TODAY'S DEALS: SL Green to Develop Manhattan Dorm Tower
SL Green led JV to build a dorm in Manhattan; Beech Street Capital provides $33 million in Fannie loans to two Baltimore-area assets; and Colliers International represents the buyers and sellers in the $7.7 million sale of an apartment property in San Diego.
New York—SL Green Realty Corp. has formed a joint venture with Harel Insurance and Finance and the Naftali Group to develop a dormitory tower for Pace University at 33 Beekman Street in downtown Manhattan.
The partnership acquired the fee interest in the planned development site, which faces Beekman and William Streets in the middle of the Pace downtown campus area, and will develop an approximately 30-story building at the site. Once the project is complete, the venture will convey a long-term ground lease condominium interest in the building to Pace University for student housing and ground floor school-related space.
“We’re delighted to have the opportunity to develop another attractive and modern dormitory building for Pace University, one of New York City’s outstanding educational institutions,” says Andrew Mathias, president of SL Green. “Our recent experience with Pace on the 180 Broadway project has demonstrated that we can work well with the University’s administration to create a superior living experience for its students. And once again, we have chosen to continue our successful collaboration with Harel, the fourth such venture we have done together.”
Newmark Grubb Knight Frank acted on behalf of Pace for the transaction.
Beech Street Capital closes $33M in Fannie Mae loans for a Baltimore portfolio
Baltimore—Beech Street Capital has provided $33 million in Fannie Mae conventional loans to refinance Kings Mill Apartments and Tall Oaks Apartments, which total 907 units, in Baltimore County, Md. Adam Bieber, assistant vice presidents in Beech Street’s Bethesda office, originated the transaction.
Kings Mill Apartments is a 611-unit property located in Essex, Baltimore County, about 11 miles northeast of downtown Baltimore. Tall Oaks Apartments is a 296-unit garden-style property located in the Parkville neighborhood of Baltimore County, about nine miles north of downtown Baltimore.
The fixed-rate loans have a 10-year term, 9.5 years of yield maintenance and 30 years of amortization payable on an actual/360 basis.
Colliers represents buyer and sellers in $7.7M sale of apartment
The Palms of La Mesa
La Mesa, Calif.—The San Diego and North County offices of Colliers International announce the sale of a 65,046 square foot, 78-unit residential apartment building, located at 7481 & 7487 Mohawk St., La Mesa, Calif., for $7,683,000 million.
The buyer, The Palms of La Mesa Apartments LLC, was represented by Peter Scepanovic and Corey McHenry of Colliers International. Rita Lancaster- Hannah of Colliers International represented Blue Corner Capital, Monroe Trust and Jim Purdy, the sellers in the transaction. Andrew Gilligan of Chase Bank provided financing.
“We’re seeing strong investor demand for well-managed apartment properties in San Diego County, for long-term investment,” commented Scepanovic. “This property is well-occupied and located in a good East San Diego County location.”
The Palms of La Mesa consists of two adjacent parcels of 38 units and 40 units situated on Mohawk Street in the neighborhood of La Mesa in San Diego. Constructed in 1969 and 1970, the gated community features two-story buildings, covered and open parking, two pools and private balconies. The unit mix at The Palms of La Mesa consists of: 32-1BR/1BA at 575 square feet, 23-1BR/1BA at 805 square feet, 8-2BR/1BA at 775 square feet, 8-2BR/2BA at 945 square feet and 7-3BR/3BA at 1,125 square feet.
