Related California Breaks Ground on $350M Mixed-Use Asset
- Feb 17, 2012
Santa Monica, Calif.—Related California has broken ground on The Village at Santa Monica, a $350 million mixed-use development that will include 318 luxury condominiums and affordable rental apartments. The asset will also host 20,000 square feet of retail and restaurant space, as well as walkable plazas and gardens. The Village is the first major residential development to be built on highly prized Ocean Avenue in two decades.
“Our intent was to create the ultimate Santa Monica Village,” says Bill Witte, president and chief executive officer of Related California. “We are very sensitive to the responsibility we have for this site that is a one-of-a-kind treasure. Thus, we brought together a superb team that can give it the sense of place it deserves.”
Santa Monica-based architects Moore Ruble Yudell will lead Related’s design team in the development. The firm created a walking street that acts as a central spine through the site, which gives pedestrians access from Main Street to Ocean Avenue through a landscaped plaza with retail and restaurants.
Koning Eizenber, another Santa Monica-based architect firm, will design the 160 affordable apartments. Construction financing for the development was provided by Wells Fargo Bank and HSBC. The Resmark Company partnered with Related California on the 158 condominiums; Community Corporation of Santa Monica partnered in the 160 affordable apartments.
Carroll Organization, Starwood Capital acquire 360-units in Houston
Houston—Carroll Organization and Starwood Capital have partnered together in the acquisition of a 360-unit Class A community located in Pearland, Texas, a Houston submarket. The property will be rebranded Carroll at Shadow Creek Ranch, as it sits in Shadow Creek Ranch, a 900 acre master-planned community.
Carroll at Shadow Creek Ranch was built in 2010 and is located just eight miles south of Texas Medical Center. Community amenities include a fitness center, playground, billiard room and pool. The property is located about a 15 minute drive from downtown Houston.
“We are very pleased to expand our footprint into the Houston market with the acquisition,” says Patrick Carroll, chief executive officer of Carroll Organization. “Not only does this acquisition fit perfectly in our strategy to continue to invest in Class A assets, but it also allowed the opportunity to invest in a market that has consistently maintained impressive economic, population and job growth.”
NorthMarq arranges $40M mortgage for high-rise
Chicago—Sue Blumberg, senior vice president and managing director of NorthMarq Capital’s Chicago Regional office, arranged first mortgage refinancing of $40 million for 100 West Chestnut located in Chicago.
The property is a 30-story multifamily high rise apartment building containing 280 units and a parking garage. This River North – Gold Coast property is fully occupied.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, an affiliate of Great Lakes Property Group Trust, by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
This transaction is a low leveraged, fixed-rate loan with a sub-4 percent interest rate. Blumberg says, “The building has excellent quality management and is in a tremendous location.”