Bank of America has sold the debt on the 10-story Greenbridge condominium property in downtown Chapel Hill to an out-of-state investment firm. The loan was part of a sale of a larger portfolio of 29 "performing and non-performing commercial real estate loans" in 16 states with a total unpaid principal balance of $880 million. The buyer of the loan is CSMI Investors, a Delaware company formed by WL Ross & Co., Invesco Advisers, Square Mile Capital Management and Canyon-Johnson Urban Funds.
The $56 million project was financed with a three-year $43.25 million construction loan. Bank of America balked at paying final bills that came in $1.6 million over budget. After contractors filed $7.9 million in liens, the bank began foreclosure proceedings in April. At that point, about $29 million was outstanding on the construction loan.
Greenbridge, an environmentally innovative project on West Rosemary Street, has 97 condominiums and retail space in connected seven- and 10-story buildings. Only 37 of the 97 units had sold when the bank froze sales.
Read more at newsobserver
2011-10-11
2011-09-30
Charterwood Ok By Planning Board
Charterwood, a mixed-use development proposed for Martin Luther King Jr. Boulevard
The proposed project includes six buildings with up to 154 condos and townhouses and 73,000-sqft of office and retail space on 15.7-acres
The tallest building is proposed to be six stories, or 78 feet tall, about the same height as Aloft Hotel in East 54. The Chapel Hill Planning Board voted 7-1 to recommend approval of the project, but only if the maximum height was reduced to 54 feet.
Because neighbors have presented a valid protest petition, the project will require a three-quarters majority of council votes for approval. The petition presented by neighbors of the project represents owners of 43 percent of the property within a 100-foot buffer of the proposed rezoning.
Read More at the Carrboro Citizen
The proposed project includes six buildings with up to 154 condos and townhouses and 73,000-sqft of office and retail space on 15.7-acres
The tallest building is proposed to be six stories, or 78 feet tall, about the same height as Aloft Hotel in East 54. The Chapel Hill Planning Board voted 7-1 to recommend approval of the project, but only if the maximum height was reduced to 54 feet.
Because neighbors have presented a valid protest petition, the project will require a three-quarters majority of council votes for approval. The petition presented by neighbors of the project represents owners of 43 percent of the property within a 100-foot buffer of the proposed rezoning.
Read More at the Carrboro Citizen
2011-09-26
Shortbread Lofts Proposed
David Rooks, who represents the developer, is proposing to close the Dawson Place Alley right of way behind the old Ham's Restaurant building and Mediterranean Deli.
The mixed-use project could include retail, commercial and residential space.
The mixed-use project could include retail, commercial and residential space.
2011-09-13
University Square Redevelopment Changes Proposed
The Mixed Use Development being studied by Cousins Properties located at 123 West Franklin Street, has been changed with public input. The existing Granville Towers student housing is not being included, leaving half the 12-acre site available to use. The goal has always been to better integrate the entire site into a more pedestrian friendly downtown, thus razing the retail portions is the focus now.
The 3 new buildings would include:
40,000-sqft of retail space
275,000-sqft of office space
90,000-sqft of flex-space
150,000-sqft of additional apartments
1,000-space underground parking garage
The 3 new buildings would include:
40,000-sqft of retail space
275,000-sqft of office space
90,000-sqft of flex-space
150,000-sqft of additional apartments
1,000-space underground parking garage
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