montclair Plaza regional shopping center.
“We appreciate the support of the City of Montclair to move this important project forward,” says Earvin “Magic” Johnson, a partner at Canyon-Johnson. “Building The Paseos will provide Class A workforce housing and spur other local investment right here in our home base of Southern California.”
The Paseos was designed by DesignARC and will demonstrate a distinctive Santa Barbara-style of architecture. Amenities at the 385,000-square-foot property will include two swimming pools, a clubhouse, private park, barbecues and outdoor fireplaces.
Beech Street lands $32 million for N.J. apartments
New Brunswick, N.J.—Beech Street Capital has provided a $32 million Freddie Mac CME loan for the refinance of Raritan Crossing Apartments, a 376-unit asset located in New Brunswick, N.J. Meridian Capital Group’s Avi Weinstock and Josh Rhine originated the transaction, which was financed by Beech Street as part of its correspondent relationship with Meridian.
“This was the borrower’s second transaction with Beech Street and they were very pleased with the execution,” says Joel Willard, vice president of credit at Beech Street. “They currently have a third transaction through underwriting.”
The property was acquired by the borrower in 2005, and has since undergone a series of recent improvements. Raritan Crossing is over 99 percent occupied and is 100 percent rent controlled.
Centerline supplies $15.5M Fannie Mae loan to refinance property
Nashua, N.H.—Centerline Capital Group, a provider of real estate financial and asset management services for affordable and conventional multifamily housing, and a subsidiary of Centerline Holding Co., announced it has provided a $15.5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, N.H.
Forest Ridge Apartments, located at 1B Hampshire Drive in Nashua, is a garden-style multifamily facility built in tin two phases in 1969 and 1972. The facility comprises 21, two- and three-story buildings. The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units, and 16 three bedroom-two bath townhouse units.
The loan is a 10-year fixed rate facility with a 30-year amortization period. The loan will be used to refinance the existing balance on the property.
Forest Ridge Apartments is located within the City of Nashua in Hillsborough County, N.H. The city is located approximately 30 minutes from Boston and 20 minutes from Manchester, NH, along Route 3 and is called “The Gate City.”
“Nashua has been named one of the ‘Best Places to Live in America’ by Money Magazine, and is the only city in the country ever to win the honor twice,” comments Steven Cox, senior vice president, Commercial Real Estate at Centerline. “The property is well-maintained, with a very high occupancy rate of over 95 percent. These factors made the Forest Ridge Apartment refinance a perfect deal for Centerline.”
The project amenities include 24 common laundry rooms, tennis and basketball courts, a playground and picnic area. In-unit amenities include: gas range/oven and exhaust hood, frost-free refrigerator, garbage disposal, dishwashers, wood cabinets with Formica countertops, patio or balcony area with an exterior storage room.