NorthMarq Arranges $17.9M Mortgage for Texas Community
- Aug 29, 2011
Frisco, Texas—NorthMarq Capital’s Kansas City Regional office has arranged $17.9 million in first mortgage financing for Wade Crossing Apartments, a 336-unit community located at 9399 Wade Blvd. in Frisco, Texas.
The financing, which was arranged NorthMarq’s Greg Duvall and provided by Freddie Mac, came in the form of a 7-year term loan with two years interest only and a 30-year amortization schedule.
Wade Crossing Apartments has a mix of studio, one-, two- and three-bedroom units. Community amenities include a business center, basketball court, clubhouse, swimming pool, hot tub, fitness center and gated-access.
Triad Senior Living acquires Oklahoma retirement community
Tulsa, Okla.—Triad Senior Living Inc. has acquired the University Village retirement community. The 38-acre retirement campus located in Tusla, Okla., is comprised of residential cottages, independent and assisted living apartments, and a dedicated healthcare center.
“We’re very pleased to now lead University Village and continue its strong legacy of providing excellent retirement options to Tulsa’s seniors,” says Blake Fail, president of Triad.
Terms of the deal involved a $5.5 million cash payment and the assumption of certain long-term financial obligations. Triad plans to invest $2 million in capital improvements into the property.
The property will be managed by the newly formed Triad Aspen Partners, an entity of Triad principals and local Tulsa businessman Matthew Gawey. The new ownership group also includes Tulsa investor Keith Roberts and the University Village Trust.
Centerline commits $9.1M for former public housing project
Chicago–Centerline Capital Group, has invested $9.1 million in the second phase of the new Park Boulevard project.
The redevelopment of the south side public housing project in Chicago is the corner stone of the rejuvenation efforts in the area. This affordable multifamily housing project is one of 16 projects spanning 10 states included in Centerline’s latest Fund, CCP38 which recently closed at $119.3 million.
“We are extremely excited about the Park Boulevard project. At Centerline, we continuously look to identify affordable housing deals that are attractive to our investors and also make a significant impact on the communities where they exist. Once this property is completed, it will bring new life and vitality to a once dilapidated area,” says Robert L. Levy, president and CFO of Centerline Capital Group.
In addition to the new housing complex, the immediate area has seen other recent investments including a new dormitory for the Illinois Institute of Technology and a new metro stop that opened last April. The Park Boulevard Redevelopment project has seen strong support from the Chicago Housing Authority, and the City of Chicago Department of Housing and Economic Development.
Park Boulevard phase 2A will provide 128 units in four buildings on a single, two-acre site. The buildings will include a five story, 80-unit elevator building; a five story, 36–unit elevator building; and two three-story, six-unit walk ups. Park Boulevard’s unit mix will consist of 72 one bedroom, 48 two bedroom, and 8 three bedroom units. There will be 46 public housing units and 54 non-public housing units restricted to residents earning less than 60 percent of AMI and 29 units will be unrestricted market-rate units.
“What attracted us to this particular transaction was the scope of the project‑outstanding real estate fundamentals, top quality units at such affordable rates and a strong development team. All of this combined with tremendous public support made it a highly attractive opportunity,” notes Eric Trucksess, managing director at Centerline Capital Group.
The project will be developed by a team including: The Davis Group, Stateway Associates and Walsh Construction. “The developers have extensive experience, broad knowledge and expertise in developing, financing and managing real estate in Chicago,” says Trucksess. In addition, he notes that the local Urban Property Advisors, who manage more than 3,200 public, affordable and mixed-income units in Chicago, will manage Park Boulevard.