Multifamily News

NationsBank helps put $80 million project on the map NationsBank N.A. is funding New York-based developer EMJ Construction Consultants USA Inc.'s $80 million Ocean One twin tower condominiums in North Miami.

With the foundation of the first tower already standing and the units completely sold, the second 30-story tower is well on its way.

Priced between $358,900 and $1.2 million, the twin towers will be home to 241 families who will occupy two- and three-bedroom units plus penthouse suites on the 6.3-acre site.

Ocean One will share a common three-story entrance lobby, and owners will have at their disposal a 700-foot beach, a private beach club, a heated pool and spa, a fully equipped fitness center and lighted tennis courts.

Ocean One is expected to be completed by summer 1999.

Second phase of loft condos to be developed in midtown Atlanta Coming on the heels of last year's conversion of the Troy-Peerless Laundry Building on Glen Iris Drive in midtown Atlanta to loft apartments, Atlanta-based Miller-Gallman Developers LLC is expanding the project with loft condominiums.

Called The Highland Lofts, the new phase will encompass three four-level buildings, which will house 100 to 110 loft-style condominiums in midtown.

"We have had tremendous response from people interested in buying lofts in the Troy-Peerless Building," says partner Jerry Miller of MGD. "However, since the project was remodeled as a qualified historic rehabilitation under Section 47 of the tax code, we must continue to hold it for lease only."

Designed by Atlanta-based Stang Newdow Architects and priced between $160,000 and $400,000, the new buildings will offer many of the same features found in the renovated Troy-Peerless Building. These features include high ceilings, large windows, open floor plans and lofted living areas.

Construction will begin this fall, and the expected move-in date is mid-1999.

SBO arranges packages for N.Y. projects New York-based The Singer & Bassuk Organization, a real estate financial services firm, completed the final stage of a $41 million assignment by closing a $21 million permanent loan with Mass Mutual on Manhattan Promenade, and it arranged a $30 million underlying mortgage for Turtle Bay Towers in New York.

Construction of Manhattan Promenade, a 183-unit luxury rental property, began in 1997 with a $20 million construction loan provided by PNC. The rental property, located at 344 Third Ave., is owned by members of the Kalimian family, Manhattan developers of luxury residential properties.

Turtle Bay Towers, located at 310 E. 46th St., is a 338-unit cooperative apartment building, and the financing was provided by PruExpress through its adviser JHP Realty Advisors.

Arizona apartments sold for $50.4 million to SHLP Acquisition San Marcos Apartments and San Carlos Apartments of Scottsdale, Ariz., have been sold for $50.4 million to SHLP Acquisition Corp. of Atlanta.

The seller of the 624-unit apartment portfolio was Scottsdale Horizon II Limited Partnership of San Diego, and the transactions were negotiated by Hendricks & Partners.

Hendricks & Partners is a national multifamily brokerage company specializing exclusively in the sale of apartment properties throughout the Western United States.

Sprint's long-distance services are being offered to apartment residents nationwide through a program available via GMAC Commercial Mortgage Corp.'s Tenant Services Division. The program, GMAC Resident's Advantage, offers apartment residents an opportunity to buy a variety of products and services through their property's rental office.

To date, 450,000 units are under contract with numerous portfolios; however, user names will not be released until later this month.

Created by Tenant Services, GMAC Resident's Advantage is the first program of its kind in the real estate industry to provide apartment residents easy acce ss to national, regional and local products. In addition to long distance, some products include local phone service with the regional Bell operating companies, cellular, Internet access, renter's insurance, self-storage, and truck and furniture rental.

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