AURORA, COLO. — The joint venture of Boston Capital Real Estate Partners and Embrey Partners, a San Antonio-based developer, is developing Saddle Rock East Apartments in Aurora, Colo. The Class A, garden-style community will consist of 17 two- and three-story buildings that will feature 134 one-bedroom units, 94 two-bedroom units and 35 three-bedroom units. Property amenities will include a community center, a swimming pool, a business center, a cyber café and an exercise facility. The property will be located along E-470, which connects Interstate 25 and Interstate 70.
Multifamily
CHICAGO — Chicago-based Wrightwood Capital has secured $11.5 million in mezzanine financing for the acquisition of the Kollinger Portfolio, a collection of four apartment communities located in Wisconsin totaling 1,157 units and more than 1 million square feet. The properties include River Place Apartments, a 210-unit apartment community located in Brown Deer; Mission Hills Apartments, a 271-unit community located in Franklin; Springtree Apartments, a 272-unit community located in Middleton; and Meadows Apartments, a 404-unit community located in Madison. Wrightwood Capital structure a 36-month participating mezzanine loan for the borrower, a partnership between BNG Management and Axiom Properties.
JERSEY CITY, N.J. — Ground has broken on the 8-unit Harriet Tubman Townhouses in Jersey City. Developed by Eagle Rock Development, the townhomes represent the first development to take place in Jersey City under CHOICE, the New Jersey Housing & Mortgage Finance Agency’s affordable housing program. The 1,600-square-foot, two-story brick townhomes will feature three bedrooms and two-and-a-half bathrooms. Construction financing will be provided by the New Jersey Housing & Mortgage Financing Agency and a co-first lead lender. Below-market permanent end-loan mortgages will be available to eligible first-time homebuyers. Completion is slated for June 2008.
PHILADELPHIA — Gary McGlynn and Christopher Feeley of the NorthMarq Captial Washington D.C. regional office have arranged a $25.02 million mortgage for Heathergate in Philadelphia. Financing for the 202-unit, age-restricted multifamily property was based on a 5-year, interest-only term. NorthMarq arranged financing through its correspondent relationship with Allianz.
NORTHRIDGE, CALIF. — Sussex Northridge LLC has acquired Willow Court, a 47-unit apartment community located at 8523 Etiwanda Ave. in Northridge, from Willow Court LLC for a consideration in excess of $6 million. The 8,234-square-foot property consists of 16 one-bedroom/one-bath units and 31 two-bedroom/two-bath units. Craig Stevens and Michael Smith of Lee & Associates – LA North/Ventura’s Sherman Oaks, Calif., office negotiated the transaction.
ATLANTA — Regent Partners has topped out 3344 Peachtree and its luxury home component, SOVEREIGN, in the Buckhead submarket of Atlanta. Rising 635 feet, the landmark 50-story mixed-use building is scheduled for completion in spring 2008, with business tenants occupying the building next spring and residents moving in next summer. 3344 Peachtree has 500,000 square feet of Class A office and retail space that is currently 50 percent leased to tenants such as Jones Lang LaSalle, Fifth Third Bank and Littler Mendelson, PLC. The building will also be home to The Buckhead Club as well as Buckhead Life’s newest signature restaurant and Fresh 2 Order café.
DAYTON, OHIO — Meridian Capital Group has arranged a $3.56 million loan for Willowood Apartments, which features 125 apartment units and 20 townhomes, and is located at 3303 Shiloh Springs Rd. in Dayton. The loan carries a 6.39 percent interest rate over a 10-year term, with an 87 percent loan-to-value ratio. Jay Bidnick of Meridian’s New Jersey office originated the loan. The borrower was not disclosed.
NEW YORK CITY — Luxury rental building, 4705 Center Boulevard, has opened to tenants in the Long Island City neighborhood of Queens, New York City. The 30-story glass and steel tower is the second building for EastCoast, a 22-acre waterfront mixed-use project that is being developed by Rockrose Development Corp. Designed by Arquitectonica, the 394-unit building includes traditional studios and two-bedroom apartments, ranging in size from 515 to 1,279 square feet, among its housing options. Amenities include a 10-seat screening room, a fitness center, a club room, a bike room, a year-round indoor swimming pool and a 900-car garage featuring on-site parking. The Rockwell Group designed the amenity spaces. EastCoast will consist of 2.9 million square feet of mixed-use space surrounded by 8 acres of waterfront parkland upon completion in 2012.
JERSEY CITY AND BRIDGETON, N.J. — Patrick Forde of Marcus & Millichapís New Jersey office has closed two apartment building sales totaling $6.4 million. The first property, a 32-unit building in Jersey City, sold for $2.7 million. Amenities include on-site parking. Forde represented the buyer, a local investor, and the undisclosed seller in the transaction. In addition, Forde closed the $3.7 million sale of a 156-unit apartment community in Bridgeton. The property offers one-, two- and three-bedroom apartment homes. Forde represented the buyer in the transaction, who plans to maintain the facility as affordable housing.
COLUMBUS, OHIO — EF&A Funding has secured a $7 million acquisition loan for Ashton Place Apartments, a 292-unit, garden-style apartment community located in Columbus. The community comprises 21 two-story townhome buildings and five single-story apartment buildings. The loan carries a 10-year term with a 1-year extension, and the first 5 years interest-only. John Marr of EF&A secured the loan on behalf of an undisclosed borrower.