F inancial D igest
Real Estate Journal — July 17 - 30, 2015 — 25A
www.marejournal.com
M id A tlantic
Ahmed, Cutone & Lex lead team in sale of 755-rooms developed by Vine Street Matthews HFF arranges $160m in combined financing for development of W + Element hotel in PA P venture between Matthews Southwest and Vine Street Ventures , is the developer of this project.
The 55-story hotel complex will be operated by Starwood Hotels & Resorts Worldwide and scheduled to open in late 2017. W Philadelphia will be the brand’s only hotel in Philadelphia and will consist of 295 guest rooms averaging 400 s/f for a typical room with a king-sized bed and 800 s/f for a junior suite. Guest rooms will be located on levels 32 through 49 with an average of 21 rooms per floor. The W por- tion of the hotel complex will feature a 150-seat, three-meal restaurant; a 100-seat destina- tion bar; a 30-seat signature W living room, the brand’s take on the traditional hotel lobby; 32,300 s/f of meeting space; a 2,900 s/f full-service spa; a 1,400 s/f FIT gym; swimming BETHESDA, MD — Walk- er&Dunlop, Inc. announced that it closed a $19.521 mil- lion Fannie Mae Fixed Rate loan for True North Capi- tal Partners ’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield, MA. This is the borrower’s fifth acquisition in the Boston area over the last two years. Led by Steve Natale and Bill Battaglia , the Walker & Dunlop team worked dili- gently with Fannie Mae on True North Capital Partners’ first Agency execution to structure a 12-year fixed rate loan with 4 years of interest only at 77% loan to purchase price. “The competitive terms provided by Fannie Mae ex- emplify the Agencies’ com- mitment to lending on high quality affordable apartment communities in major mar- kets throughout the country,” said Natale. “The acquisition of Wake- field Vista Apartments per- fectly met our commitment to improving the communities in which we invest while provid- ing superior returns to our investors. The availability of quality affordable housing is scarce in the Greater Boston
pool with a terrace area and 15-seat bar/grill outlet; 24- hour room service; a business center; concierge service and separate lobby and elevators. First introduced in 1998, W Hotels is an innovative luxury lifestyle brand and a global design powerhouse with more than 46 hotels and retreats in the world’s most vibrant cities and exotic destinations. On track to triple its port- folio by 2017, Element is rec- ognized as an industry leader in the eco-space and offers travelers a fresh, reimagined interpretation of the extended stay hotel experience. The HFF team was led by managing directors John Ahmed and Anthony Cutone and director Jordan Lex . n area, and we are excited to add a property to our port- folio that offers an afford- able option for renters in a terrific community such as Wakefield,” said Jeff Bruce , True North Capital Partners’ managing director & founder. “Walker & Dunlop’s strong underwriting and closing teams facilitated a seamless financing process on our first Agency transaction that pro- vided the necessary terms re- quired to meet the demands of our investors. We look forward to continue working with the team at Walker & Dunlop as we grow our portfolio in the Greater Boston area,” said Mathew Glauninger , True North Capital Partners’ man- aging partner. Located 12 miles north of Boston, Wakefield Vista Apartments is a class “A” 114-unit midrise apartment community built in 2013. The property offers 1-bedroom and 2-bedroom units, with 25% of the units set aside for families earning less than 80% of the area’s median income. Prop- erty amenities include a fit- ness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area. n
HILADELPHIA, PA — Holliday Fenoglio Fowler, L.P. (HFF) an- nounced that it has arranged $160 million in combined fi- nancing for the development of a trophy-class, 755-room, dual-branded W + Element ho- tel development in Center City Philadelphia, Pennsylvania. HFF worked on behalf of Chestlen Development, LP to secure construction financ- ing totaling $160 million by structuring a $100 million senior loan in conjunction with $60 million in mezzanine fi- nancing. HFF placed the senior loan with Bank of the Ozarks and the mezzanine financ- ing with Cornerstone Real Estate Advisers LLC . Vine Street Matthews , a joint BETHESDA, MD — Phil- lips Realty Capital an- nounced that it closed on an $85 million construction loan for Quantum Realty Capi- tal, LLC ’s (Quantum) student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach, Florida. The Silver Spring, Maryland-based de- veloper is building student residence facilities that will be leased back to BCU. Phillips Realty Capital managing director Brian Boland structured the fi- nancing with a lender that specializes in credit tenant lease financing. The construc- tion-to-permanent loan has a 100% loan-to-cost ratio with a 36-year term. “Phillips leveraged their commercial real estate exper- tise and relationships with key capital sources to secure the financing we needed to proceed with construction without missing a beat,” said Quantum managing partner, DL Dailey . “The Phillips teamworked seamlessly with us on the finance component so we could remain focused on development and construction management.”
The completed hotel complex will be located at 1441 Chest- nut St. at the intersection of 15th and Chestnut Streets in Philadelphia’s Center City. The hotels will be one block from the newly-redeveloped Dilworth Plaza and City Hall and minutes from the recently expanded Pennsylvania Con- vention Center in downtown Philadelphia. The development site is located in the fourth largest retail market in the U.S. with numerous upscale retail shops and restaurants within walking distance, in addition to a variety of artistic and entertainment venues.
PhillipsRealtyCapital closes $85m loan for student residence proj. 1441 Chestnut St. rendering
Walker & Dunlop closes a $19.5 million Fannie Mae loan
Quantum’s 1,206-bed residence hall project at Bethune-Cookman University includes four student housing buildings at two different locations on the BCU campus.
Quantum’s 1,206-bed resi- dence hall project includes four student-housing build- ings at two different locations on the BCU campus. The completed residence halls’ de- sign compliments the historic fabric of the BCU campus and includes high efficiency energy systems and best-of- class student amenities. Each student housing building is
comprised of exterior court- yard common areas, student living and study rooms, and student and staff offices. In- terior common areas include multipurpose rooms, fitness, lounge, and laundry facilities. Construction is underway, with Phase I expected to be complete in January 2016 and completion of Phase II expected in June 2016. n
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