Northern Virginia luxury apartment market grows JPI is constructing a luxury apartment complex called Jefferson at President's Park in Herndon, Va.
"The 413-unit complex will open in August and will feature a community lifestyle that bridges the gap between traditional apartment complex convenience and luxury home-style living," according to Jim Butz, senior vice president and regional managing partner for JPI. He also says the growing technology community and office market has increased demand for luxury apartments in Northern Virginia.
The 12 buildings designed by New York's EDI will cover about 20 acres of land and will offer one-, two- and three-bedroom units ranging in size from 690 sq. ft. to 1,326 sq. ft. Rents will range from $960 to $1,470 monthly.
The project will be completed by April 2000 and will be at the intersection of Routes 28 and 267, the major highway connecting Washington, D.C., to Dulles International Airport.
Miami company closed more than $61M in loans Miami-based James F. Perry & Co. announced mortgage closings of 27 apartment properties for more than $61 million. The complexes are located in Florida, Texas, Kansas and Missouri and contain 2,933 rental units.
The financings were placed with a Wall Street investment bank, a Federal National Mortgage Association "DUS Lender" and three commercial banks. Nine properties were financed directly by James Perry & Co.'s private pension group.
According to President James Perry, the company has about $41 million of multifamily loans committed or under application that will close during 1999's first quarter.
AMLI secures funds for Dallas apartment project AMLI Residential has secured a $10.8 million permanent loan from Northwestern Mutual Life Insurance Co. for AMLI on the Parkway in Dallas.
The 10-year loan's interest rate is 6.75% and is amortizable over a 25-year period.
The total cost of the 240-unit apartment complex is $16 million, and the property is jointly owned by Western & Southern Life Insurance Cos. Construction began in February 1997 and will be completed in 1999's first quarter.
To date, the AMLI portfolio includes 53 apartment communities and 19,771 units with an additional 4,232 units under development in 13 locations.
Aries Capital funds first loan in Phoenix office Phoenix Aries Capital's office has funded its first loan, which is a $13.5 million loan for the Shelter Island Apartments in Las Vegas.
The 10-year loan is for refinancing and has a 30-year amortization and a 60% LTV. First American Asset purchased the loan for its portfolio, and Aries Capital has retained servicing for the term of the loan.
The Shelter Island complex features 359 one-bedroom apartments and 96 studio units, was built in 1986 and is located at 3770 S. Swenson St.
Second high-rise complex to go up in South Beach Cohen, Freedman, Encinosa & Assoc. was named architect of South Beach's second high-rise rental unit, the Yacht Club at Portofino in Miami.
The 33-story complex at 90 Alton Road, is slated for occupancy next summer.
The same architect also built The Floridian, the area's first high-rise apartment complex, which was completed in 1997.
LandSouth develops first Atlanta multifamily unit
Macon, Ga.-based multifamily community developer LandSouth is developing Preston Hills at Mill Creek, a 464-unit garden apartment complex.
Development began in August on the apartments, which are located on 43 acres near the Mall of Georgia in Gwinnett County.
The project is LandSouth's first in the metropolitan Atlanta market. Other LandSouthGeorgia markets include Athens, Macon, Newnan, Savannah, Valdosta and Warner Robbins.
The 19-building community will offer 463 units ranging in size from 900 sq. ft. to 1,500 sq. ft.
The first phase of the apartments will be available for occupancy in May.
Apartments acquired deep in the heart of Texas Benj. E. Sherman & Sons acquired the 328-unit Silver Rock apartment complex in San Antonio.
Sherman Silver Rock LLC was formed to acquire the property, which was purchased for more than $18 million for its long-term investment potential.
It was built in 1997 by Embrey Partnership Ltd. of San Antonio, and permanent financing was provided by the Teachers Insurance & Annuity Association's in-house conduit program.
NML invests $50M in luxury apartments
The Northwestern Mutual Life Insurance Co. (NML) announced construction of two luxury apartment complexes in Baltimore totaling $50 million in investment value.
The Briarwood at Owings Mills is a 348-unit community in the Painters Mill Village Center and is owned by NML. It consists of nine four-story garden apartment buildings. Cambridge Court at White Marsh, a 312-unit, three-story garden apartment complex, is a joint venture between NML and Nottingham Village Joint Venture, a subsidiary of Nottingham Properties Inc. This project will feature 13 buildings and a business center.
The Bozzuto Group is the development and property manager for both projects and is general contractor for the Briarwood. Bovis is the general contractor for Cambridge Court.
NML is providing equity, construction and permanent financing for both projects.
Affordable Housing Program receives $10.5M The Federal Home Loan Bank of Boston awarded more than $5.7 million in grants and below-market rate loans to finance 31 housing initiatives.
The money, which is part of the company's Affordable Housing Program (AHP), is going to Connecticut, Vermont, Maine, Massachusetts and New Hampshire.
The projects will result in 725 units of affordable housing to go to low-income families, the homeless and the elderly.
Each year, The Home Loan Bank of Boston dedicates 10% of its profits to the AHP, which totals more than a $10.5 million contribution in 1998. The money may be used to pay construction, acquisition or rehabilitation costs for multifamily projects.
Large loan goes through for Home Properties REIT Vienna, Va.-based WMF Washington Mortgage Corp. closed a $58.9 million loan for Home Properties, a REIT specializing in apartments.
The financing for the company is an expansion of an existing $100 million credit facility by Fannie Mae and WMF Washington Mortgage.
This 12-year transaction is an interest-only loan with a fixed rate of 6.16%. Seven properties were added to existing collateral pool, and the borrower will use the funds for future investments and working capital needs.
Consortium says new rules to boost mortgages The Capital Consortium wrote a letter urging federal banking regulatory agencies to adopt rules that would make it easier for commercial real estate and multifamily housing to raise capital.
The letter was directed to the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision. It asks that they adopt the proposed risk weighting for AAA-rated commercial mortgage-backed securities from 100% to 20%.
These rules would enhance liquidity for commercial real estate without compromising the safety of banks.
The Capital Consortium is made up of the Mortgage Bankers Association, the National Realty Committee, the National Association of Realtors, The Bond Market Association and the Commercial Real Estate Secondary Market and Securitization Association. It was formed in 1992.
CT Realty closes 1998 with $180 million Newport, Calif.-based CT Realty Corp. acquired four properties totaling $44.5 million, making 1998 its most productive year.
Three apartment complexes -- Village Oaks in Chino Hills, Calif., for $20.55 million, the Summerbreeze Apartments in Temecula, Calif., for $8.75 million and the Vintage View Apartments also in Temecula, for $12.65 million-- were acquired, as well as an office building in north Orange County.
The firm closed 1998 with $180 million in transactions compared to $90 million in 1997 and formed a $200 million investment pool called the California Fund, which is used to acquire existing properties and develop new projects.
The Metropolitan luxury condos move into Miami Developer Coscan Homes announces The Metropolitan, a 27-story highrise taking up the last parcel of land on Miami's posh Brickell Avenue.
Designed by renowned architect Luis Reveulta, The Metropolitan will offer luxurious amenities at middle-market prices. It will feature 199 condominiums priced from $156,000 to $275,000 ranging in size from 760 sq. ft. to 1,200 sq. ft.
Freddie Mac names new director to multifamily Douglas Westfall has been named director of multifamily public finance for Freddie Mac. He will be in charge of the company's bond credit enhancement activities in the multifamily division.
Westfall was the director for multifamily affordable housing products for Fannie Mae's Southeastern regional office.
Residents can put rent toward new homes Equity Residential Properties Trust (EQR) offers the Rent with Equity Program that allows residents to give 25% of their rent toward the purchase of a new home.
The program, which is offered by the company's Georgia/Alabama region and Atlanta builder Beazer Homes, USA, is part of EQR's strategy to leverage its local size and to nationally bring value-added services to existing and perspective residents.
The program involves 37 properties with more than 12,000 units and should provide 20,000 Atlanta-area residents with a way to attain a home.
EQR owns and has investment in 682 properties in 35 states containing 192,558 units. Its size in the Georgia/Alabama region has tripled in the past year. Because of EQR's recent merger with Merry Land, its Atlanta portfolio has grown into 37 communities totaling 12,371 units.