Ironshore Capital Purchases Florida Waterfront Condominium
- Jan 20, 2011
Jacksonville, Fla.—An affiliate of Ironshore Capital LLC has purchased Water’s Edge, a seven-story oceanfront condominium located 123 First Street South in Jacksonville Beach. Ironshore has made interior and exterior improvements to the property and will open the condominium for sales on Saturday, Jan. 22. Jacksonville-based Carat Realty will handle sales.
“We acquired Water’s Edge because it is a quality building in a superior location on Jacksonville Beach. We were fortunate to be able to acquire the property when the capital markets were severely distressed,” says Ironshore Capital executive Jack Rodgers. “We are now in a position to offer homebuyers quality oceanfront condos at great prices from the low-$400,000s – as much as a 60 percent reduction from the original offering.”
Individual condos range from 2,000 to nearly 4,000 square feet. Each home has views of the Atlantic Ocean and is equipped with high-end features, including kitchens with Bosch Thermadore appliances, granite countertops, porcelain tile flooring and designer cabinetry. The property also has a gated entry, two elevators, garage parking, an oceanfront heated pool and direct beach access.
HFF closes more than $240M in apartment and land sales in December
Washington, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) closed the sale of four multi-housing properties totaling more than $240 million and 1,515 units in December 2010 in the greater Washington, D.C. region.
HFF managing directors Dave Nachison and Alan Davis and Brenden Flood represented the sellers in the transactions.
“These four transactions illustrate the depth and breadth of capital targeting the highly-sought Washington, D.C. region’s multi-housing market today from core-quality, new construction to value-add and development opportunities,” says Nachison. “Apartment fundamentals are stronger in the D.C. region than anywhere in the country and both the recent record-setting absorption and the gap in the development pipeline from 2008-2010 have bolstered rent growth expectations.”
“Westwind Farms and The Ashton at Dulles Corner are both market-leading Class A communities in the Dulles corridor that will directly benefit from the delivery of Metro’s Silver line in five years,” adds Nachison. “Marymont is a value-add acquisition that is well-positioned to take advantage of the tremendous BRAC growth at Fort Meade and the arrival of the InterCounty Connector that will link Laurel to some of the best employment centers in Montgomery County. Lastly, The Heights at Groveton land will be developed by Redbrick Development and Wood Partners, and is poised to deliver apartments and complementary retail at a time when most experts project one of the tightest supply markets the DC region has ever seen.”
The properties sold on behalf of HFF clients were: the 464-Unit Westwind Farms, Ashburn, Va. (Buyer: Associated Estates; Seller: Camden Property Trust); the 308-unit Marymont at Laurel Lakes, Laurel Md. (Buyer: Pantzer Properties Inc.; Seller: Eaton Vance Mgmt); the 453-unit Ashton at Dulles Corner, Herndon, Va. (Buyer: Bentall Kennedy; Seller: Fairfield Residential); the 290-unit Heights at Groveton (Land), Alexandria, Va. (Buyer: Redbrick Dev. Group; Seller: Madison Dev. Partners).
NorthMarq Capital arranges $24M mortgage for Maryland apartments
Annapolis, Md.—NorthMarq Capital arranged first mortgage financing of $23.9M for Annapolis Roads Apartments, a 282-unit multifamily property located at 1 Eaglewood Rd. in Annapolis, Md. Financing was based on an 8-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.
The mortgage was arranged by Michael James, Vice President of NorthMarq Capital’s Upstate New York Regional office and Robert Ranieri, Senior Vice President and Managing Director of NorthMarq Capital’s Capital Services Group East.