TODAY’S DEALS: Lyon Breaks Ground on Santa Ana Luxury Asset
Lyon Communities begins a 300-unit asset; Beech Street Capital provides $152 million to Archstone to refinance an asset in Maryland; and NorthMarq Capital secures a $20 million, five-year take-out loan from a life company.
Santa Ana, Calif.—Newport Beach-based Lyon Communities has broken ground on The Marke @ South Coast Metro, a 300-unit asset expected to open in Santa Ana in 2013. The asset is located near Orange County’s theater and arts district, a major employment and cultural hub.
“These new homes will be minutes away from the very best the county has to offer, and this new, upscale gated community will provide a luxury-living experience which meets the demands of discerning renters,” says Frank Suryan, chairman and chief executive officer of Lyon Communities.
Units will range from 720 to 1,470 square feet in size and will feature modern open floor plans with high-end finishes. The community will boast almost an acre of rooftop amenity space including a pool and spa with private cabanas, an outdoor sports bar, a 7,600-square-foot clubhouse with a fitness center, movie theater, billiards and card room, video game area, two bowling lanes, a demonstration kitchen and an internet café.
“Our goal is to create a very special community for our residents by providing an environment with amenities and features which appeal to the active lifestyle enjoyed by South Coast Metro and Santa Ana residents,” Suryan adds.
On Wednesday Holliday Fenoglio Fowler announces that they have arranged a $22.8 million mezzanine financing for the development. The three-year loan was placed through Pearlmark Real Estate Partners.
Beech Street Capital provides $152M Fannie loan for Archstone complex
Archstone Wisconsin PlaceChevy Chase, Md.—Beech Street Capital has provided a Fannie Mae loan of $152 million to refinance Archstone Wisconsin Place, a 432-unit apartment community built in 2008 and located in Chevy Chase, Md. The asset is part of Wisconsin Place, a mixed-use development that also has office and retail space.
Working closely with Archstone and Fannie Mae, Beech Street was able to structure the transaction to meet the borrower’s requirements and close before the maturity date of the existing loan.
NorthMarq secures $20M, 5-year take out loan from life company
Las Vegas—Gardiner Champlin, Marty Meagher, and Eric Flyckt, senior vice presidents and managing directors of NorthMarq’s San Diego Regional office, Paul Fearey, vice president of NorthMarq’s Washington, D.C. Regional office, and Marcy Olson and Thomas Powell of NorthMarq’s Las Vegas Regional office, cooperated to arrange first mortgage refinancing of $20 million for Avanti Apartments, a 414-unit market-rate multifamily community located in Las Vegas.
Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Fairfield Clairmont I LLC, through its relationship with a life insurance company.
“The five-year fixed rate execution met borrower projected holding period needs. The Agencies were competitive but the borrower opted for an existing life company relationship for ease of execution. “This low-leveraged takeout of a construction loan was a very smooth execution for the borrower with an existing life company relationship,” said Meagher.
