The Habitat Co. Breaks Ground on 450-Unit Chicago High-Rise

The Habitat Company begins a 450-unit development in Chicago; Centerline Capital refinances a Pittsburgh asset; and Meridian negotiates financing in Manhattan, Brooklyn, Queens and Westchester County, N.Y.

360 W. Hubbard

Chicago—The Habitat Company has started building a 43-story, 450-unit luxury high-rise in Chicago located at 360 W. Hubbard Street in the city’s River North neighborhood. The asset is being developed as part of a joint venture with Multi-Employer Property Trust and a major institutional investor, two entities that are represented by Bentall Kennedy.

“We are pleased to begin our latest project which builds on our forty years of experience and understanding of the market to create what we believe will be our finest apartment development,” says Daniel Levin, founder and chairman of The Habitat Company.

The tower, which is seeking LEED Silver certification, will include 29,000 square feet of indoor and outdoor amenity space. The project’s architect is Solomon, Cordwell, Buenz & Associates. The Habitat Company will manage the property after completion, which is expected for late 2013.

Centerline Capital refinances suburban Pittsburgh asset

Pittsburgh, Pa.—Centerline Capital Group has provided a $10 million fixed-rate Fannie Mae loan to refinance The Brentmoor at Penn Center, a 12-story high-rise building that was constructed in the early 1970s.

The suburban Pittsburgh asset was purchased by a private investment group at the end of 2008. At the time of purchase, the property had a significant vacancy rate and was in need of several capital improvements. Since acquisition the new owner has stabilized the occupancy and fixed the deferred maintenance.

Proceeds from the refinance will be used to repay existing debt and some of the borrower’s initial investment, and to fund additional capital improvements on the property. Centerline’s Chicago office closed the loan.

Meridian negotiates financing in Manhattan, Brooklyn, Queens and Westchester County, N.Y.

New York—Meridian Capital Group LLC announced the following transactions:

-A new mortgage of $10.3 million was placed by Meridian on a 65-unit, six-story multifamily building on Garrett Place in Bronxville, N.Y. The loan features a rate of 3.43 percent and a five-year term. The transaction was negotiated by Avi Weinstock.

-Meridian negotiated a new mortgage in the amount of $21.5 million on a five-building, 517-unit, multifamily portfolio on Broadway in New York. The loan features a rate of 3.85 percent and a 10-year term. The transaction was negotiated by Avi Weinstock and Moshe Majeski.

-A new mortgage of $5.6 million was placed by Meridian on a 66-unit, four-story multifamily building on Beech Avenue in Flushing, N.Y. The loan features a rate of 3.75 percent and a 10-year term. The transaction was negotiated by Morris Diamant.

-Meridian negotiated two new mortgages totaling $3.5 million on an 11-unit, five-story multifamily building and a 13-unit, five-story multifamily building, both located on West 71st Street in New York. The loans feature rates of 3.50 percent and five-year terms. These transactions were negotiated by David Ostrov.

-A new mortgage of $2.6 million was placed by Meridian on a 56-unit, six-story multifamily building on 15th Avenue in Brooklyn. The loan features a rate of 3.50 percent and a 10-year term. The transaction was negotiated by Morris Diamant.

-Meridian negotiated a new mortgage in the amount of  $1.5 million on a four-story mixed-use building containing 12 apartments and two retail spaces on Fifth Avenue in Brooklyn. The loan features a rate of 3.53 percent and a five-year term with a flexible prepayment penalty. The transaction was negotiated by Avi Weinstock and Michael Farkovits.