PCCP Provides $30M for Delaware Recap
- Aug 21, 2012
Wilmington, Del.—PCCP LLC has provided a $30 million senior loan to a joint venture led by New York City-based AllianceBerstein U.S. Real Estate Partners for the recapitalization of Justison Landing, a 214-unit Class A multifamily asset built by Buccini-Pollin Group located in Wilmington, Del., along the Christina Riverfront. The property, which was built in 2008, is located at 321 Justison Street with easy access to I-95.
The transaction also included PCCP providing a $36 million loan to the same joint venture for the recapitalization of a the Hilton BWI, a 280-room, 12-story Hilton built by Buccini-Pollin Group in 2006.
“These institutional quality assets were originally capitalized with loans from Anglo Irish Bank during the last real estate cycle,” says John Prete, vice president with PCCP. “After being nationalized, Anglo Irish sold its U.S. real estate debt portfolio, which led to this recapitalization opportunity. We were attracted to the location and quality of the recently constructed real estate—particularly since our basis is at a significant discount to replacement cost. These floating-rate loans are also supported by strong in-place cash flow and a significant equity investment by a deeply experienced and capable borrower.”
Fountain Residential breaks ground on Texas student housing
Fort Worth, Texas—Fountain Residential Partners has broken ground on its second project near Texas Christian University in Fort Worth, Texas. The development is expanding on the success of The Vue on University, which is 100 percent leased for the fall of 2012. The new property will be the most highly amenitized asset on the market.
LoftVue will consist of 77 units with 147 bedrooms in one-, two-, three-, four- and five-bedroom configurations with luxury finishes. Amenities will include a deck with cabanas, an outdoor living room with a fireplace and entertainment kitchen, a fitness center, clubhouse, study room, and two electric vehicle charging stations.
“TCU is a world-class university and we are fortunate to have two properties within a block of campus in this high barrier to entry marketplace,” says Trevor Tollett, vice president at Fountain Residential Partners. “The response to The Vue was phenomenal and LoftVue will extend the successful luxury brand.”
NorthMarq arranges$25.39M mortgage via Freddie Mac
Omaha, Neb.– John Bendon, senior vice president and managing director, and Jason Kinnison, vice president, of NorthMarq’s Omaha Regional office, arranged first mortgage refinancing of $25.39 million for The Traditions and West Pacific Crossing in Omaha, Neb.
The asset consists of a 250-unit Class A apartment project and an adjacent 39,000-sq.-ft. neighborhood retail center. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.