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VOL. 121 | NO. 189 | Tuesday, September 26, 2006

Westbury Apartments Refinanced for $22 Million

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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.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 188 9,757
MORTGAGES 100 182 11,496
FORECLOSURE NOTICES 11 28 1,662
BUILDING PERMITS 194 328 20,638
BANKRUPTCIES 61 119 6,556
BUSINESS LICENSES 25 52 3,497
UTILITY CONNECTIONS 31 79 4,062
MARRIAGE LICENSES 31 63 2,242

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