JV Development Group Breaks Ground on Dallas Mixed-Use Project
- Feb 07, 2011
Dallas—A joint venture including Prescott Realty Group, Northwestern Mutual and AREA Property Partners, has started construction on a new, class A mixed-use development project only a quarter mile from Southern Methodist University.
The project kicks of Phase III of the revitalization of the University Crossing neighborhood, bringing 417 apartment homes and 9,100 square feet of new retail space to the area. The new development is expected to help drive the first City of Dallas tax increment financing (TIF) district focused on a multi-station transit oriented district (TOD). Prescott designed the project to meet LEED requirements and sustainable guidelines put forth by the City of Dallas.
“The project will anchor a true urban neighborhood that includes a developing retail scene and interesting streetscapes in the area,” says Taylor Stone, managing director of Prescott Realty Group’s multifamily division. “It also will allow the residents easy access to many areas throughout the city via DART and encourage non-residents to visit for entertainment and shopping.”
NAI brokers acquisition of property to be converted to affordable housing
San Bernardino, Calif.—Meta Housing closed escrow on a 119-unit property as part of a partnership with the City of San Bernardino’s Economic Development Agency. The purchase is part of an effort to provide quality affordable housing to seniors in the city of San Bernardino.
Tim Steuernol of NAI Capital represented the buyer in the acquisition of Sunset Cove Apartments, located at 830 Lugo Avenue. Originally constructed in phases staring in 1958, the property consists of 108 one-bedroom units, 10 two-bedroom units and one two-bedroom/two-bath unit. The refurbished complex will include 119 new units with a clubhouse, upgraded swimming pool, elevators and new landscaping with a new perimeter wall.
“This was a complicated and challenging transaction,” says Steuernol. “Obtaining local support for the project was critical for the success of the deal.”
Steuernol says the buyer plans to relocate the current tenants, paying 42 months worth of relocation benefits, before completely rehabilitating the property and converting the units to affordable housing for seniors. The total project costs for the conversion is estimated at $18.5 million.
NorthMarq Capital arranges $27.5M mortgage for Virginia apartments
Manassas, Va.—NorthMarq’s Washington regional office has arranged permanent first mortgage financing of $27.5 million for Raven’s Crest Apartments, a 444-unit garden-style apartment complex located in Manassas, Va.
Financing was based on an interest only loan for the entire team and was arranged for the borrower by NorthMarq through its relationship with a major pension fund. Raven’s Crest is a well maintained, class A, fully stabilized complex.