(Read more on the debt and equity markets and the multifamily market .)
GAINESVILLE, FL-The Miami-based Foram Group has closed on a $45-million construction loan to develop the 334-unit the Bartram apartment building on Old Archer Road. SunTrust Banks Inc. provided the loan.
The four-story project will feature one-, two- and three-bedroom apartments and will be one of the first wood-frame LEED certified rental properties in the country. Project amenities include a pool with fountains, a lap pool, three outdoor fire pits, cyber café and fitness center. Construction on the project, which will be completed in five phases, began in April, Foram Development president Keith Colgan tells GlobeSt.com. Occupancy of the first phase of the project is expected in May 2008, with occupancy of the entire building to be completed by Aug. 1, 2008.
The project is located across the street from the University of Florida and within walking distance of Shands Medical Center, UF Veterinary School, the Veterans Hospital and numerous other medical and research facilities associated with the university. It is expected to attract graduate students as well as professional medical personnel. Colgan says target rents are expected to be $150 to $165 per sf. “We believe we'll see some affluent tenants in this building,” he says.
The Bartram was formerly known as Gatorwood Apartments and was managed by local employees until 2003, when Foram Group became the asset manager. Due to its location, age and condition, Foram Group decided it was no longer the highest and best use of the property. The company researched the current and potential markets and determined that the Gatorwood Apartments should be replaced with a new, more upscale apartment complex. The project was designed by Atlanta-based Preston Partnership.
Foram Group is also developing Brickell Financial Centre, a two-tower office and hotel project at 680 Brickell Ave. Ground broke on the LEED pre-certified high-rise 602,721-sf project in April.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
