GID Announces Phase II of Dallas Mixed-Use Development

GID Development reveals more details on its Dallas project; The Alexander Anderson Real Estate Group arranges $9.5 million for a 40-unit asset in Union City, N.J.; and Eastern Union’s $25 million in financings yield interest rates of 3.25 and 3.5 percent.

Regent Square Phase II

Houston—GID Development Group has announced details on the second phase of its Regent Square development on West Dallas Street in Houston. The new leg of the project will include 160 apartments, the Alamo Drafthouse Cinema and 15,000 square feet of restaurant space. Construction is slated to commence in late 2013.

“Phase Two represents a vibrant component of Regent Square featuring an exciting multifamily project and high-caliber tenants such as Alamo Drafthouse Cinema,” says James Linsley, president of GID Development Group. “The addition of this type of entertainment destination to Regent Square supports our vision to provide the best shopping, dining, entertainment, public space and walking neighborhood in Houston.”

The apartment component of phase II will be a high-end property featuring a rooftop space, swimming pool, sundeck, clubroom, demonstration kitchen, game lounge, bar area and fitness area.

The first phase of the project is already under construction. It includes The Sovereign, a 21-story residential building designed by Ziegler Cooper Architects. Its initial occupancy is slated for March 2014.

New Jersey condo conversion lands $9.5M refi

Union City, N.J.—The Alexander Anderson Real Estate Group has arranged a $9.5 million refinanced mortgage for Union Square, a 40-unit asset located in Union City, N.J. Terms include a five year term amortized over 30 years, and an interest rate of 4.25 percent. The property was originally financed as a condo development project, but building owner Caesar Ramos decided to lease the units out after the turn in the market.

“Over the last six months we worked with Mr. Ramos, the tenants, and the bank to show that Union City can support a demand for high end luxury rentals in today’s market,” says Corrado Belgiovine, president and broker of record of Alexander Anderson Real Estate Group. “We were able to secure our client a long-term plan and save him over $15,000 a month over the next five years.”

When Alexander Anderson Real Estate Group began working with the Union Square building only 11 units were occupied. Over the past six months the occupancy rate has reached over 95 percent and looks to be running at 100 percent within the next months or two.

Eastern Union’s $25M in financings yield interest rates of 3.25 percent, 3.5 percent

Bronx, N.Y.—Commercial mortgage brokerage firm Eastern Union Funding announced that it has arranged approximately $25 million in financing for commercial real estate properties in Bronx, N.Y.

Select transactions include:

-$11 million to refinance a 127-unit multifamily portfolio in the Bronx, on a seven-year term, at 3.25 percent and 25-year amortization with one year IO. Eli Breiner of Eastern Union arranged the transaction.

-$4.2 million to purchase a 54-unit multifamily property on Grand Avenue in The Bronx, on a 5+5 year term, at 3.5 percent and 30 year amortization with one year interest-only. Michael Muller of Eastern Union arranged the transaction.

-$3.25 million to refinance a multifamily property on Gerard Avenue in the Bronx, on a 7+5 year term, at 3.5 percent and 30 year amortization. Michael Muller of Eastern Union arranged the transaction