WASHINGTON, D.C. — Valor Development and DBT Development Group have begun construction of The Maryland, an 84–unit condominium located at 1350 Maryland Ave. N.E. at the eastern edge of Capitol Hill and the H Street corridor. Developers started the project more than three years ago with the acquisition of the vacant Faith Bible Church and an adjacent lot occupied by a car repair shop. The one- and two- bedroom condos will be priced from the $300,000s to the $500,000s. Urban Pace, a sales and marketing firm, will begin pre-sales of the condos in May.
Multifamily
MIAMI — A partnership between ECI Group, Adler Group and Canyon Capital Realty Advisors has topped off a 467-unit waterfront luxury apartment complex. The ShoreCrest Club Apartments on the Bay will offer a variety of one- and two-bedroom floor plans, ranging in size from 685 to 2,011 square feet. The 20-story tower apartments, located at 7950 North East Bayshore Court, will feature nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets and balconies with bay and skyline views. The apartments will also include a pool deck overlooking the Intracoastal Waterway, a fully-equipped fitness center, social room, sauna, theater, a covered parking garage, valet, cybercafé and 24/7 security. A 6,000-square-foot waterfront restaurant, as well as water access at its private marina will also be part of the property. Capital One Bank and SunTrust Bank provided senior financing for the project in the amount of $60 million to facilitate the property’s construction. Rental rates for units at ShoreCrest Club will range from approximately $1,500 to $3,600 per month. First occupancies are set for late 2014.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the $2.1 million sale of the Highland Place Apartments, a 72-unit Low Income Housing Tax Credit (LIHTC) multifamily property in Charleston, a city in southern Illinois. The buyer is Charleston-based affordable housing developer Yost Management LLC. The buyer applied for 9 percent acquisition/rehabilitation tax credits through the Illinois Housing Development Authority (IHDA) in 2012 but was denied. A follow up application in 2013 received the award and Yost plans to renovate the property. The transaction was closed with a bridge loan in anticipation of IHDA financing at a later date. An Indianapolis-based tax credit and rural housing developer constructed the property in 1998 under the LIHTC program.
PHILADELPHIA — HFF has closed the sale of Edgewater Apartments, a 290-unit, Class A multifamily complex in the Center City District of Philadelphia. An entity affiliated with JPMorgan purchased the property for approximately $113 million, according to the Philadelphia Business Journal. Edgewater Apartments is located at 2323 Race St. along the Schuylkill River in Center City Philadelphia’s northwest quadrant, known as Logan Square. Completed in 2005, the property includes a 12-story tower with 270 units plus 20 townhomes attached to a five-story, 491-space parking garage. Community amenities at the property include a club room with flat-screen television, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service and direct access to the riverfront walkways. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli of HFF marketed the property on behalf of the seller. According to HFF, this is the largest multifamily transaction to close in Philadelphia in more than 10 years.
PHILADELPHIA — Marcus & Millichap has arranged the $47.3 million sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. Clark Talone, Andrew Townsend and Ridge MacLaren in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Charter Court at East Falls includes two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business and fitness center, pet spa and door attendant.
NEW YORK CITY — Carlton Group has closed a $42 million construction loan and joint venture equity investment for a new condominium project in the Flatiron District of Manhattan. The financing will enable the developer, Gale International, to build a 37,000-square-foot condominium building, located at 21 West 20th St. The development includes 13 full-floor units, including four penthouse units with 100 feet of frontage and more than 4,000 square feet of private terrace space. Carlton arranged the construction loan and joint venture equity through a balance sheet lender at LIBOR plus 325 basis points and an equity joint venture participant, which includes an overseas investor. The development marks Gale International’s first condominium project in Manhattan.
KING OF PRUSSIA, PA. — Beech Street Capital has provided a $34 million, 10-year loan for the refinancing of Valley Forge Towers North, a 242-unit, 15-story apartment building in King of Prussia. Galman Group, which owns and manages more than 7,000 apartment communities and condominiums, was the borrower. The property includes one-, two- and three-bedroom units ranging in size from 1,079 square feet to more than 1,600 square feet. The property also features 11,000 square feet of office space, 19,000 square feet of retail, 8,000 square feet of commercial storage and 178 garage parking spaces. The fixed-rate loan includes a 30-year amortization schedule. Brian Sykes in Beech Street’s Boston office originated the transaction.
MIDLAND AND ODESSA, TEXAS — Related Real Estate Recovery Fund has acquired a 21-property, 3,000-unit multifamily portfolio in Midland and Odessa. Orion Residential sold the assets, according to the local newspaper Odessa American. New ownership will invest in capital upgrades at the properties and expects to begin renovations within six months. An arm of New York-based Related Cos., Related Real Estate Recovery Fund closed in January 2012 after raising $825 million in equity commitments and has since invested in markets including Boston, Chicago and New York City.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodstone Apartments, a 200-unit multifamily property in Fort Worth. Built in 1984, the garden-style complex offers one- and two-bedroom apartments, as well as amenities including laundry facilities, a clubhouse, swimming pool and spa. The community was 95 percent occupied at the time of the sale and is located at 6051 Bridge St., in proximity to the interchange of Loop 820 and I-30. Al Silva of Marcus & Millichap marketed the asset on behalf of the seller, British Columbia-based Ergas Group, and also procured the buyer, a California LLC. The property garnered 10 offers over a four-week marketing period. The new owner received a 10-year Fannie Mae loan for funds to upgrade both building exteriors and residence interiors.
DENVER – The 141-unit Mint Urban Hilltop apartment complex in Denver has sold to Hilltop Residential, LLC, for $17.3 million. The newly renovated community is located at 805 and 825 Dahlia Street, and 820 and 880-890 Dexter Street. The five buildings were constructed between 1957 and 1967. They total 103,696 square feet. The Calame Lewallen Team at Pinnacle Real Estate Advisors represented both the buyer and seller, Cardinal Group Moana LLC, in this transaction.