Hwang & Associates provides $10.78 million Hwang & Associates Inc., a commercial mortgage banker based in New York, has provided $10.78 million in funding for three apartment properties. The first loan for $2.9 million was for a 22-unit, mixed-use property in Lower Manhattan called the 3rd Avenue Apartments. Secondly, a $5.65 million loan was supplied for the Elmhurst Apartments, a 168-unit, seven-story apartment building located in Elmhurst, N.Y., in the borough of Queens. Also, a loan for $2.2 million was provided for the 54th Street Building, a mixed-use property featuring a five-star restaurant with apartments on the upper levels of the building. All three loans were 10-year term with full amortization. The borrowers were not disclosed.
Hendricks & Partners brokers Class-A properties Phoenix-based Hendricks & Partners, a national multifamily brokerage company, has brokered the sale of three Class-A apartment communities for $49 million. All three properties together total 924 units and are located in the upscale area of Scottsdale, Ariz. The three deals included Scottsdale Foothills, a 330-unit community dealt for $18 million, Joshua Tree, a 330-unit property sold for $17 million and Casa Santa Fe Apartments, a 264-unit property that sold for $14 million. All three sales transactions closed between September and November 1997. The seller of the communities was Bellevue, Wash.-based Thayer-Donovan Co. and the buyer was International Properties Group, a Canadian multifamily real estate corporation based in Calgary, Alberta.
New investment program from Greystone Realty Greystone Realty Corp., a Stamford, Conn.-based independent subsidiary of New York Life Insurance Co., has structured investments for two separate pension funds to build two new Class-A multifamily properties at a cost of $47.5 million. The transactions are part of Greystone's Co-Investment Development Program to channel investments from pension funds into new development. The firm structured the deal for the development of The Aviara Apartments, a 436-unit, $25 million community being built on a 37-acre site in Euless, Texas. The average unit size will be 907 sq. ft. and an estimated completion date is set for spring 1999. The developer is Fairfield Residential and the project designer is CNK Architects, both based in Grand Prairie, Texas.
Also, The Crescent Apartments, a $22.5 million, 334-unit complex located in Lenexa, Kan., is being developed on 27.5 acres with a completion date set for spring 1999. The projected rents range between $620 and $1,100 per month. The project is being designed by Dallas-based Beeler, Quest, Owens Architects and developed by Embrey Partners, a multifamily builder based in San Antonio, Texas.
Fannie Mae starts new program for mortgages Washington D.C.-based Fannie Mae, the nation's largest source for home mortgages, has formed the "Mentor/Mentee" program in an effort to eliminate discrimination in the mortgage lending industry. Fannie Mae-approved lenders will serve as the Mentor, and organizations such as Cobb Housing, a non-profit housing resource in Marietta, Ga., will act as the Mentee. Cobb Housing serves its area as a secondary mortgage market source.
A new report provided by San Diego-based John Burnham & Co., a commercial real estate services firm, concludes the San Diego apartment market has reached its highest level of new construction activity in seven years. The report notes building permits valued at more than $51 million for 678 new units were issued for the third quarter of 1997. This permit activity represents a 1,355% increase in valuation vs. the same period in 1996 when $3.5 million in permits were approved for 31 units. According to the Burnham report, the bulk of the activity during year-end 1997 is accounted for by the area's first new top-of-the-line apartment projects being built since the early-1990s.
The first luxury apartment community will open this month. Cambridge Park Apartments at Stonecrest Village, a 320-unit, Class-A project developed by Houston-based The Morgan Group is the first since 1990 in the growing San Diego market. The $35 million complex offers one-, two- and three-bedroom units ranging from 700 sq. ft. to more than 1,300 sq. ft. Rents range from $930 to $1,300 per month in the masterplanned community.