MacFarlane Buys High-Profile L.A. Development Site
- Jul 01, 2014
Los Angeles—The City of Angels is getting two new residential assets now that MacFarlane Partners has secured a high-profile development parcel on the corner of Fifth and Olive Streets overlooking Pershing Square.
“We are delighted to be back in Los Angeles and are excited about developing a project on this underutilized site that meets the city’s vision for a denser, more efficient Downtown,” says Greg Vilkin, managing principal and president of MacFarlane Partners. “Our plan is to build two buildings—a mid-rise and a high-rise—that will have a total of over 600 units of market-rate apartments and condominiums, as well as 17,000 square feet of ground-floor retail space.”
Negotiations began about a year ago, and the entitlement process wrapped up during this past spring. Africa-Israel USA was the seller, though the price was undisclosed. A NGKF team of Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobson worked to broker the sale. Construction is expected to begin in mid-2015.
“Our design will create a spectacular ‘central park’ of more than half an acre of open space and amenities on the podium deck between the two buildings,” says Jeff Berris, managing director, development of MacFarlane Partners. “You will not find this size of private landscaped space anywhere else in Downtown Los Angeles.”
Grandbridge completes $21.3M construction financing secured from bank
Miami—The Miami Office of Grandbridge Real Estate Capital recently closed a $21.3 million first mortgage construction loan secured by Treasures on the Bay apartments in Miami. The 160-unit community features a bay-front boardwalk, two bay front pools, a gym/spa, doorman/controlled access and waterfront views.
Vice President Michael Balan originated the transaction. Funding for the three-year interest-only bridge loan was provided through one of Grandbridge’s banking relationships.
“Treasures on the Bay is a quality asset in a prime location with a large demand for rental apartments,” explains Balan. “We were able to get lenders comfortable with the demand for more units in this market, as well as the out of state owner’s ability to deliver a high quality product on time and on schedule. This project fits with the area’s increasing demand for housing within walking distance of shopping, restaurants and cultural attractions.”
Capital One closes $14.6M for Palm Beach assisted living
Tequesta, Fla.—Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living property in Tequesta, Fla. The transaction was originated by Carolyn Whatley, senior vice president of originations, headquartered in the company’s Palm Beach office. Tequesta Terrace is owned by Terrace Communities, which also owns assisted living communities in Vermont, New Hampshire, Maine and Florida.
“At Capital One, we first develop an insightful understanding of our borrowers’ business objectives and goals for their properties,” Whatley says. “We then develop financing alternatives that meet their requirements in different ways. Whenever possible, we want to offer alternatives.”
The non-recourse, fixed-rate loan has a 35-year fully amortizing term, and is underwritten to an 80 percent Loan to Value and 1.45X Debt Cover. In addition to Tequesta Terrace, Capital One Multifamily is refinancing two other properties owned by Terrace Communities, both located in New Hampshire.
Tequesta Terrace was built in 2001. It has 71 assisted living units with six different floor plans, from luxury studios to two-bedroom units.