TODAY’S DEALS: Construction Loan Kicks Off Second Phase of Tacoma Mixed-Use Development
HFF secures construction financing for a Puget Sound project; KeyBank provides a permanent loan for newly built Ohio asset; and ConAm acquires a value-add property within Denver’s largest employment center.
Tacoma, Wash.—Bank of the Ozarks has provided Point Ruston, a subsidiary of MC Construction, with $34.1 million in construction financing for the development of Point Ruston, a mixed-use retail and residential community located along the Puget Sound in Tacoma, Wash. HFF secured the financing.
Phase II will bring 95 additional apartment units, 53,445 square feet of retail space, and 43 residential condos. The retail component is already 85 percent pre-leased to several tenants, including the nine-screen Cinemark Theater, Mio Sushi and Wildfin.
The theater is scheduled to open in the summer of 2015 followed by the condominiums and apartments opening later in the year. Future Point Ruston development plans include a 175-key Four-Star Silver Cloud Hotel, a neighborhood grocery, more than 500,000 square feet of Class A office and lifestyle retail space and more than 50 acres of public parks, plazas and trails.
KeyBank provides permanent loan for newly built Ohio asset
Columbus, Ohio—KeyBank Real Estate Capital has secured a $22.1 million Freddie Mac loan for Polaris Place, a 2014-built, 224-unit community located in Columbus, Ohio. The community—which includes 11 three-story garden-style buildings, 10 detached garage buildings, a leasing office and a clubhouse—was built in 2014 within a Planned Unit Development.
Timothy Migchelbrink of Key’s Commercial Mortgage Group arranged the financing, which was used to pay off an existing KeyBank construction loan.
ConAm acquires value-add property within Denver’s largest employment center
Denver—The ConAm Group (ConAm), has acquired PeakView Place, a 296-unit apartment community in the Denver market.
PeakView Place is in the City of Englewood, which is within the heart of Denver’s largest employment center, the 850-acre Denver Technological Center (DTC).
The property is located within a half mile of a light rail station and one mile of Interstate 25, which provides easy access to all employment centers, including downtown Denver.
ConAm intends to reposition the asset through an extensive $5.5 million renovation program, which will include the construction of a new leasing office, new exterior siding, full interior upgrades and overall enhancements to the common areas and landscaping. The property offers amenities including modern floorplans with full-sized washers and dryers, and central heat/air conditioning, as well as fireplaces, a pool and spa and a fitness center.
ConAm has been active in the Denver multifamily market since the early 1980s. With this acquisition, ConAm’s Colorado portfolio now totals approximately 5,500 units, including owned and managed assets.
