Affordable Complex Opens its Doors in the O.C.
Irvine, Calif.— Jamboree Housing Corp. has opened Granite Court Apartments. Designed by the KTGY Group, the 71-unit development offers one- to three-bedroom units for families earning between 30 percent and 60 percent of the area median income. Granite Court is a GreenPoint community—the overall design exceeds Title 24 energy-effi- ciency standards by more than 15 percent; each unit features Energy Star appliances and bamboo flooring; plus a heatresistant roof and solar panels provide power to the complex's common areas. Community amenities include two levels of underground parking, a community center with a fitness room, computer lab, and laundry facilities.
HFF Orchestrates $50 Million for Trammell Crow
Houston— HFF secured $50 million in financing for Trammell Crow Residential's Alexan Woods and Alexan Main Street apartments. The proceeds will retire the existing construction loans for both 280-unit properties, currently at 98 percent to 99 percent occupancy. HFF arranged two seven-year, adjustable-rate loans with Freddie Mac, allocating $22.16 million for Alexan Woods and $27.63 million for Alexan Main Street. The owner will recapitalize both assets with assumable, nonrecourse financing and flexible repayment structures.
$325 Million Mixeduse Project Under Construction
Delray Beach, Fla.— CDS International Holdings and Vander Ploeg & Associates have broken ground on Atlantic Plaza, a $325 million mixed-use project in suburban Delray Beach. The community, which will take up two city blocks, will feature six three- to five-story buildings. The development will include 197 apartments, townhomes, and lofts; 132,000 square feet of retail and restaurant space; 106,000 square feet of office space; and an underground parking lot. The development's infrastructure is expected to be complete within 18 months, while the remaining phases of development will occur in the next five to seven years.
Love Funding Arranges More than $9 Million in Financing
Elkton, Md.— Love Funding secured a $9.6 million refinance loan for the Apartments at Iron Ridge, a 156-unit apartment property with 93 percent occupancy. The Fannie Mae-supplied loan, structured with a 10-year term and 30-year amortization, was limited to 100 percent of the borrower's request.
Daniel Island Village Debuts
Charleston, S.C.—Greystar Real Estate Partners opened Daniel Island Village, a 283-unit apartment property developed on 16 acres of land. The community, which offers one- to three-bedroom units, includes a pool and fitness center. Plus, Daniel Island is located near more than 20 miles of wooded bike trails. Although a formal grand opening has yet to occur, 70 percent of the units are leased.
Phase One of 348-Unit Senior Property Opens
Romeoville, Ill.— McShane Construction finished phase one of development for Senior Star Living, a 348-apartment community. The first phase includes a twostory, 44,354-square-foot Memory Care facility, which features 77 apartments. Residents can access 24-hour nursing care. Completion of the second phase, scheduled for late 2009, will include a threestory, 360,720-square-foot residential building offering 271 independent and assisted living apartments that are scheduled to open early 2010.