Trammel Crow Starts Second Phase of Austin TOD
- Jul 11, 2012
Austin—Trammell Crow Co. has taken cue from the success at its Austin TOD project Midtown Commons and launched the second phase of the development. The company, through its wholly owned subsidiary High Street Residential, in partnership with USAA Real Estate Co., will build a four-story, 189,419-square-foot building comprised of 246 Class A luxury rentals. The project will also feature a 98,156-square-foot, five-level parking structure with 296 spaces. Phase II is located directly adjacent to Phase I near the intersection of Lamar Blvd. and Airport Blvd. The first units are expected to be delivered in early 2013.
“The first phase of Midtown Commons has been extremely successful, as we were able to completely transform a once dormant site into a bustling mixed-use transit oriented community with a number of neighborhood public features including a transit plaza, main street retail, pedestrian streetscapes and public bike paths,” says Pat Duncan, chairman and chief executive officer of USSA Real Estate Co. “The second phase with further energize this area by bringing a unique multi-family project that blends traditional and contemporary design.”
Phase II will offer one- and two-bedroom residential units. Amenities include a swimming pool, a kitchen and lounge area, bar, yoga room, business center, fitness center, game room, and a dog park.
The Morgan Group begins Jacksonville project
Jacksonville, Fla.—The Morgan Group has broken ground on The Terrace at Town Center, a 240-unit Class A community located in Jacksonville, Fla. The development is a three-story, garden-style property designed with a mix of one- and two-bedroom units.
“The new development will benefit from the success of our ‘Phase I’ Arelia property next door, which we also manage and jointly own,” says Mike Morgan, chairman and chief executive officer at Morgan Properties. “Arelia has 270 units and is situated on 13.56 acres. It has been a very successful lease-up, reaching 93 percent occupancy in just 10 months after it opened in August 2009. We expect the same success with The Terrace at Town Center because of its proximity to one of Jacksonville’s largest employment areas in the Southside/JTB corridor, as well as shopping, dining and entertainment within walking distance at St. John’s Town Center.”
Amenities at the new project will include a swimming pool with grilling stations, a dog park, fitness center, Internet lounge, demo kitchen, and a resident room.
NorthMarq Capital arranges $35M payoff of tax-exempt bonds
Lisle, Ill.—Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago Regional office, arranged first mortgage refinancing of $35 million for Towers of Four Lakes, a 476-unit market-rate multifamily property located in Lisle, Ill.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Marquette Four Lakes V LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
“The purpose of this loan was the re-positioning of debt for a long term and a low rate paying off higher rate tax-exempt bonds,” said Blumberg. “Freddie Mac took an aggressive approach to structure the loan for a long-term loyal borrower.”