Baltimore, Md.—The Bozzuto Group broke ground yesterday on Union Wharf, a $72 million mixed-use waterfront community located in Baltimore’s Fells Point neighborhood. The project will bring 281 upscale units and 4,500 square feet of retail to the area upon completion.
The development is being financed in part through a partnership between Bozzuto, CIGNA and Pritzker Realty Group, a Chicago-based real estate investment company, and a construction loan from PNC Real Estate.
“The Union Wharf development project is a prime example of Class A urban infill multifamily development,” says Penny Pritzker, chief executive officer of Pritzker Realty Group.
Union Wharf is located on the eastern edge of the Fells Point peninsula on an undeveloped site overlooking the Inner Harbor. The project has been accepted in Maryland’s Voluntary Cleanup Program and is being built to achieve LEED Gold certification. Amenities at the community will include a resort-style lobby, 150-foot zero edge pool, clubroom with lounge, bar room, billiards room, theater, fitness center with yoga room, internet café, conference room and pocket parks.
NorthMarq arranges $33M for apartment community
Colorado Springs, Colo.—NorthMarq’s Denver regional office arranged permanent financing of $33 million for Grand River Canyon Apartments located at 7755 Kaleb Grove Road in Colorado Springs, Colo. The multi-family community, constructed in 2000, consists of 440 units of four available floors plans (1, 2, and 3 bedroom) situated in twenty, three-story buildings.
Property amenities include clubhouse with a new state-of-the art fitness center, business center, recreation room, resort-type pool with all-season spa and complimentary tanning salon. There are also carports as well as some detached garages at additional monthly charges. Unit amenities feature nine-foot ceilings, ceramic tile bathrooms, oval tub, and washer/dryer hook-ups.
Steve Koeneke, senior director; Dave Link, senior vice president; and Jim DiRienzo, senior investment analyst, arranged the loan for the borrower through AmeriSphere.
CapitalSource provides $16.8M for Beverly Hills acquisition
Beverly Hills, Calif.—CapitalSource has provided $16.8 million to Beverly Hills Apartments LLC for the acquisition of three Class B multifamily communities. Beverly Hills Apartments is a joint venture between Xenon Investment Corporation and L.A. Housing Solutions.
The three properties were built from 1961 to 1967 and total 97 units. Amenities include underground garage parking, outdoor swimming pools and central air.
“Beverly Hills is highly sought-after due to its central location and proximity to many desirable amenities,” says Vishal Vanjani, director of CapitalSource’s Real Estate group. “The properties in the Beverly Hills Triangle Apartment Portfolio are all stable assets with average occupancy of 96 percent, and there is high demand for traditional apartment-style living in the area, with a limited supply of units.”