Fisher Brothers Lands $100.7M for D.C. Development
- Jul 10, 2013
Washington, D.C.—The H Street submarket will see a new 10-story, Class A transit-oriented infill multifamily and retail development thanks to the $100.7 million that Holliday Fenoglio Fowler has arranged for developer Fisher Brothers. The 20-year, construction-to-permanent loan was placed with an institutional investor represented by Cornerstone Real Estate Advisors.
Located at 701 2nd Street, the development is situated at the convergence of Washington, D.C.’s Capitol Hill, NoMa and H Street Corridor neighborhoods. Due for completion in December 2014, the asset will consist of 378 units, 25,517 square feet of ground-floor retail space and a 309-space underground parking garage. Amenities will include 24-hour concierge service, a fitness center with spin room, a garden, courtyard, gaming lounge, pet spa, a rooftop swimming pool/deck with cabanas and hot tub, a vegetable garden and electric car charging ports.
Fisher Brothers has developed more than 12 million square feet of space and owns more than seven million square feet of Class A office space in New York and Washington, D.C.
Berkeley Point Capital provides Kennedy Wilson with $31.6M acquisition loan
Aurora, Colo.—Berkeley Point Capital has closed a $31.6 million loan for the acquisition of Sommerset Gardens, a 420-unit garden-style community located in Aurora, Colo. Financing for the Class B asset was structured under the Fannie Mae DUS program as a 12-year term with five years of interest-only at a fixed rate of 4.27 percent.
Sommerset Gardens was built in two phases in 1981 and 1983. The sponsor, Kennedy Wilson, plans to spend approximately $5 million to upgrade the property. Planned renovations include interior unit upgrades, exterior painting and siding repairs, landscaping and exterior lighting. Kennedy Wilson also has plans to renovate the leasing center, upgrade the fitness center, convert the property to controlled access and add barbecue areas and a tot lot.
“Kennedy Wilson’s overall objective is to rebrand and remarket the property with a high quality rehab and capitalize on its proximity to the light-rail that is currently under construction nearby,” says Nick Bridges, acquisitions manager at Kennedy Wilson. “Berkeley Point provided a long-term fixed rate loan with a significant interest-only period that will accommodate this planned renovation program.”
HFF arranges $7.75M, seven-year term, refinancing
Dallas—HFF announced that it has arranged a $7.75 million refinancing for Park Creek Manor, a 322-unit multi-housing community in Dallas.
HFF worked on behalf of AmeriSouth Realty to secure the seven-year, fixed-rate loan through Southwest Securities FSB. This transaction marks the sixth financing that HFF has completed on behalf of AmeriSouth in the past 12 months.
Park Creek Manor is situated near the northwest corner of West Illinois Avenue and South Westmoreland Avenue in southwest Dallas. The property is 99 percent leased and has a mixture of one-, two- and three-bedroom units as well as a swimming pool.
The HFF team representing the borrower was led by senior managing director John Brownlee.
AmeriSouth Realty is a commercial real estate firm founded in 1987 by Ruel M. Hamilton with a focus on the acquisition, management and brokerage of Class C multi-housing properties. AmeriSouth currently owns and operates more than 3,000 units across 20 properties located throughout the Dallas/Fort Worth area as well as Austin and Texarkana.