ZOM, Northwestern Mutual Break Ground in Florida
- Aug 23, 2012
Palm Beach Gardens, Fla.—Hamptons PBG, a joint venture of ZOM Florida and Northwestern Mutual, has broken ground on a 224-unit luxury rental community in Palm Beach County Florida. The asset, known as The Hamptons at Palm Beach Gardens, is expected to be completed by December 2013, with leasing beginning in the spring.
“We believe this project, our twenty-third multifamily project in Florida, has the right combination of attributes to provide reliable project cash flow during operations and above average total investment returns,” says Kyle Clayton, ZOM Florida’s development vice president. “Coupled with favorable employment growth for Palm Beach County, and emerging employment hubs near the site, housing demand in the area continues to strengthen.”
The 22.7-acre site will have 25 two-story buildings and two three-story buildings in a neighborhood setting. The project include will ZOM’s ‘Hamptons’ and ‘Arbors’ styled buildings. The ‘Hamptons’ are two-story buildings with six apartment homes. The assets will look and function similar to a single-family home, with dedicated ground floor entryways and direct access garages. The ‘Arbors’ assets are three-story buildings with breezeway access garages and more traditionally sized one- and two-bedroom units. Amenities will include a clubhouse with a pool, a fitness center, e-lounge, and pet salon. ZRS Management LLC will provide property management services to the project.
“We believe this unique, high-finish product will be in high demand in the north Palm Beach market, and that Northwestern Mutual’s policyowners will benefit from the long-term value we are creating in our venture with the ZOM group,” says Felix Figueroa, director for Northwestern Mutual Real Estate Investments.
Greystone provides $72.7M in HUD financing for two affordable assets
New York—Greystone Funding Corporation has originated $73.7 million in financing for two multifamily housing projects in New York City. One property is a 224-unit asset that received approximately $40 million of loan proceeds including a sizeable cash-out to the owner. The second property, a 152-unit building, generated $32.7 million, also with a cash-out to the sponsor.
“HUD financing today represents a once in a lifetime opportunity to lock in 35-year, self-amortizing financing at rates below 3 percent,” says Mordecai Rosenberg, a managing director at Greystone. “More and more property owners are starting to recognize the distinct value that HUD-insured financing can provide to their portfolio—even in New York City, where owners have long relied on 5-10 year bank financing.”
Greystone Managing Directors Mordecai Rosenberg, Donny Rosenberg and Traverse Fournier led the effort to close the transactions.
Alliant Capital converts interest rate of $5.86M ARM to 3.99%
Columbus, Ohio—Alliant Capital LLC announces the interest rate conversion of a $5,860,744 adjustable rate loan of Lake Eden Apartments, 387-unit garden style multifamily property, located in Columbus, Ohio. This transaction was originated by John Marr, Alliant’s senior vice president for the Midwest and Northeast regions.
The conversion closed on August 7, 2012 with a 3.99 percent interest rate and a seven-year fixed rate term. This loan was sized to 80 percent loan-to-value and 1.25 debt coverage.