Mack-Cali, Ironstate Land $192M via NorthMarq for Jersey City Apartment Tower
- Sep 10, 2014
Jersey City, N.J.—NorthMarq Capital’s New Jersey office has negotiated a $192 million construction to permanent loan for URL Harborsie 1, a 69-story apartment in Jersey City. The 763-unit asset is being developed by Harborside Unit A Urban Renewal LLC, a joint venture between Mack-Cali Realty LP and Ironstate Holdings LLC.
“Given the 30 month estimated construction period, the borrower wanted to take out interest rate risk and requested a construction to permanent loan where the interest rate was locked at application,” says Gary Cohen, senior vice president and senior director of NorthMarq’s New Jersey based regional office. “Pacific Life took the time to understand the market and new unit design concept and provided an attractive 15 year fixed rate loan with seven years interest only.”
URL Harborside is designed to target professionals who prefer amenities over space. There will be tech oriented shared work spaces with Wi-Fi throughout all common areas, as well as a café, outdoor pool, garden lounge and fitness center.
CBRE Global Investors buys 432 unit asset in The Woodlands
Houston—A fund sponsored by CBRE Global Investors has acquired The Plantation at The Woodlands, a 432-unit Class A garden-style community in the master-planned mixed-use community of The Woodlands. While the asset is already 94 percent occupied, CBRE Global Investors plants to stabilize operations by implementing dedicated asset management oversight and initiating a marketing and unit upgrade plan.
“The Plantation is an ideal candidate for a targeted renovation strategy and implementation of our signature ‘Inspired Lifestyle’ customer service program to differentiate it from the competition,” says Ben Green, director, CBRE Global Investors Multi-Housing Group.
According to CBRE, total employment in Houston has grown by 3.0 percent per year over the past four years, far outpacing the national average of 1.4 percent. This strong growth is expected to continue increasing by 2.7 percent annually over the next five years, significantly exceeding the national average of 1.6 percent.
“Houston is a focus market for the fund as it is forecasted to be a top-performing market in terms of apartment demand,” adds Steve Gullo, managing director, CBRE Global Investors Multi-Housing Group. “The Woodlands is a high-barrier-to-entry submarket with some of the most favorable demographics in greater Houston and is expected to outperform the MSA in terms of both rent growth and vacancy.”
Everbank funds $2M acquisition loan for mixed-use property in Chicago
Chicago—EverBank Commercial Real Estate recently funded a five-year, $2 million loan used for the acquisition of a mixed-use retail/multi-family transaction in the Lincoln Park neighborhood of Chicago. The property is 10,325 ft2 and the loan-to-value ratio was 67 percent.
The property is 100 percent occupied mixed-use consisting of six recently constructed condominium quality apartments, a climate-controlled parking garage and one commercial space (home to a chiropractor). Each three-bedroom/two-bath apartment has luxury, high-end finishes and appliances. The European kitchens include a laundry closet, custom wood cabinets, as well as Wolf and Sub-Zero appliances.