ASHFORTH SPRUCES UP 1818 MARKET ST.
The Ashforth Co. of Stamford, Conn., has launched a $5 million capital improvement program at 1818 Market St., a 981,743 sq. ft. trophy tower in the heart of Philadelphia's CBD. The four-phase renovation, scheduled for completion by the end of 2003, will upgrade the building's lobby, parking garage, outdoor plaza and exterior façade.
WACHOVIA ACQUIRES INTEREST IN AMI CAPITAL
Charlotte, N.C.-based Wachovia Corp. has acquired a significant interest in Bethesda, Md.-based AMI Capital Inc., a Fannie Mae Delegated Underwriting and Servicing (DUS) lender. Terms of the acquisition were not disclosed. The deal allows both firms to expand their offerings of real estate financing products and services to their combined customer base. AMI Capital, one of the country's 26 designated DUS lenders, has arranged more than $4.5 billion in multifamily loans since 1991, while Wachovia delivered more than $24.4 billion in capital to the real estate industry in 2002.
BOSTON CAPITAL CLOSES ON MULTIFAMILY PROJECT
Boston Capital has closed a $16.5 million loan for Green Mount Lakes Apartments LLC, a proposed 240-unit apartment complex in O'Fallon, Mo., near St. Louis. The 15.9-acre development will consist of eight buildings of 1-, 2- and 3-bedroom units, and is part of Boston Capital's Apartment Fund, which focuses on low-rise to mid-rise properties. It is expected to open in August.
FINANCING SECURED FOR TRUMP PALACE
Houston-based L.J. Melody & Co. has arranged $135 million in financing for Trump Palace, 278 ultra luxury condominiums in Sunny Isles, Fla. Financing was led by Bank of America. Funding terms were not disclosed. Dezer Properties of New York will develop the 55-story oceanfront high-rise as part of a franchise agreement with Donald Trump. The Trump Palace is the second phase of the three-phase Trump Grande Resort. The first phase — the Trump Sonesta International Resort Hotel and Spa — will open this spring. A third tower, the Trump Royale condominiums, also is planned.
HARBOR GROUP BUYS ORLANDO OFFICE PARK
Oakridge Financial Associates LLC, an affiliate of Harbor Group International (HGI) of Norfolk, Va., has acquired the five-building, 315,515 sq. ft. Oakridge Office Park in Orlando, Fla. The firm purchased the property from Raleigh, N.C.-based REIT Highwoods Properties Inc. for $22.2 million. Tenants include AT&T, Stenotype Institute of Jacksonville, Florida Southern University and Broadwing Inc.
PLANS FOR DOWNTOWN L.A. LOFTS APPROVED
CIM Group has received approval from the Los Angeles Community Redevelopment Agency to move forward with a 50,000 sq. ft. Ralph's Supermarket and 250 loft apartments on a 7.2-acre site in downtown Los Angeles. The $60 million plans are a part of the Los Angeles-based developer's $220 million mixed-use project that will include 127,000 sq. ft. of retail space and 1,200 loft units. CIM also is negotiating leases for an International House of Pancakes and a Blockbuster Video. The supermarket is slated to open in 2004, while the lofts will be ready for occupancy in 2005.
BERKELEY SCOOPS UP MOTOROLA CAMPUS
Boston-based Berkeley Investments Inc., along with Starwood Capital Group, has acquired the three-building, 1.1 million sq. ft. Motorola office/flex campus in Fort Worth, Texas, from Motorola. The price of the property, part of the Fossil Creek Business Park, was not disclosed. The 665,000 sq. ft. 5555 North Beach St. will be leased back to Motorola, while the 396,000 sq. ft. 5401 North Beach St. is vacant, and the 12,000 sq. ft. 4175 Sandshell Dr. houses a day care facility.