VOL. 121 | NO. 189 | Tuesday, September 26, 2006
Memphis Real Estate Recap
Westbury Apartments Refinanced for $22 Million
Westbury Apartment Homes
Near Windyke Country Club
Loan Amount: $22.1 million
Loan Date: Sept. 12, 2006
Maturity Date: Oct. 1, 2016
Borrower: Windyke Park Associates LP
Lender: The Northwestern Mutual Life Insurance Co.
Details: Windyke Park Associates LP, a partnership between Makowsky Ringel Greenberg LLC and Belz Enterprises Inc., has refinanced the loan on the recently completed, gated, luxury apartment community Westbury Apartment Homes.
Windyke Park Associates previously had taken out a construction loan through AmSouth Bank.
"All we did was (we) went from a bank to refinance with a long-term lender," said Jimmie D. Williams, senior vice president of Belz.
Construction in the Westbury complex began in September 2003, and the last units of the apartment recently were completed.
"We just finished construction and that's why we put this loan on," said Michael Greenberg, CEO of Makowsky Ringel Greenberg LLC.
The 350-unit complex was built in two phases and has one-, two- and three-bedroom floor plans. Built on 30 acres of land adjacent to Windyke Country Club near Forest Hill-Irene and Winchester roads, Westbury was designed to look more like a residential subdivision than an apartment complex.
The exterior of each building looks like a large house, Greenberg said.
Another characteristic that gives the complex that 'homey' feel is the availability of parallel parking in front of some of the buildings.
"In one section, we have parallel parking in front of it on the street like you would in a neighborhood," Greenberg said.
Also, each building within the complex has only seven or eight units, compared to a typical 16-unit-per-building layout found in many other apartment complexes.
Other amenities at Westbury include an on-site media room, fitness center and club room. Some of the units have garages.
"And there are great views because you're on the golf course," Greenberg said.
Makowsky Ringel Greenberg manages the Westbury complex.