JV Secures Site for 249-Unit Development

A Seattle joint venture secures the site of a $96 million development; Beech Street Capital lands $53 million for two portfolios in Northern California; and Walker & Dunlop provides a $36.4 million loan.

Viktoria Apartments

Seattle—Goodman Real Estate and Harbor Urban, along with equity partner Capri Capital Partners, have announced the purchase of a property at 1915 Second Ave. in Seattle’s Belltown neighborhood. It is there site where the group will begin building a 24-story mixed-use project named Viktoria Apartments in April. The 249-unit asset has an expected cost of approximately $95, and should see completion by the end of 2013.

“Viktoria has the potential to be the signature residential building in Belltown,” says John Goodman, chairman of Goodman Real Estate. “We have a great design, great partners in Capri and Harbor Urban, and a well-capitalized project that addresses growing residential demand in the area.”

When complete, Viktoria will offer 37 studios, 176 one-bedroom units, 36 two-bedroom units and 3,690 square feet of ground floor retail. Community amenities will include a fitness room, yoga studio, theater/game room, business center, and rooftop deck with a sky lounge.

Beech Street Capital lands $53M for NorCal apartments

Northern California Asset

San Francisco—Beech Street Capital has provided $53 million in Fannie Mae loans to refinance two Northern California multifamily portfolios consisting of six properties totaling 540 units. The borrower was a Northern California investor who has purchased and renovated 3,000 units in 23 communities within the past 10 years.

The first portfolio consists of four properties in the East Bay submarkets of the San Francisco MSA. The second portfolio, held by the same client, consisted of two properties, one located in Santa Clara, Calif., the other if Gilroy, Calif.

Walker & Dunlop provides $36.4M loan

Bethesda, Md.Walker & Dunlop LLC announced that it provided $36.4 million in financing for a Class A garden-style residential apartment community located in Colonie, N.Y.

The Fannie Mae refinance loan was structured with a 10-year term with five-years interest only and a 30-year amortization. Walker & Dunlop was able to close and fund this transaction exactly 30 days from receiving the signed application. The quick and well-executed effort demonstrates Walker & Dunlop’s efficiency of process during the busiest time of the year, said the company.

The apartment community was developed in the last 10 years and is situated on over 58 acres. Community amenities include an outdoor swimming pool, common laundry facility, clubhouse, community room and fitness center.

Daniel F. Monte, president The Rose Hill Group, originated the loan;Walker & Dunlop Senior Vice President, Multifamily Finance, Brendan Coleman, led the Walker & Dunlop team