Madison finances Florida complex Miami-based Madison Capital Group has arranged $27 million in equity and construction-debt financing for Hacienda Cove, a 316-unit luxury apartment community in Broward County, Fla., that Miami-based American Land Housing Group is developing. Completion of the project is scheduled for fall 2000. Miami-based Omni Residential will be the property manager of the complex.
Located on the North New River Canal, the community will include traditional garden apartments in two- and three-story buildings as well as carriage homes.
Jupiter completes Rocky Mountain-sized deal Chicago-based Jupiter Realty Corp. sold a 1,016-unit portfolio of Denver-area properties for $62.5 million. The buyer was a Southern California investment corporation controlled by Irvine, Calif.-based Sares Regis Co. The purchase is the largest single apartment transaction in Denver history, according to a Jupiter press release.
The 780,000 sq. ft. portfolio consists of the 268-unit Parkside Apartments and the 220-unit Briarglen Apartments, both in Colorado Springs; the 220-unit Hunter's Cove Apartments in Federal Heights; the 168-unit Cottonwood Creek Apartments in Lakewood; and the 140-unit Quail Ridge Apartments in Thornton.
Related Cos. taking its show to Broadway The Related Cos. LP, New York, is developing a nearly 700-ft. mixed-use building in Manhattan that will have 130 luxury condominiums. Occupancy is slated for spring 2002. The Sunshine Group, New York, will be the marketing and sales agent for the units. Excavation work will begin in fourth-quarter 1999.
The project's one- to three-bedroom condominiums will range in size from 700 sq. ft. to 2,500 sq. ft. and will offer views of the Manhattan skyline. Amenities will include a business center, an entertainment room, a health club and an on-site parking garage.
The building, which will be located on Broadway between 55th and 56th streets, will also contain 575,000 sq. ft. of office space, which Random House Inc. will own and use for its world headquarters, and 33,000 sq. ft. of ground-floor retail space.
Fannie Mae reports increased earnings Washington, D.C.-based Fannie Mae recently reported third-quarter 1999 earnings of $991 million, or $.94 per common share. During second-quarter 1999, the company posted earnings of $957.6 million, or $.91 per common share. As another note of comparison, Fannie Mae had earnings of $857.5 million, or $.81 per common share, in third-quarter 1998.
The company's net income for the first nine months of 1999 was $2.874 billion, or $2.73 per common share. During the same period in 1998, Fannie Mae's net income was $2.529 billion.
Credit-related expenses fell from $40.3 million in second-quarter 1999 to $20.8 million in the third quarter. Also, Fannie Mae credit-loss rate declined from an annualized 1.4 basis points in the second quarter to .7 basis points in the third quarter. In third-quarter 1998, the company's credit loss rate was 2.6 basis points.
MFM copy Lend Lease arranges sale of apartment complex in heart of San Francisco Atlanta-based Lend Lease Real Estate Investments Inc. arranged the $83 million sale of South Beach Marina Apartments, a 414-unit, Class-A apartment complex on San Francisco's Waterfront. The purchase was made on behalf of an undisclosed public pension fund. The seller was South Beach Marina Apartments Ltd.
Built in 1989, South Beach consists of four residential buildings. Features of the community include a five-level parking garage, a fitness center, a movie/TV theater, an outdoor pool, two tennis courts and shuttle service to San Francisco's Central Business District. South Beach also has 4,700 sq. ft. of retail space, including two restaurants and a hair salon, as well as views of San Francisco Bay and the city's skyline.
Construction begins on West Palm Beach luxury community Orlando, Fla.-based DCC Constructors Inc. has broken ground on The Reserve at Ibis, a 234-unit luxury apartment complex in West Palm Beach, Fla. Altman Development Corp. of Boca Raton, Fla., is the developer of the 15-acre community.
The gated complex will have 13 buildings and will offer one- to three-bedroom floor plans. Each unit will come with a screened patio and washer/dryer hookups. Other amenities will include a 5,700 sq. ft. clubhouse with a fitness room and business center, a pool and spa, tennis courts and picnic area. Completion is scheduled for fall 2000.
LandSouth sells Georgia complex for $16 million LandSouth, a Macon, Ga.-based developer, sold Preston Mill, a 228-unit luxury apartment complex in Newnan, Ga., for more than $16 million. The purchaser is Shoptaw & Gerrard, a Columbus, Ga.-based multifamily investor.
Completed earlier this year, the community features 10 garden-style buildings, with units ranging from 900 sq. ft. to 1,400 sq. ft. in size. Features of the apartments include crown molding, garden tubs and private balconies. The complex also has a complete fitness center, a business center, tennis courts and a pool.
Summit sells four southeastern communities Charlotte, N.C.-based Summit Properties Inc. has sold four complexes - totaling 886 units - for approximately $47 million. Three of the communities are in Florida; the fourth is in Greenville, S.C. The total number of units sold was 886.
The properties involved were previously known as Summit Heron's Run and Summit McIntosh, both located in Sarasota, Fla.; Summit Perico, located in Bradenton, Fla.; and Summit Beacon Ridge, located in Greenville, S.C. "With these transactions, we have now completed $208 million in dispositions during 1998 and 1999. This represents almost 20% of our total market capitalization," says William F. Paulsen, Summit's CEO.
Meredith & Grew secures funding for Massachusetts complex Boston-based Meredith & Grew Inc. *Oncor International arranged an $18.7 million construction/permanent loan for the Arlington Center Apartments, a 133-unit luxury apartment complex to be built in Arlington, Mass. Boston-based Mirak-Bendetson Development LLC is the developer. The Newark, N.J. office of Prudential Life Insurance Co. and Boston-based Eastern Bank provided the loan.
The 3.5-acre community will consist of five four-story buildings and will feature a 99-car parking garage. The nearby area features restaurants, retail shopping and several office buildings. Amenities include easy access to public transportation, with a nearby subway station and bus stop. Also, the Minuteman Bikeway, a bicycle trail that begins in Cambridge, passes just behind the property.