DALLAS, TX – Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, along with Dallas-based developer Wynne/Jackson and lead equity partner Star America, announced they have reached financial close on the second phase of a mixed-use project for The University of Texas at Dallas.

In this phase, the development team will expand on the Northside Phase 1 development, delivering an additional 275 housing units and more than 6,600 square feet of retail space valued at $67M as part of a Public-Private Partnership.

Located on more than 12 acres adjacent to Northside Phase 1, which opened in 2016, the Phase 2 project will include mid-rise apartments and townhomes that will add 900 beds, as well as additional shops, restaurants and entertainment venues to serve the nearly 27,000 students, faculty, staff and young professionals of the University and the greater Richardson, Texas area. The community will also include spaces for small gatherings, as well as a fitness facility, programmed courtyard amenity with a resort-style pool and generous patio areas located in a park-like environment.

The project is being developed in partnership with Dallas-based residential and commercial developer Wynne/Jackson and New York-based infrastructure developer Star America. Andres Construction, also Dallas-based, will lead the overall design/build team, featuring Architecture Demarest as the lead design firm.

“Northside 2 is the next phase of what we envision to be a transit-oriented development that encourages a live, work, study and play environment for students, faculty, staff and the community,” said Dr. Calvin D. Jamison, vice president for administration at UT Dallas. “When this project is completed, we will have more than 7,000 students living on or near campus, and this phase will offer enhanced housing and retail opportunities to support our growing campus and community.”

Construction of the project has commenced and will be delivered in August 2018 in preparation for the 2018-2019 academic year. Upon completion, the housing will be operated by Balfour Beatty Communities. The development team has secured a 61-year ground lease with the University to develop the project which will be 100 percent financed through developer equity and conventional construction financing provided through First United Bank.

“We are quite pleased to continue our relationship with The University of Texas at Dallas and support their growth with new and expanded infrastructure,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “The first phase of the Northside project has been very well-received by the students, faculty, administration and community, and we look forward to building on this success with Phase 2.”

Powered by WPeMatico

MCLEAN, VA – Freddie Mac announced that the company delivered record financial support for the multifamily market in 2016 for targeted affordable housing, smaller multifamily properties, green housing, and seniors housing.

“These results underscore our commitment to serve every corner of the multifamily market, particularly those where the needs of renters are the greatest due to increasing rents and utility expenses and declining affordability,” said David Brickman, executive vice president of Freddie Mac Multifamily. “Looking ahead, we will continue to work with the industry to develop innovative ways to support affordable rental housing and improve energy efficiency.”

Freddie Mac Multifamily 2016 Mission Lending Highlights

Specifically, Freddie Mac Multifamily financed the following record-setting volumes in 2016:

More than $6.3 billion in targeted affordable housing loans, of which over $2.4 billion was for multifamily bond credit enhancements, and other guaranteed transactions.

Nearly $4.5 billion in small balance loans.

Nearly $3.3 billion in Freddie Mac Multifamily Green Advantage(SM) loans for energy- and water-saving improvements in older workforce housing.

Just over $3.2 billion in seniors housing loans (including seniors apartments).

Freddie Mac also financed more than $1.0 billion in manufactured housing community loans, matching the volume it set in 2015.

In total, Freddie Mac financed a record total of $56.8 billion in loan buys and bond guarantees in 2016, with nearly 90 percent of the homes financed affordable to low- to moderate-income renters who earn 100 percent or less of their area median income.

Freddie Mac Securitizes Record Volume, Transferring Risk to Third Parties

“We can provide continuous financing for affordable rental housing in a safe and sound manner because we transfer the vast majority of credit risk to private investors,” said Brickman. “We continue to build on the success of our proven K-Deals by developing innovative new risk-transfer vehicles that further enable us to serve our customers, protect taxpayers, and fulfill our mission to America’s renters.”

Last year, Freddie Mac issued a record $51.2 billion in K Certificates and SB Certificates plus an additional $1.0 billion in 55-Day Participation Certificates and Q Certificates.

Reflecting the strong credit performance of its multifamily business, Freddie Mac also reported credit losses of only 0.1 basis points in 2016 and a delinquency rate of only 3 basis points as of December 31, 2016. The delinquency rate is based on the unpaid principal balance of multifamily loans that are two or more monthly payments past due or in the process of foreclosure.

Freddie Mac Multifamily is the nation’s multifamily housing finance leader. Nearly 90 percent of the rental homes we fund are affordable to families with low to moderate incomes. Our mission is to provide liquidity, stability and affordability to America’s rental housing market, especially for underserved renters and communities.

Powered by WPeMatico

SAN DIEGO, CA – Swinerton Builders and Trammell Crow Residential celebrated the topping out of the Alexan San Diego project. The project topped out at a final height of 220 feet, which includes a 19-tale Type 1 apartment tower, a four-tale Type V low-rise, with three levels of underground parking.

In all, the Alexan San Diego will feature 313 apartments with many upscale amenities, including an 18th Floor pool and spa overlooking the San Diego skyline and Pacific Ocean.

The project is expected to have first occupancy in the fourth quarter of 2017 and is located on the corner of 14th and K streets in the East Village neighborhood of downtown San Diego, one block away from the San Diego Public Library and just three blocks away from Petco Park.

The scope of construction work also includes rehabilitation of the historic Mexican Presbyterian Church on site. Swinerton has completed phase one of the relocation and will start phase two and rehabilitation of the building early this spring.

Many partners joined Swinerton’s topping out celebration, which included an appreciation barbeque and raffle. Architect Bert Shear from Joseph Wong Design Associates attended, as well as many engineering firms, including DCI Engineering. Nearly all of the subcontractors celebrated as well, such as A&D, Baker, Burner, Sherwood, Surecraft, International Iron, JR Concrete, Atlas Mechanical, and Swinerton’s drywall group.

Powered by WPeMatico