San Antonio partnerships that lost 652 apartment units in bankruptcy accuse finance company of fraud
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A Terravista Corp. partnership that formerly owned the 308-unit Westwood Plaza Apartments at 2600 Westward Drive, San Antonio, has sued a New York finance company for fraud.Google
Four San Antonio partnerships sought refuge in bankruptcy two years ago to stop foreclosure actions on their apartment complexes.
The partnerships, Terravista Corp. affiliates, weren’t able to hang on to the properties through the bankruptcy process. They ended up selling them to a Los Angeles nonprofit for what Terravista says was a “fire sale” price almost $42 million combined in a deal the court approved last year.
Roadside Development Lands $128M Loan for Washington, DC Asset
Roadside Development Lands $128M Loan for Washington, DC Asset
Dwight Capital originated the financing, which is the largest to date under HUD’s 223(a)(7) multifamily program. Apr092021
Image courtesy of Dwight Capital
Roadside Development has secured $128 million in HUD financing for City Market at O Street in Washington, D.C.’s Logan Circle-West Mount Vernon submarket.
The loan, originated by Dwight Capital, is the largest to date under HUD’s 223(a)(7) multifamily program. The asset was completed in 2014 and is managed by Bozzuto. It consists of 400 apartments in two, nine-story buildings, a ground-floor Giant supermarket, a three-level parking garage and five retail offerings.
The Georgetown Company has signed a 165,000 s/f long-term
lease with Mount Sinai’s Icahn School of Medicine at its new life science hub
at 787 11th Avenue on the Far West Side.
The developer is also creating a 36,000 s/f research
facility for scientist and inventor Neri Oxman which will render the redeveloped
property fully occupied.
“The pioneering work these scientists and physicians perform cannot be done remotely over Zoom,” said Georgetown Company managing principal Jonathan Schmerin.
JONATHAN SCHMERIN
“We believe that we
are only scratching the surface of the demand for life science space given the
strength of our medical institutions and the talent pool in this area and we
Affordable Northern Virginia Property Scores $67M Refi
The community is 30 miles outside of Washington, D.C., and close to several major employers. Mar042021
Image courtesy of Dwight Capital
Dwight Capital has secured a $66.8 million HUD refinancing for Ashburn Meadows, a 336-unit fully affordable community in Ashburn, Va., owned by Clark Realty Capital. The Loudoun County property was previously subject to a HUD 223(f) loan originated by the same Dwight Capital in 2017. That loan amounted to $45.4 million, according to Yardi Matrix data.
The new financing, which closed on Feb. 24, includes a reduced Mortgage Insurance Premium set at 25 basis points. Managing Director Brandon Baksh originated the deal, which marks the fourth refinance that Dwight Capital has closed for this client. The community was 98 percent occupied at closing, a Dwight Capital representative told
Josh Sasouness arranged a nearly $55 million bridge loan for the 243-unit
U Place, which was completed last fall at 4609 Union Bay Place N.E., just east of
University Village. The project was initially announced as condominiums in 2016, then switched its program and general contractor before breaking ground circa 2018.
DLR Group was the architect for the six-story building, and
Venture was the general contractor. The developer was Bellevue firm
ZQH Investments. The ground-floor retail space, with 19,450 square feet, was originally to be a food hall. It s not clear who s leasing that space for ZQH.