New York—Holliday Fenoglio Fowler has arranged a $130 million refinancing for The Capitol at Chelsea, a luxury high-rise asset located in Manhattan. The firm worked on behalf of institutional investors advised by J.P. Morgan Asset Management, and placed the seven-year loan with HSBC Bank USA.
The 38-story tower is located at 55 West 26th Street in Manhattan’s Chelsea neighborhood. The 2001-built community features 397 units, 67,329 square feet of retail and office space, and a 140-space parking garage. Amenities include a fitness center, outdoor patios and concierge services.
“This transaction reflects an interesting inflexion point in the debt markets at which swapped bank deals prove formidable competition to other traditional fixed-rate debt sources,” says Jennifer Keller, who led the team representing the borrower along with Whit Wilcox.
AIMCO breaks ground on $32.6M renovation in California
Corte Madera, Calif.—Apartment Investment and Management Company (Aimco) has launched a $32.6 million renovation of Preserve at Marin. The project is expected to bring 126 luxury rentals to Corte Madera through the renovation of seven buildings. There will also be a 1,500-square-foot clubhouse with a fitness center.
“We are delighted to be part of the Corte Madera community and to invest in this unique property, which is so well located in Marin County, a highly desirable market for Aimco,” Aimco Chief Administrative Officer Miles Cortez said at the groundbreaking ceremony on December 4. “Today’s groundbreaking is the result of a strong partnership with the Town of Corte Madera. We thank you for extending such a warm welcome to us, and we look forward to creating a first-class apartment community which will attract new residents and investment to your wonderful town.”
The renovation is set up for completion by the third quarter of 2014. It calls for exterior and interior rehabilitation of all buildings, as well as a design for all the apartments that includes large bay windows, modern kitchens, and upscale finishes.
Berkadia identifies lending source for Texas community
Midlothian, Texas—The Dallas office of Berkadia Commercial Mortgage LLC (Berkadia) recently arranged $13 million in permanent financing for the Timber Oaks Apartments located in Midlothian, Texas. Senior Vice Presidents Greg Golden and John Koeijmans worked with borrower Midlothian Timber Oaks LP to secure the 10-year, fixed-rate loan.
The loan, arranged through lender Fannie Mae, was used to refinance an existing mortgage on the apartment community. Located within 30 miles of both Dallas and Fort Worth, Midlothian is known as the hub of the cement industry in North Texas with three separate cement production facilities, as well as a steel mill. The community also has a fast-growing residential population, which has tripled in size since 2000.
Golden and Koeijmans first evaluated the location and features of the property, and then leveraged their experience working with a variety of lenders — agency, life companies, CMBS and the Federal Housing Administration (FHA) — to identify the financing option that best met Midlothian Timber Oaks’ needs. The loan amortizes over 30 years.
“Timber Oaks is the premier multifamily community within the Midlothian submarket,” said Golden. “We take pride in our knowledge of the Dallas-Fort Worth area, including smaller communities like Midlothian, and we are pleased to help the borrower contribute to this vibrant, thriving city.”
Timber Oaks Apartments is a 242,076 square foot gated community spanning nine acres. Currently 95 percent occupied, the property consists of 180 one-, two- and three-bedroom units, and features amenities including a pool, 24-hour fitness center and convenient access to downtown Midlothian as well as the major employment centers of Dallas and Fort Worth.