TODAY’S DEALS: Hathaway Completes Financing for Charlotte Apartment Project, and Other Transactions
- Jan 07, 2009
By Anuradha Kher, Online News EditorCharlotte, N.C.–An affiliate of Hathaway Properties Inc, Ansley at Tyvola Road LLC., has completed the financing of a $26,500,000 apartment project in Charlotte, N.C. The construction loan, in the amount of $20,350,000, was provided by Compass Bank. A group of private investors provided the remaining equity for the project. The project, to be named Ansley Falls at Tyvola Road (pictured), is located on 19 acres in Mecklenburg County. It will feature one-, two- and three-bedroom units, two luxury pools, a clubhouse, fitness center, cardio theatre, media room, java lounge, gated access and more. Groundbreaking is estimated to begin in March 2009 with completion slated for May 2010. Leasing is scheduled to begin in January 2010.Sperry Van Ness Completes Sale of 25-Unit Luxury Community for over $10MSan Diego–Sperry Van Ness Real Estate Services LLC has completed the sale of the bank-owned Trilogy on 5th, a Class A luxury 25-unit multifamily community in San Diego, to San Diego-based Conrad Prebys Trust for $10.25 million or $410,000 per unit.Built in 2008, the community is located at 3265-3285 5th Ave., adjacent to Balboa Park, in the premier Banker Hill/Park West submarket of San Diego and is within walking distance of The Conrad Prebys Theatre Center, which is scheduled for completion in January 2010.Trilogy on 5th offers 13 floor plans, including two street level units featuring two bedrooms/2.5 baths with a den, 22 two-bedroom/two-bathroom units and one three–bedroom/3.5 bathroom penthouse quality unit with a loft and a den.PNC ARCS Provides $4,257,000 for a Multifamily Property San Antonio–PNC ARCS has provided a loan in the amount of $4.257 million for the Forest Ridge Apartments I & II, a 208-unit multifamily property in San Antonio.Built in 1976, Forest Ridge Apartments consist of two adjacent communities on a total of nearly six acres. Property amenities include a shared leasing office/club house. Each property has its own swimming pool and laundry facility. The loan was for a 15-year term/30-year amortization at a fixed rate of 6.39 percent. The loan will be repaid Interest Only for the first two years. The loan was originated by PNC ARCS’ Dallas office through Fannie Mae.