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SunTrust gives Grand Bay Towers $51 million thumbs up Margulies-Lowe Development Corp., the developer of Grand Bay Towers in Key Biscayne, Fla., has received a $51 million loan from SunTrust Bank, Miami, to construct the community's second and final 102-unit oceanfront tower.

With its groundbreaking this month, the 14-story, "ultraluxurious" British Colonial highrise will feature 102 apartment homes, each averaging more than 3,000 sq. ft.

Priced from $650,000 to $2.5 million, the privileges of homeownership will include membership in the Grand Bay Club and a private beach, tennis and social club.

Largest mixed-use community to blossom in more than a decade

Billingsley Co., a Dallas-based development firm, will start work on Austin Ranch, a 1,500-acre, master-planned community in North Dallas, Nov. 1, and 500 multifamily units will be available 18 months from the groundbreaking date.

Austin Ranch will house 25,000 residents in a mixed-use environment that will include offices, retail and multifamily homes. Of the owner-occupied homes, 96% within a one-mile radius are valued at more than $200,000.

Masterplanned by Calthorpe Associates with The Hillier Group, Austin Ranch will be constructed as a pedestrian-friendly community, consisting of several neighborhoods, a town center to be called Magnolia Square, a 10-mile jogging track, horse stables, lakes and corporate campuses with fiber optic infrastructure and dual-feed utilities.

Dewberry Capital Corp. erects $7.5 million community

Dewberry Capital Corp. has broken ground on Dewberry Ridge, its newest $7.5 million luxury midrise apartment community.

Entering its third multifamily development, the project consists of 72 units arranged in two five-story buildings covering 67,000 sq. ft. Each building includes one- and two-bedroom apartments ranging from 809 to 1,166 sq. ft. over a parking deck.

The property is located approximately one-half mile inside Interstate 285 at the southwest corner of Glenridge and Royervista drives in Sandy Springs, Ga. Completion is set for March 1999.

34-story rental tower prepared to open its doors Aug. 1

Located between Tiffany & Co. and Sutton Place, 150 East 57th Street is scheduled to open Aug. 1.

With 30% of the apartments currently rented, New York Times estimates costs of $30 million for the highrise.

Developed by Bernard Spitzer, the 34-story residential rental tower contains five apartments on each floor, with the top three floors boasting penthouses of three and four bedrooms, three and four baths, and wrap- around terraces. With ranges from 550 to 3,000 sq. ft., all 145 apartments include high ceilings, marble foyers, and baths with whirlpool tubs.

Real estate owner Louis Brause of Brause Realty has joined Spitzer on this project, and John Schimenti is the project's arhitect. has signed an agreement with InfoSpace, a directory service, to distribute its content through the Internet directory's classified network.

The deal makes's national database of 600,000 listings readily available to apartment hunters who choose InfoSpace to initiate their online search. After reviewing their results - based on preferred geography, size and rent - users can follow links to to refine their search by specifying the importance of 27 amenities.

While visiting the site, users can take a virtual tour of any apartment community, viewing floor plans and up to 40 color photos of the building's exterior and interior. Also, an E-link feature puts apartment hunters in contact with property managers via e-mail or fax. For more information, call (312) 496-5616 or visit the website at

In the February issue of NREI's Multifamily News department, we reported that Hendricks & Partners brokered the largest deal in Las Vegas history at $53.7 million. However, Marcus & Millichap actually brokered a portfolio of three properties for $66.23 million last November.

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