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INDUSTRY NEWS
TODAY’S DEALS: Ritz Plaza Receives $151M in Financing, and Other Transactions
August 03, 2009  New York--On behalf of Stonehenge Management, Meridian Capital Group has arranged $151 million in financing for The Ritz Plaza (pictured left), a multifamily property located at 235 West 48th St. in New York City. The Ritz Plaza is a 43-story building featuring 479 luxury rental apartments and 30,000 square feet of retail and office space. The 10-year fixed rate loan has an interest rate of 5.34 percent and features two years of interest only payments. “The timing of the rate lock was precise,” says Abe Hirsch of Meridian. “The borrower was able to take full advantage of an extreme single day drop in treasury yields to achieve such an attractive fixed rate.” The loan was placed with Freddie Mac via the New York office of Walker & Dunlop. The newly renovated Ritz Plaza includes amenities such as a fitness center, indoor pool and newly remodeled social center for tenants. Cushman & Wakefield Completes Sale of 328-Unit Rental Community for Over $22M Louisville, Ky.--Cushman & Wakefield has completed the sale of the Terraces at Forest Springs, a 328-unit apartment complex (pictured right) in Louisville, Ky. for $22.87 million.  Flournoy Development of Columbus, Ga. sold the property to Michelson Realty Company of St. Louis.The sale garnered the highest price per unit in Louisville this year. The Terraces at Forest Springs is a gated community located at 3501 Terrace Springs Dr. The property features one-, two- and three-bedroom units with a 92 percent occupancy rate. On-site amenities at the Terraces at Forest Springs include a 24-hour fitness center, tanning bed, sauna, hot tub, swimming pool, car wash center, clubhouse and business center, playground, and lighted tennis courts. |
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