SunAmerica and FRAM Group form joint venture Canadian developer FRAM Building Group, based in Toronto, and Los Angeles-based SunAmerica Inc. have joined forces to develop a $60 million, 23-story luxury highrise in the Dallas market. Mayfair at Turtle Creek will have 160 units consisting of 30 one-, 110 two- and 10 three-bedroom residences with five townhomes, ranging from 1,128 to 3,000 sq. ft., and priced at $250,000 to $678,000. Also, five penthouses will be available with costs starting at more than $1.1 million. The planned luxury highrise will be the largest such project built in Dallas in more than a decade, and will be the first residential highrise in the market with a T-1 line accessing high-speed interactive telecommunications to each residence. Construction is scheduled to start the first quarter of 1998, but a sales office already opened in October.
TransAtlantic Capital Co. finances $77 million in four transactions TransAtlantic Capital Co., a New York-based mortgage banking firm, closed four multifamily loans worth $77 million in October. The acquisitions included 2,610 units in seven properties in four states. Largest of the four transactions was a $43.2 million portfolio containing 1,245 units on four properties located in Florida and Connecticut. Other transactions included $23.5 million for 1,009 units in two properties in Indiana and $10.3 million for 356 units in Texas. The Indiana and Texas property loans closed at 10-year term with 30-year amortization.
JPI begins construction on complexes in San Diego, Georgia Multifamily developer JPI, based in Irving, Texas, has started constructing a 600-unit, Class-A apartment community in San Diego's Mission Valley submarket. The property will be the area's first new luxury apartment development since 1991 and is located near Jack Murphy Stadium, the home of the San Diego Chargers. Jefferson at Mission Valley will have a 13,000 sq. ft. clubhouse -- one of the largest ever built in San Diego -- and will offer 264 one-, 288 two- and 48 three-bedroom floorplans, ranging from 625 to 1,320 sq. ft. Monthly rents are set between $835 and $1,650. Completion is slated for spring 1998 with move-in starting in May.
JPI also has under way two complexes in Georgia. Jefferson Square is located on a 16-acre site in Decatur, and will have 380 units when completed in December 1998. The property will offer one-, two- and three-bedroom units, ranging from 756 to 1,618 sq. ft., with rents between $765 and $1,380 per month. Also, Jefferson on the Green, a 328-unit complex, will be developed on 33 acres in Alpharetta, in the prestigious masterplanned Windward community. Completion is scheduled for May 1998 and will offer one-, two- and three-bedroom residences costing between $750 and $1,212 per month. The units will range in size from 824 to 1,479 sq. ft. Project costs were not disclosed for all three communities.
WMF Huntoon Paige selected to master service loan pool Edison, N.J.-based WMF Huntoon Paige has been selected to be the master servicer of Fannie Mae's first aggregation of multifamily FHA-insured mortgages valued at $498 million. Donaldson, Lufkin & Jenrette Securities Corp., New York, assembled the pool of loans and tendered them to Fannie Mae in exchange for Fannie Mae REMIC pass-through certificates. Asset mortgage classifications included GNMA, MBS, FHA whole loans and participation certificates in FHA project mortgages into REMIC securitization. LaSalle National Bank, based in Chicago, acted as the fiscal agent in the transaction.
$30 million mixed-use highrise planned for suburban St. Louis Conrad Properties Inc., a Clayton, Mo.-based commercial developer of highrises, plans to start a $30 million, 23-story luxury tower in spring 1998. The unique combination of multifamily and extended-stay units makes this project stand out in the upscale commercial hub of St. Louis. Included in the more than 250,000 sq. ft. project will be 130 one- and two-bedroom apartment units, ranging from 700 to 1,500 sq. ft, and renting for between $1,000 and $2,000 per month. Also, nearly 100 extended-stay units will be available with executive floorplans, ranging from 540 to 1,050 sq. ft. There will be a 5,800 sq. ft. restaurant on the first floor.