Fort Lauderdale, Fla.—The Morgan Group has broken ground on The Pearl at Flagler Village, a 331-unit mid-rise apartment development in Flagler Village just north of the Las Olas River in downtown Fort Lauderdale. The firm acquired the site back in December 2012. First move-ins are projected for Summer 2014. The development marks the return of The Morgan Group to south Florida, and is the company’s first development within Broward County.
“It’s great to be back in south Florida,” says chairman and CEO Mike Morgan. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again. Richard A. Buck is leading our regional development efforts and we’ve recently opened an office in Fort Lauderdale.”
Beech Street closes $17M refinance for Alabama student housing
Tuscaloosa, Ala.—Beech Street Capital has closed a $17 million Fannie Mae Dedicated Student Housing loan to refinance the College Station Portfolio, which is comprised of 264 units in 19 properties owned by ROAR LLC in Tuscaloosa.
“The College Station Portfolio was an excellent fit for Fannie’s Dedicated Student Housing program,” says Chad Hagwood, executive vice president of loan originations at Beech Street. “ROAR has a proven track record with student properties, and the properties themselves, within walking distance of campus, are in very high demand with University of Alabama students.” The properties typically operate at 99 percent occupancy. The interest rate on the loan was in the low 4 percent range.
The 19 properties were built between 1920 and 1992. They are clustered in three groups around the University of Alabama. The fixed-rate loan has a 10-year term and 9.5 years of yield maintenance with 30 years of amortization, payable on an actual/360 basis.
HFF closes sale of 207-unit Upper West Side multi-housing property
New York—HFF announced that it has closed the sale of 166 West 75th Street, a 207-unit multi-housing property with 3,425 square feet of ground floor retail on Manhattan’s Upper West Side.
HFF marketed the property exclusively on behalf of the seller.
166 West 75th Street is located near the intersection of Amsterdam Avenue and 75th Street close to Central Park, Riverside Park, Lincoln Center, and the 72nd Street Subway Station. The property is 16 stories and includes market-rate, rent-stabilized, SRO and vacant units. Simon Development Group purchased the asset and intends to renovate the property.
The HFF team representing the seller was led by managing director Jeff Julien, director KC Patel, senior managing directors Andrew Scandalios and Jose Cruz and managing director Kevin O’Hearn.
“We are excited to add 166 West 75th to our portfolio,” says Matthew Baron, principal of Simon Development Group.
“This was a value-add multi-housing opportunity in an outstanding location and garnered substantial interest,” adds Julien.