Gotham Breaks Ground on $520M Manhattan Development

Gotham Organization Inc. breaks ground on a neighborhood-changing development in Manhattan; Beech Street Capital provides an $11.2 million loan for a community in Orlando; and Essex Realty Group sells two vintage apartments in Chicago.

Gotham's Midtown West Development

New York—Gotham Organization Inc. has commenced construction on a $520 million development in Manhattan’s Midtown West district. The four-building complex will span from West 44th to West 45th Street and from 10th to 11th Avenues. The mixed-use project will have over 1,200 units available for rent.

“Through an innovative partnership with the City of New York, Gotham Organization is proud to take the lead on a development that changes the face of Midtown West,” says David Picket, president of Gotham Organization. “This bold investment in our City’s future will create hundreds of new jobs, generate millions of dollars in revenue for the construction industry, contribute toward the building of a new primary school and provide homes to thousands of New Yorkers.”

A 31-story tower on the corner of 45th Street and 11th Avenue will serve as the project’s centerpiece. It will include approximately 550 luxury units. Community amenities will include a sky terrace, 10,000 square feet of indoor recreational space, a 10,000-square-foot interior courtyard, on-site parking and bicycle storage.

Three mid-rise buildings on 44th and 45th Streets will provide 682 income-restricted housing units through a partnership with the City of New York.

A Gotham affiliate worked with the City and the local community to change the zoning to allow for residential use. The project is primarily financed with tax-exempt bonds issued by the New York State Housing Finance Agency. The bonds are credit enhanced by a syndicate of lenders led by Wells Fargo Bank.

Residential units are slated for occupancy in 2012. The new school is expected to open in the fall of 2013.

Beech Street provides $11.2M for Orlando apartments

Woodhollow Apartments

Orlando, Fla.—Beech Street Capital LLC has provided an $11.2 million Freddie Mac CME loan to refinance Woodhollow Apartments, a 318-unit garden-style community located in Orlando, Fla. The transaction was originated by Jacob Katz of Meridian Capital Group LLC. The fixed-rate loan has a 10-year term.

“This is a quality property with an experienced sponsor,” says Grace Huebscher, president and chief executive officer at Beech Street Capital. “We look forward to continuing to pursue opportunities in the Florida market.”

Woodhollow Apartments is comprised of 33 one- and two-story buildings situated on 15 acres. It is located in the Orlando South submarket, which holds the youngest demographic in the metro area.

Essex Realty Group brokers sale of 83-units in Chicago

1063-1101 West Columbia

Chicago—Essex Realty Group Inc. has sold 1063 West Columbia and 1101 West Columbia, two contiguous vintage apartment buildings in Chicago’s Rogers Park, for $4.1 million. The properties are located less than one-half mile from Loyola University.

1063 West Columbia consists of 34 studios and seven one-bedroom units. 1101 West Columbia consists of 35 studios, six one-bedroom units and one two-bedroom unit.