The project will contain 314 multifamily units and approximately 27,000 square feet of retail for a total of 340,000 square feet. The owner is a joint venture between certain affiliates of Houston-based PM Realty Group and Washington-based National Real Estate Advisors. The construction financing of $50 million is provided by U.S. Bank. Broad Street Advisors was the advisor for both the equity and debt transactions. Robert Rizzi, Managing Partner at Broad Street, handled the transactions.
1400 Hi Line is located in the Design District of Downtown Dallas. The property features a state-of-the-art fitness center, pool lounge and club area, fire pit, cabanas, plaza, fountain, grill, and in-building parking. The amenities are designed to attract the “Generation-Y” renter drawn to the Design District, a community with over 370 shops and a number of restaurants.
“Given the challenges in the capital markets, this project is a testament to the strength of the development team and its capital partner, as well as the project’s location”, says Rizzi. “The partnership and its lender are bullish on the Dallas multifamily market, where fundamentals remain strong, and limited development is expected over the next couple of years.”
AREA invests in ROSS’s $100M recapitalization of apartment community
College Park, Md.–Seven Springs Village Apartments in College Park, Md. has been recapitalized. AREA Property Partners invested in the recapitalization, which was in excess of $100 million.
ROSS Development & Investment (RDI), an affiliate of the ROSS Companies, negotiated a modification and extension of the community’s existing, fully-performing securitized mortgage debt that was set to mature on Sept. 1, 2010.
For over a year, RDI’s founder and principal, Scott Ross, navigated a solution to gain control of the property by acquiring the interest of a partner and then partnered with AREA Property Partners to pay off the existing loan with a new Freddie Mac recapitalization.
“Obtaining equity funding through private sources and bringing a new investment partner to the transaction was challenging in this economy. Changes in mortgage underwriting and regulations have created stumbling blocks for many owners, but based on the outstanding established performance of this community, we were able to achieve this recapitalization,” says Ross.
“Seven Springs Village presented an attractive opportunity to invest in a stable asset with strong cash flow. It offers a convenient location inside the Beltway and is fully leased,” says Richard Mack, AREA North America CEO.
Part of the recapitalization plan is to renovate the apartments and enhance the common areas of Seven Springs Village. The ROSS Companies are also focused on the additional development opportunities at this community.
“This property is in an ideal location,” says Ross. “We are committed to maximizing the value of the asset in every way possible.”
Located inside the Beltway in College Park, Maryland, Seven Springs Village is a 982-unit apartment community comprised of both mid-rise and garden style buildings. Metrobus and the University of Maryland shuttle busses have stops within the community that provide access to two Metrorail stations and the University of Maryland, making it a sought after place to live.
NorthMarq Capital arranges $31M mortgage for Alabama student housing
Tuscaloosa, Ala.—NorthMarq Capital’s Atlanta Regional office has arranged first mortgage financing of $31 million for Woodlands of Tuscaloosa, located at 100 Hargrove Road East in Tuscaloosa, Ala. The 204-unit student housing complex is comprised of 708 beds. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged for the borrower, Woodlands of Tuscaloosa Phase I, LLC, by NorthMarq through its Seller-Servicer relationship with Freddie Mac.