JV Lands Loan, Breaks Ground at Univ. of Miss.
- Jun 21, 2012
Oxford, Miss.—EdR and its joint venture partner Landmark Properties have closed financing and subsequently began construction on a $37.6 million student housing asset near the University of Mississippi in Oxford, Miss. The joint venture secured a conventional 75 percent loan-to-cost construction loan from PNC Bank.
EdR is the majority owner of the property and will manage the asset when it opens in the fall of 2013. Landmark is heading up the development and construction fronts. The 668-bed cottage-style housing will be the first of its kind to serve the university.
“We are fortunate to have a great partners like EdR as we take the cottage concept to markets across the country,” says Wes Rogers, president and chief executive officer of Landmark. “We think this cottage development will be very well-received by the students at Ole Miss.”
The cottage community creates a neighborhood lifestyle for students. A central clubhouse will offer a fitness center, tanning beds, internet café, private and group study rooms, a computer lounge, game room, golf simulator, and community kitchen.
Centerline Capital refinances an Omaha asset
Omaha, Neb.—Centerline Capital Group has provided a $4.65 million Fannie Mae DUS loan to refinance Cambridge Villas, a 72-unit asset located in Omaha, Neb. The 20-year fully amortizing loan will be used to refinance existing debt and provide capital for building improvements. Terms included a 75 percent LTV and 1.27 debt service coverage on refinance.
Cambridge Villas was built in 1997. The garden-style Class B complex is situated on 6.85 acres of land. Amenities include a swimming pool, garages and a fitness center.
“This was an interesting and complex deal due to a complicated ownership structure that involved numerous individuals, trustees and family trusts,” says Joseph Markech, vice president in the Mortgage Banking Division at Centerline Capital. “The borrower was interested in a fully amortizing structure to take advantage of current low interest rates and to secure the funding necessary to improve the property.”
Aztec arranges $6.6M acquisition/bridge financing
Kissimmee, Fla.—Aztec Group Inc. has closed on a $6.55 million acquisition and bridge loan for Woodside Apartments, a 208-unit property located in Kissimmee, Fla. The property will be renamed The Park at Sorrento by its new owners, a partnership between affiliates of Mayan Properties (an Aztec affiliate) and Blue Rock Partners. The transaction was financed through a regional bank. Blue Rock Partners will oversee the renovation and manage day-to-day operations at the asset.
“Woodside Apartments will undergo a complete renovation program of the unit interiors, as well as the exteriors and grounds,” says Jason Shapiro, managing director at Aztec Group. “The lender was very impressed with the track record of the sponsorship group, the property’s excellent location, and the investment being made in the re-positioning and rebranding of the property to fully maximize the community’s potential.”
The $2.5 million renovation will take place over the next year, and will update the property with a more contemporary design for the common areas and all apartments.