White and Loia building loft project in Atlanta Atlanta-based developers Roddy White and Michael Loia have started construction on Mathieson Exchange Lofts, a $38 million, 16-story loft high-rise in Atlanta's upscale Buckhead area. The loft building is being built from the ground up, rather than through conversion of existing warehouses or industrial buildings. Completion is set for mid-2000.
The 145,000 sq. ft. building is located on Peachtree Street and will feature 12- and 17-ft. ceilings, spacious windows, hardwood floors, exposed utilities and distressed brick. Unlike most lofts, Mathieson Exchange will have amenities such as four levels of covered parking, 24-hour concierge, prewiring for security and computers, and a lap pool. Residences will range from 950 sq. ft. to 2,300 sq. ft.
Raymond Property Co. builds Boston high-rise Boston-based Raymond Property Co. is building Trinity Place, a 280,000 sq. ft., 18-story condominium high-rise set in the heart of Boston. The $70 million development will have 107 residences, ranging from $400,000 to $4 million, and is expected to be completed in summer 2000.
The property will also feature a 5,100 sq. ft. restaurant, 2,300 sq. ft. of retail space and a three-level, underground parking garage. Infused with Art Deco design elements, the building includes valet parking, concierge, health club and high-speed Internet connections.
West Palm Beach gets first residential project Miami-based Madison Capital Group LLC will finance $80 million for two multifamily projects in south Florida. The first is a project in West Palm Beach, Fla., which will give the city's CBD its first rental residential high-rise. The second project is a mid-rise/townhome complex located on the Intracoastal Waterway. Construction on both projects will begin at the end of the year.
The 300,000 sq. ft., 15-story high-rise, The Strand, will have 300 units, 30,000 sq. ft. of retail and more than 450 parking spaces. The building also will have fronting on the Intracoastal Waterway and be near downtown activity.
The 280,000 sq. ft. mid-rise/townhome development, The Cove at Scotia Plantation, also will be on the Intracoastal Waterway. It will feature 240 units, as well as amenities such as direct entry garages and a nature preserve with a scenic boardwalk.
Vornado Realty builds The Park Laurel in NYC Through affiliate VNO63rd-Street LLC, New York-based Vornado Realty Trust is building The Park Laurel, a 40-story, 53-unit tower at 15 West 63rd Street in New York. The project will command views of nearby Central Park and is expected to be completed in November 2000.
Residences will vary between 1,300 sq. ft. and 4,800 sq. ft., and will range from $725,000 for a two-bedroom unit to $10.5 million for a duplex penthouse. Units will have 9-ft. ceilings, mahogany floors and elegant bathroom fixtures. Amenities include a fitness center, 24-hour concierge and a ground-floor bicycle/carriage room convenient to Central Park.
Freddie Mac secures loan for Trammell Crow On behalf of Dallas-based Trammell Crow Residential, McLean, Va.-based Freddie Mac has secured a $22 million mortgage loan from Minneapolis-based Stickton, Luedemann, French/Jackson & West, a division of Northland/Marquette Capital Group. The mortgage purchased has a fixed rate of 6.87% with a 10-year term and 30-year amortization.
The transaction marks the first time Trammell Crow has borrowed through Freddie Mac.
The property, The Reserve at the Fountains apartments, is a 21-building complex with 370 units in Stafford, Texas. The Reserve was built in 1998 and features a fitness center, business center and pool.
Summit acquires University Club in Washington, D.C. Charlotte, N.C.-based Summit Properties Inc. has bought the University Club in Washington, D.C. and will redevelop the property into 90 apartment homes and 15,000 sq. ft. of retail space. Summit officials would not reveal the capitalization for the transaction and redevelopment project, but it is expected to be funded with proceeds from the company's strategy of selling existing properties in smaller markets to acquire larger-market properties.
The building, currently the national headquarters of the United Mine Workers of America, is two blocks from the White House. The first and second floors of this seven-story Italian Renaissance building will be converted to retail space, including a restaurant. The remaining floors of the building, combined with a new adjacent 14-story tower, will be developed into apartments. Construction will begin later this year with first occupancy scheduled for mid-2001. Amenities will include 24-hour concierge service, an exercise facility, a business center and a rooftop terrace.
Freddie Mac secures loan for Trammell Crow On behalf of Dallas-based Trammell Crow Residential, McLean, Va.-based Freddie Mac has secured a $22 million mortgage loan from Minneapolis-based Stickton, Luedemann, French/Jackson & West, a division of Northland/Marquette Capital Group. The mortgage purchased has a fixed rate of 6.87% with a 10-year term and 30-year amortization.
The transaction marks the first time Trammell Crow has borrowed through Freddie Mac. The property, The Reserve at the Fountains apartments, is a 21-building complex with 370 units in Stafford, Texas. The Reserve was built in 1998 and features a fitness center, business center and resort-style pool.
American Land starts New River Village Phase II North Miami Beach, Fla.-based American Land Housing Group is nearing completion of Phase I of New River Park and has announced plans for Phase II, which will be a 24-story mixed-use apartment project with 400 units. The project's $70 million Phase II will feature 400 units, 30,000 sq. ft. of retail space and 30,000 sq. ft. of office space around a 3-acre park in downtown Ft. Lauderdale, Fla.
Construction for Phase II will begin at the end of the year and will end 2 months later. Adding to the three, nine-story towers of Phase I, Phase II will have six-, eight-, 12-, 14- and 24-story elements and will create a stair-step appearance. When completed, New River Village will encompass more than 10 acres with a 3-acre park, fountains and sitting areas. Amenities will include a business and conference center, meeting rooms, a library, a billiards room, a rooftop pool/exercise facility and on-site restaurants and shopping.
Sonnenblick-Goldman finances Manhattan project New York-based Sonnenblick-Goldman Co. has arranged a $140 million construction loan for Silverstein Development Corp. for a luxury high-rise development in New York City. The high-rise, River Place I, is the first of a two-phase, 1.6 million sq. ft. development on a full-block site bounded by West 41st and West 42nd Streets and 11th and 12th Avenues.
The first phase of construction is underway at the western end of the site, which overlooks the Hudson River. It is scheduled for completion in spring 2001. The second phase of development will include a 40-story tower and 700 parking spaces. This part of the project will cost an additional $80 million. River Place I will have a gross building area of 900,000 sq. ft., including 921 rental units, more than 39,000 sq. ft. of retail space, a 38,000 sq. ft. fitness facility, 20 parking spaces and a 22,500 sq. ft. landscaped park.