Dickinson Moves Ahead with $65M Project

A mixed-use project gets the green light; Venture West arranges a $10.1 million acquisition loan; and ARA represents the buyer in the acquisition of a 4.18-acre site in a master-planned community.

Dover Landing

Dover, N.H.—Dickinson Development Corp. has gotten the green light to move ahead on a revised plan for Dover Landing, a $65 million mixed-use project in Dover, N.H. The project dates back to 2006 when Dickinson was picked by the City of Dover to redevelop the blighted site. Now the project with 108 units of residential space and office/retail space in a lifestyle concept is finalized and the company can move forward.

The first phase will include a two-story building with ground floor retail topped with one floor of office space. Plans also include three adjacent buildings with live/work units above additional office or retail. A unique aspect of this development is a recently completed $5 million bridge that will connect the development directly to downtown Dover across the Cocheco River.

Now that Dickinson is approved, the company will acquire the 21-acre site from the City for approximately $4.6 million in a transaction that is set to close in late August. Construction should commence in early 2013 with the entire development scheduled to reach completion in early 2016.

Venture West arranges $10.1M construction financing

El Segundo, Calif.—Venture West Funding Inc. has arranged loans totaling $10.1 million for the purchase of two apartment buildings in the San Fernando Valley. A Beverly Hills-based develop and investment company will but the two assets—Klump Avenue Apartments and White Oak Regency.

Klump Avenue Apartments is a 2008-built, 15-unit property that is currently 100 percent occupied. White Oak Regency is a 24-unit luxury property that was built in 2007. The loans were funded with Capital Source and Sterling Savings Banks.

“We were able to fully satisfy the borrower’s objective by securing high-leverage, 5-year fixed, non-recourse loans with competitive rates,” according to Matt Douglas, principal of Venture West Funding.

ARA represents buyer in acquisition of 4.18-acre site

Lone Tree, Colo.— ARA recently represented an affiliate of Martin Fein Interests Ltd. in the acquisition of The Vue Apartment Homes at RidgeGate land, a 4.18-acre site within the 3,500-acre master-planned RidgeGate community located in Lone Tree, Colo. ARA Colorado Principals, Steve O’Dell and Chris Cowan, represented Martin Fein in the transaction. The seller was RidgeGate Investments, Inc.

“The recent land sale in RidgeGate is an example of two highly respected groups coming together to further a prominent development site and master-planned community. Martin Fein Interests, Ltd. is regarded as one of the highest quality apartment developers in the country and RidgeGate’s commitment to Lone Tree is unmatched,” said Chris Cowan.

Located at the southwest corner of Lincoln Avenue and Interstate-25, the affiliate of Martin Fein Interests, Ltd. broke ground on The Vue Apartment Homes at RidgeGate in early February, 2012. The 281-unit, mid-rise, wrap construction community is scheduled for completion in late 2013, with leasing to begin late 1st quarter 2013. The property’s location within RidgeGate and proximity to continued public and private development of SkyRidge Medical Center and the future Sky Ridge light rail station will add exponential value to the Vue at RidgeGate upon completion.

The adjacent SkyRidge Medical Center recently announced plans to add 100 beds, expanding their facilities by one third. The expansion will begin in early 2013, and upon completion in 2014 will bring an additional 300 jobs to Lone Tree. In addition, The Regional Transportation District (RTD) is extending the southeast corridor to add three stops within RidgeGate at SkyRidge, Lone Tree City Center, and RidgeGate Parkway, all within ten minutes of the property. Future residents will also benefit from the community’s access to I-25, providing direct access to downtown Denver, the Denver Tech Center Business Corridor, Park Meadows Mall, and DIA. The DTC Business Corridor is the largest employment center in metro Denver. With more than 40 million square feet of office space, this area is 53% larger than the downtown office market and now accommodates approximately 150,000 office workers.

Steve O’Dell concluded, “Martin Fein builds some of the highest quality luxury apartments in the country. The Vue at RidgeGate, will be highly visible and accessible, just north of Sky Ridge Medical Center. Views, visibility from I-25, and proximity to major employers and transit will make this a top suburban location.”