TODAY’S DEALS: Forest City Enterprises Closes $250M Construction Loan for Waterfront Station, and Other Transactions
- Sep 24, 2008
By Anuradha Kher, Online News EditorWashington, D.C.–A consortium of five lenders will provide $250 million in construction financing for the initial phase of Forest City Enterprises Inc.’s new project, Waterfront Station, in Washington, D.C.Waterfront Station, located adjacent to the Waterfront/Southeastern University MetroRail station on M St. SW and 4th St., is a mixed-use redevelopment that will feature residential as well as office and retail components. “Closing this non-recourse financing in the midst of current credit-market conditions is a testament to a strong project in an excellent location, as well as to Forest City’s sponsorship, its partners and a great group of lenders,” says Charles A. Ratner, Forest City president and CEO.Financers included Bank of New York Mellon, which will serve as administrative agent for the lenders, Bank of Ireland, Wachovia, PB Capital and Landesbank Baden-Wurttemberg, New York Branch.When complete, Waterfront Station is expected to include 1,000 residential units, 1.2 million sq. ft. of office space and a minimum of 110,000 sq. ft. of stores and restaurants. The project is being developed by Waterfront Associates, a joint venture between affiliates of Forest City Washington Inc., Bresler & Reiner Inc. and Vornado/Charles E. Smith.Two MF Properties Sold for Total of Over $20MHendricks & Partners recently arranged the sale of the 82-unit Las Terrazas (pictured), located at 1440 Oak Dr. in Vista, Calif., for $9,747,500, as well as the 82-unit Bougainvillea, located at 1466 Bonair Rd. also in Vista, for $10,515,000.Constructed in 1977, Bougainvillea features 82 two-bedroom, one-and-one-half bathroom units. Individual unit amenities include enclosed patios, full appliance packages, central air conditioning and heating, ceiling fans and extra storage. Las Terrazas features a mix of three one-bedroom, one-bathroom units; 35 two-bedroom, one-bathroom units; and 44 two-bedroom, two-bathroom units. Built in 1978, this two-story, garden-style apartment complex is spread out across nearly four acres of land. Unit amenities include air conditioning, ceiling fans and private patios or balconies in each unit. Alliant Capital Closes $5.8M Apartment Refi LoanCouncil Bluffs, Iowa–Alliant Capital LLC closed a $5,840,000 loan for the refinance of the Sherwood Apartments located in Council Bluffs, Iowa. The property is a 216-unit garden-style apartment community built in 1975 and features nine, three-story apartment buildings. Alliant’s loan has a seven-year term with 30-year amortization.