Happy Returns
Obviously, mixed-finance deals are more challenging than your garden-variety single-lender projects. But the extra investment of time and resources yields big returns.
“You look around Philadelphia and you see these amazing developments we’re building,” Greene says. “Without mixed-finance you wouldn’t see anything like that. Instead, we’d be providing institutionalized or semi-institutionalized housing. You would see a limited number of new houses, but not the kind that have people raving the way they do now.”
Margot Carmichael Lester is a freelance writer in Carrboro, N.C.
Fortress Capital Investors purchased The Park, a 180-unit apartment community in Raleigh, N.C., for $15.8 million from Korman Communities. The property offers 368 parking spots and is located near retail outlets and employment centers. The property marks the company’s third sizable North Carolina purchase.
George Smith Partners arranged $81 million in construction financing for Newport Lofts, a 22-story condominium tower planned for downtown Las Vegas. The financing was structured using a senior and mezzanine facility. The property will offer 156 units and 6,100 square feet of ground-floor retail, plus a rooftop deck and pool, a fitness center, and a media room.
Mountain Funding arranged $55.5 million in financing for the Hamptons at Tampa Palms, a 315-unit condominium community in Tampa, Fla. The financing includes a $50.5 million senior bridge loan plus a $5 million mezzanine loan.
Paradise Pines purchased The Scottsdale, a 160-unit apartment community in Scottsdale, Ariz., for $12 million from San Diego County Medical Buildings. Sperry Van Ness represented the buyer. The property features a fitness center, spa, clubhouse, and tennis court.
GMAC Commercial Mortgage Corp. provided $37.6 million in construction and mezzanine financing for The Cambridge Condominiums, a 73-unit community in Portland, Ore. The project features one- to four-bedroom units with floor-to-ceiling windows offering views of mountain ranges and downtown Portland.
Colonial Properties Trust sold eight of its multifamily properties for $122.9 million. Seven of these properties were acquired in April as part of the Cornerstone Realty Income Trust merger. Three properties are located in Atlanta; two are in Fort Worth, Texas; and Dallas, Charlotte, N.C., and Orlando are each home to one as well. The company plans to build three Colonial Grand properties in Austin, Texas, for a total of 996 units.
ARCS Commercial Mortgage Co. arranged $9.75 million in financing for Marsh Creek, a 276-unit garden-style rental complex in Dallas. The loan has a nine-year term and includes a one-year extended maturity option.
–Listings compiled by Rachel Z. Azoff