Developers Find Financing for Projects

Developers are finding ready financing for their projects, including $66 million for a D.C. multi-family, $50 million for Las Vegas retail and $70 million for a Michigan apartment complex.

December 19, 2011
By Nicholas Ziegler, News Editor

$66M for D.C.’s Highland Park Multi-Family

D.C.'s Highland Park

Donatelli Development, Gragg & Associates and a client of Invesco Real Estate have secured a $66 million fixed-rate loan for the first phase of Highland Park, a 229-unit apartment building in Washington, D.C. The loan, which was arranged by Cassidy Turley, came through Key Bank Real Estate Capital’s Fannie Mae DUS platform.

The building, which sits above the Columbia Heights Metro station at 14th and Irving Streets NW, was previously recapitalized by Cassidy for $122 million in December 2010 for Phase I, which was followed by a $26.1 million construction loan for Phase II in September of 2011.

First-Mortgage Refi of $70M for Michigan’s Aldingbrooke Apartments

In a $70 million deal arranged by NorthMarq Capital’s Charlotte and Chicago offices, Allerion Associates L.L.C. has found a refinancing for its first mortgage on the Aldingbrooke Apartments development in West Bloomfield, Mich. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq created the arrangement through its seller-servicer relationship with Freddie Mac.

Vestar, Rockwood Capital Secure $50M Loan for Vegas Retail

Vestar, in a joint venture with Rockwood Capital L.L.C., has originated a $50 million loan to finance The District at Green Valley Ranch a 384,000-square-foot retail property just outside of Las Vegas. The financing, supplied by Wells Fargo, sits at a fixed 4.4 percent rate. The two companies paid $79 million for the District asset this past October.