CBRE Arranges $45M for Mich. Student Housing
- Feb 16, 2011
Ann Arbor, Mich.–CBRE Capital Markets – Debt & Equity finance has arranged $45 million in financing for the construction of a student housing project near the campus of the University of Michigan. Financing was arranged on behalf of a partnership between Campus Acquisitions LLC and Hughes Development. Construction financing was provided by a national banking institution. Harrison Street Real Estate provided the joint venture equity for the project. The 606-bed luxury student housing complex will be known as 601 Forest.
“Construction financing in Michigan is a challenge,” says Jason Brown, vice president of CBRE Capital Markets in Detroit. “This project is evidence that the market for financing well conceived projects continues to improve. 601 Forest represents much needed new student housing in one of the tightest student markets in the country, with strong fundamentals and high barriers to entry.”
601 Forest will consist of a 14-story tower located two blocks from the ‘Diag’ and Quad at the university’s central campus. Units come fully furnished and include gourmet kitchens, flat screen televisions and in-suite washer/dryers. Amenities include a 1,800-square-foot lobby, ground floor retail, a spa-like fitness center, internet café, business center and several study lounges.
Grandbridge funds $19.85M deal for garden-style apartment
Sunrise, Florida –The Ft. Lauderdale office of Grandbridge Real Estate Capital originated and closed on a $19.85 million first mortgage loan secured by The Colonnade at Sawgrass, a 212-unit garden-style multifamily community in Sunrise, Fla.
BB&T Real Estate Funding provided the bridge debt. Ft. Lauderdale-based Senior Vice President Lance Lehman originated the transaction.
Built in 1996, the 54.77-acre Class B-plus community features a clubhouse and eight residential buildings with a mix of one, two-, and three-bedroom units located in Broward County adjacent to the Sawgrass Mills Mall, the nation’s sixth largest mall.
The property is known for its numerous upscale amenities which include a clubhouse, business center, fitness center, swimming pool, playground and tennis courts. Attached and detached garages as well as screened balconies and monitored, gated access and alarm systems complete the residents’ amenities package.
Alliant Capital provides $3.4M refinancing for Chicago’s Powhatan Building
Chicago–Alliant Capital LLC has closed a $3.4 million loan for the refinance of Chicago’s Powhatan Apartments. The 22-story luxury co-op building overlooks Lake Michigan in the ‘Indian Village’ neighborhood next to Burnham Park.
Alliant Capital originated a 5-year interest-only loan, which gives the borrower, a non-profit entity, some flexibility in the future. The previous lender was willing to reduce the prepayment penalty if the refinance could close by a specific deadline, which was met.
The art deco building was designated a Chicago City Landmark in 1993. Ornamental terra cotta panels feature idealized depictions of Native American culture. The building is one of the most expensive residential high-rises on Chicago’s South Side. It features unusual amenities such as an art deco indoor swimming pool (pictured), a ballroom overlooking Lake Michigan, and the only 24-hour elevator operators in Chicago.