TODAY'S DEALS: EdR to Develop Off-Campus Housing in Downtown Phoenix
EdR begins a joint venture development in Phoenix; Holliday Fenoglio Fowler transacts and arranges financing for a Houston asset; and Meridian Capital negotiates New York City financing with interest rates in the 3 percent range.
Phoenix—EdR is beginning a new joint venture development with Concord Eastridge that will bring 609 beds within 326 units to downtown Phoenix. The property will be located adjacent to the Phoenix Biomedical Campus, and will serve students from the University of Arizona School of Medicine and Arizona State University.
The partnership with develop, own and manage the $52 million mixed-use collegiate housing community which is expected to be completed in the summer of 2013.
“The City of Phoenix and the universities are making a strong investment in an aggressive plan to create a downtown campus,” says Tom Trubiana, chief investment officer and executive vice president of EdR. “We are excited to get in on the ground floor of this burgeoning downtown revitalization with our partner Concord Eastridge who has a solid reputation in our industry for developing successful projects.”
Amenities at the development will include a fitness center, tanning beds, two clubhouses, swimming pools, study lounges, computer labs and a five-story parking garage. In addition, one of the residential buildings will offer 7,500 square feet of street-level retail.
HFF closes sale of/arranges financing for suburban Houston asset
Pearland, Texas—Holliday Fenoglio Fowler has closed the sale of and arranged financing for St. Andrews Apartments, a 472-unit, Class A community located in Pearland, Texas.
The services firm marketed the property on behalf of its seller, a T-I-C ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. The asset was picked up by Venterra Realty for an undisclosed amount. HFF provided fixed-rate financing for the acquisition through PPM Finance Inc.
St. Andrews Apartments is situated on a 20-acre site at 990 Broadway Street close to the Texas Medical Center and downtown Houston in Pearland. The 99.6 percent leased property has an average unit size of 945 square feet.
Meridian negotiates NYC financing with interest rates in 3% range
New York—Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, announced the following transactions:
-A new mortgage of $8.3 million was placed by Meridian on three multifamily buildings totaling 129-units on Ocean Parkway in Brooklyn, N.Y. The loan features a rate of 3.50 percent and a 10-year term. The transaction was negotiated by Avi Weinstock.
-Meridian negotiated a new mortgage in the amount of $5.5 million on a 29-unit, five-story mixed-use building on West 57th Street in New York. The loan features a rate of 3.63 percent and a five-year term. The transaction was negotiated by Scott Assouline and Jacob Nefoussi.
-Three new mortgages totaling $8.3 million were placed by Meridian on a 59-unit, six-story multifamily building and two, 35-unit, four-story multifamily buildings, all located on Ocean Avenue in Brooklyn. These loans feature rates of 3.50 percent and a 10-year terms. These transactions were negotiated by Avi Weinstock.
-Meridian negotiated a new mortgage in the amount of $3.5 million on a 16-unit, five-story mixed-use building on Rivington Street in New York. The loan features a rate of 3.50 percent and a five-year term. The transaction was negotiated by Cary Pollack.
-A new mortgage of $5.5 million was placed by Meridian on a 29-unit, five-story mixed-use building on West 57th Street in New York. The loan features a rate of 3.63 percent and a five-year term. The transaction was negotiated by Scott Assouline and Jacob Nefoussi.
-Meridian negotiated a new mortgage in the amount of $2.5 million on a 28-unit, six-story multifamily building on Caton Avenue in New York. The loan features a rate of 3.75 percent and a 10-year term. The transaction was negotiated by Avi Weinstock and Josh Rhine.