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Berkadia Arranges $27.7M in Equity for GW Real Estate Partners to Develop Class A Apartments in Williamsburg, Virginia
The $77M Montage at Marquis Apartments will deliver 265 apartments to the Virginia Beach-Norfolk-Newport News metropolitan area
Berkadia announces it has sourced a joint venture equity partner for GW Real Estate Partners, a vertically integrated multifamily development and construction firm, to build a new Class A apartment community in Williamsburg, Va. Construction has already commenced on the $77 million, 265-unit garden-style “Montage at Marquis Apartments,” which is slated for delivery in May 2024.
Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the equity partner, a fund manager, which provided $27.7 million in equity behind $48.06 million in senior debt issued by Citizens Bank.
Based in Charlottsville, Va., GW Real Estate Partners is a vertically integrated multifamily development and construction firm focused on select Mid-Atlantic and Southeast markets with strong supply and demand fundamentals. A second-generation real estate enterprise, GW Real Estate Partners and its related affiliates have been active investors in the multifamily sector since the late 1980s. The principals have collectively acquired or developed more than 11,000 units totaling $2.4 billion in property value.
“We were excited to work with the team at GW Real Estate Partners on their first development in Williamsburg, and after touring with them, felt confident in the need for new multifamily product in this market on account of many compelling demand drivers,” said Kirkpatrick.
“We pride ourselves on finding the right equity partners for developers and identified a capital source that had the same vision and goals for this project,” said Franklin.
“Montage at Marquis Apartments marks GW Real Estate Partners’ first ground-up multifamily development in the Williamsburg/Hampton Roads/Newport News MSA,” said Robert Gordon, a GWREP principal. “This submarket in particular benefits from a diversified and growing population and economy, with limited new supply and high barriers to entry, which places it squarely within our wheelhouse. Thanks to the Berkadia team, we have a capital partner whose vision aligns with ours. We’re also grateful to long-term design partners, Heffner Architects P.C. and civil engineering firm Timmons Group, for their role in this project.”
Located at 1200 Marquis Parkway, Montage at Marquis Apartments will be a Class A, four-story, elevatored and conditioned-corridor property offering best-in-class community amenities and surface parking. It will feature one-, two- and three-bedroom units averaging 942 square feet. The property is located less than 10 minutes from downtown Williamsburg and the College of William and Mary, 20 minutes from Newport News, and proximate to a variety of employers including nearby military bases.
GW Builders, a wholly-owned subsidiary of GW Real Estate Partners, is the general contractor.
WASHINGTON, D.C. – January 24, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $10.85 million in acquisition financing for 204 Grand Street, a six-story, 30-unit boutique apartment property in downtown Hoboken, New Jersey.
The HFF team worked exclusively on behalf of the borrower, Spirit Bascom Ventures (“SBV”), to arrange the four-year, floating-rate loan with a one-year extension option through Citizens Bank. Citizens’ Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors. Citizens provides loans for multi-housing, office, retail, industrial and hospitality properties and lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies, and on a bridge and term basis. 204 Grand Street is SBV’s second acquisition in Hoboken in the last six months, including the closing of 1024 Clinton Street in July 2018.
204 Grand Street is located in the south end of Hoboken near numerous restaurants, bars and shops and less than half of a mile from the Hoboken PATH station, which has earned it a Walk Score® of 98. Originally constructed in 2000, the property consists of five one-bedroom and 25 two-bedroom units. Half of the homes have either a balcony or patio and the front facing units on the upper floors provide expansive views of New York City’s skyline. The property, which was fully occupied at closing, also includes a 24-space parking garage plus two motorcycle parking spaces.
The HFF debt placement team representing the borrower included senior director Jamie Leachman, director Drake Greer and managing director Michael Klein.
“This acquisition fits perfectly within SBV’s urban acquisition strategy of taking highly occupied, well-located properties that offer tenants a high-quality, boutique living experience in submarkets that offer attractive relative affordability,” Leachman said. “Citizens stood out in a competitive marketing process providing the borrower the necessary structure and flexibility to execute their business plan.”
CHICAGO, IL – July 27, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $20.95 million in financing for the development of 42 luxury apartment units at Norweta Row in Chicago’s Lincoln Park neighborhood.
The HFF team worked on behalf of Broder to secure the construction loan through Citizens Bank. Norweta also includes 31 for-sale condominium units that share amenities with the apartments, but were not part of the collateral for this loan.
Norweta Row will be located at 2611 North Hermitage southeast of the intersection of W. Diversey Parkway and N. Clybourn Avenue in Lincoln Park. The apartment phase of the project is due for completion in the spring of 2019 and will encompass a four and a half-story building with 42 rentable apartment units totaling 79,000 square feet. The 31 for-sale condominium units will total 83,900 square feet. Both phases of the project will be constructed to LEED Platinum specifications and will include smart-home technology, pre-wired surround sound, hardwood floors, quartz countertops, Sub-Zero refrigerators and Wolf appliances, and full-size washers and dryers. Community amenities will include nearly an acre of outdoor space, a resort-style pool, fire pit, outdoor dining and grilling area, private courtyards, 30-foot sport court, pet concierge service, dog wash station and electric car charging stations.
The HFF debt placement team representing the borrower included director Christopher Knight and managing director Greg LaBine.
“Norweta Row’s attention to detail, thoughtful unit layouts and breadth of amenities in the highly desirable Lincoln Park neighborhood is unique to the market and will be very well received by renters and buyers alike,” Knight said.