Today’s Deals: Manhattan Luxury Developments Get $613.6M Construction Loan, and Other Transactions
- Aug 12, 2008
By Anuradha Kher, Online News EditorNew York–The New York office of HFF (Holliday Fenoglio Fowler L.P.) arranged a $613.6 million construction loan for the development of two ultra-luxury multifamily properties in Manhattan’s Upper West Side.The three-year construction loan is placed with a consortium of nine banks led by Deutsche Bank. The senior portion of the loan represents 60 percent loan-to-cost with an additional mezzanine portion achieving approximately 72 percent loan-to-cost.The development site is located along Riverside Drive between 62nd and 63rd Streets. It is part of the 52-acre Riverside South Development, which will have a mix of for-sale condominium units, rental apartments, parking, retail and commercial uses as well as a 27-acre waterfront park. Due for completion in the first half of 2010, the 880,000-sq.-ft. development will include The Alden, a 38-story, 287-unit luxury tower with 4,323 sq. ft. of retail and a 121-space underground parking garage, as well as an adjacent 209-unit residential tower. The top 29 floors of The Alden will be designed as large family-style, condominium units with an average size of 1,707 sq. ft. each. The remaining units will be luxury rental units averaging 1,095 sq. ft. each. Amenities include a full-service spa, climbing wall, swimming pool, basketball court, squash court and hotel-style concierge services.Marcus & Millichap Retains $39.95M Listing for San Francisco Apartment BuildingSan Francisco–Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Clay Park Towers, a 74-unit apartment community in San Francisco. The listing price of $39.95 million represents $539,865 per unit.“This is a well-maintained, pride-of ownership building that will offer the investor upside appreciation potential in one of the most sought-after locations in San Francisco,” says James Devincenti, senior vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in San Francisco, who represented the seller, the Lembi Group. “The investor can add value through turnover and renovation of units.”Located at 1890 Clay St., the 66,250-sq.-ft. community consists of one 10-story building situated on a .20-acre lot in the Pacific Heights neighborhood of San Francisco.Clay Park Towers includes 16 studios, 35 one-bedrooms/one-bath units, 13 two-bedroom/one-bath, eight two-bedroom/two-bath units and two two-bedroom/two-bath penthouse suites. There are 40 fully furnished suites and 34 unfurnished suites. The building is operated as a short-term corporate rental property. Amenities include a designated work area in each suite, Internet connection, color cable television, and weekly housekeeping and linen service.Villa Bonita Condominiums Sold for $4.5M San Diego–Renovation & Restoration LLC has made a block purchase of 30 units in the 176-unit Villa Bonita condominium complex, located at 2920 Alta View Dr. in San Diego, for $4,525,000. Villa Bonita is a luxury condominium community that was converted to for-sale housing in 2006. The complex was built as condos in 1982 and underwent a major renovation in 2005 to upgrade the project to modern condo conversion specifications including new cabinets, granite countertops, flooring, air conditioning, windows and sliders, light features, stoves, microwaves, electric wall heaters, doors and bath tub enclosures. The property also includes a swimming pool and spa, tennis court, fitness center and picnic and barbeque areas.