Renovations at Villas of Sorrento, Lakes of Williamsberg

Lakes of Williamsberg, located in Grapevine, Texas, was constructed in 1996. The community contains 224 one-, two- and three-bedroom units which are 60% LIHTC rent restricted. Project amenities include a swimming pool, clubhouse, basketball court, soccer field, children’s play areas, exercise room, coin laundry and is in close proximity to a public bus stop. Capital improvements for this project will run approximately $2,500 per unit.

Villas of Sorrento, located in Dallas, Texas, was also constructed in 1996. The community contains 220 one-, two- and three-bedroom units. The property is 100% LIHTC with 66-units restricted at 50% of AMI and 154-units restricted at 60% of AMI. Amenities include a swimming pool, clubhouse, basketball court, soccer field, children’s play areas, exercise room, coin laundry and an extensive after school program run by a not-for-profit organization.

Red Mortgage Capital, Inc. provided a $7,500,000 Fannie Mae DUS Choice Refinance loan at 5-years interest only for Lakes of Williamsberg and a $4,625,000 Fannie Mae DUS Choice Refinance loan at a 9-year term with 5-years interest-only for Villas of Sorrento. The properties received 10- and 12-month early rate locks, respectively, that reduced mortgage costs by several percent, allowing significant cash proceeds to fund the property renovations, restoring them to new condition.

Western Rim Property Services and its affiliate, Mansions Custom Homes, currently own and manage over 7,500 apartment homes in Dallas/Fort Worth, Austin, San Antonio, Houston and Tyler, Texas. The goal of Marcus Hiles, the founder and principal owner, is to develop "dream" communities in which everyone would love to live. Each community is designed to be "The Best Place in the City" and for each potential resident to receive the most value for their money.

Kenneth H. Bowen, Senior Managing Director of Red Mortgage Capital, Inc., said, "These excellent properties developed in the mid-1990s with 9% Low Income Housing Tax Credits were free from yield maintenance on their old loans and had performed so well that they were eligible for the best refinance terms due to low leverage and high debt coverage ratio."

http://www.redcapitalgroup.com/News/2007/071025.htm

'Mansion' apartments head further northward

Coppell developer plans high-end rentals for town of Prosper

Dallas Business Journal - by Bill Hethcock Staff Writer

A Coppell-based developer has bought land in Prosper and plans to build more than 600 luxury apartments in one of the first multifamily projects for the town in years.

Western Rim Property Services has closed on 20 acres northwest of U.S. 380 and Coit Road, and plans to build more than 300 of its high-end "Mansions" brand apartments on the land, said Glenn Garoon, vice president of acquisitions for Western Rim. The developer has a contract on an adjacent 20 acres and plans about 300 more apartments on it, Garoon said.

"We think it will be a nice addition to that market," he said. "Hopefully we'll start turning dirt after the first of the year."

The seller of both parcels is Dallas-based Mooreland Development Co. The parties would not disclose a sale price.

Mooreland owns 63 acres, including 41 zoned multifamily, so zoning changes were not required, Garoon said.

Strong demographics, including median household incomes topping $100,000, attracted Western Rim to Prosper, Garoon said. The average Western Rim apartment tenant has an income exceeding $100,000, which is almost twice that of the company's typical competitors such as JPI and Fairfield Residential, he said.

The extension of the Dallas North Tollway and Prosper's highly regarded schools also factored into the decision to build there, Garoon said.

"This is just a logical progression of North Dallas from Frisco, which quite frankly has become difficult to find multifamily (land) in," he said. "You have really high barriers to entry in some of the other (Dallas-suburb) cities. That's why things keep spreading out."

The Mansions brand has large units, large clubhouses and lots of amenities, so the rentals attract people who can afford to buy single-family homes but choose to rent, Garoon said. Units range from 1,100 square feet to 2,600 square feet. Garoon declined to say how much the Prosper apartments will cost to build or how much they will rent for.

The Mansions will be the first apartments to break ground in Prosper in more than 10 years, said Dan Tolleson, director of the city's Economic Development Council. No economic incentives were involved in the deal, he said.

http://www.bizjournals.com/dallas/stories/2007/11/12/story9.html

Cascades' Future Includes Condos, Marina

By GREG JUNEK
Business Editor

While Tyler enjoys a renewed rush of building activity pushing farther down the South Broadway Avenue corridor, the west side of town, too, has quietly been growing, with upscale condominiums, homes, new clubhouse construction, townhomes and beautification in natural settings.

Lew Anderton, an owner of The Cascades development, a private community and golf course on the southern and western sides of Lake Bellwood, said building is on a fast track, with high demand.

"We just had the best year we've ever had - bar none," he said.

And a majority of the customers have been local, Anderton said, leading him to believe well-to-do Tylerites have wanted this type of community for some time.

A few years ago when Anderton started developing the community, he described a plan for high-end, multi-million dollar homes, condominiums, a new golf course, nature trails and flora and fauna protection along with man-made touches to enhance the aesthetics. Now, he said, naysayers should take note that these things are coming to pass.

Anderton and Bill Cawley purchased the former Briarwood Golf Course in 2002 and opened The Cascades in 2003.

Four years later, investment in residential structures - speculative and custom - the new clubhouse and some other amenities has totaled about $320.8 million, Anderton said.

CONDOS

Perhaps the most noticeable projects immediately seen when entering The Cascades, aside from the construction of the new clubhouse, are a series of condominium buildings - Cascades Lake Towers - at the edge of Lake Bellwood.

Steve Braley, Cascades president, said the first phase of condominiums will consist of two on the lake and one on the golf course.

Construction began on the condos in November 2006. The first building is scheduled for a January 2008 completion, with the remaining two of the first phase completed in March and May.

"Each building is four stories, with an underground parking garage," Braley said.

Each unit will be allotted two parking spaces in the garage, and owners can either use the stairs or take an elevator up to their floors.

Each building will have four floors, with seven units on each floor. They will include three three-bedroom units, three four-bedroom units and one two-bedroom unit.

Unit size begins at about 1,500 square feet for the two-bedroom unit, which starts in the high $160,000 range, Anderton said.

They top out at about 4,000 square feet with 4 1/2-baths, for about $795,000

Jared Mathews, sales director, said no matter the size of the townhomes, they will share many of the same upscale amenities.

"They all have a high-end finish-out, with granite, stainless steel appliances, hardwood floors and 10- and 12-foot ceilings," Mathews said.

In future condo development, an 18,000-square-foot penthouse unit will be offered, for about $3.5 million. Anderton said this will be the highest-end condo available, with a 12-car, private garage, a private elevator and a dining room capable of seating 55 people.

COTTAGES/MARINA
In addition to the condos by the lake, the addition is working on 15 lakefront cottages, scheduled for a fall 2008 completion. It will also build a marina and lake club.

Residents in the condos or cottages will not have far to walk to get to a restaurant, Braley said. The 90,000-square-foot clubhouse on the hill nearby, and under construction in front of the old clubhouse that served Briarwood Golf Course and now serves as The Cascades offices, will have a restaurant.

The lake club will have a less formal eatery of indoor or outdoor dining and serving salads, sandwiches, coffee and wine. It will also have locker rooms.

The swimming pool is anticipated for completion in the spring and the marina in the summer.

TOWNHOMES
Elsewhere in the development, crews are constructing The Mansions Luxury Townhomes, which will be leased.

When completed within a year, The Mansions will have 320 units. Some are completed and occupied, Anderton said.

Nearby, a European spa is scheduled for a February 2008 opening. Anderton said its amenities will include a health food bar, a coffee bar and a hair salon.


HOMES

Now, 25 homes are occupied, and 25 are scheduled to start construction in the next 60 days, Anderton said. All of the homes to be constructed are in the "million dollar-plus range," he said.

Braley said the development is planning to again have The Cascades Azalea Home Tour during the 2008 Azalea and Spring Flower Trail. About 12 homes will be showcased, and the event will include a luxury car show.

Proceeds will benefit the East Texas Crisis Center and the Tyler Museum of Art.

OTHER AMENITIES

For golfers, a short gain practice complex will open in the spring, Braley said. The complex will be an area for golfers to practice shots of 50 yards or less.

It will have its own putting green and another green for chipping and sand trap practice. It will also have a series of target greens in 10-yard increments for golfers to practice their four-wedge package.

Anderton said another area of the development will have two water features, each consisting of a series of ponds with man-made waterfall connecting them. Water will be recirculated from the lower ponds to the upper ponds for a continuous flow.

The newest area of development, south of the townhomes and north of Spur 364, will be The Mansions Seniors, an age-restricted senior living area, Anderton said. Although no structures have been built, it is scheduled to have 62 homes starting at $180,000. It will also have a seniors' activity center.

And the development is continuing to work to identify and protect the plant and wildlife within its borders, he said. A hiking trail system has been established.

Northern Texas PGA Names The Cascades as Site of the Texas State Open

Tyler Golf Resort to Host Annual Championship
Tournaments Beginning July 2006

TYLER, Texas – August 23, 2005 – The Northern Texas PGA (NTPGA) has selected The Cascades of Texas, the golf resort and home community on Lake Bellwood in Tyler, as the location for the Texas State Open Golf Championship for 2006-2008, events estimated to bring up to $2 million to the local economy. The 36th Texas State Open is scheduled for July 11-14, 2006, at The Cascades Golf Club.

The Texas State Open has crowned many stars in its 35-year history. Past Champions who have gone on to compete on the PGA Tour include Ben Crenshaw, Lee Trevino, Jeff Maggert, Blaine McCallister, Brad Lardon, Kris Cox and Cameron Beckman. The Open began in 1960 when the great amateur Homero Blancos captured the title, a feat no amateur has yet repeated. The purse has grown steadily over the years, reaching $125,000 today and making the Texas State Open one of the largest state open purses in the nation.

Adding to the storied history of the Texas State Open are some of the sites it has been contested on each year. A few of these great golf courses in Texas are The Clubs at Stonebridge Ranch, Horseshoe Bay Resort, the Tournament Players Club at the Woodlands, and Champions Golf Club. The Cascades Golf Club in Tyler continues the tradition of play at one of the state’s best courses.

“The Cascades is a spectacular new golf resort that happens to have a championship heritage already,” says Darrell R. Crall, executive director of the NTPGA, referring to the many years that the course – as Briarwood Country Club – was home to the Briarwood Invitational and the Southwest Conference Championship.

“Lew Anderton and Bill Cawley, owners of The Cascades, have given golfers everywhere an incredible gift by revitalizing this course, as the Texas State Open will certainly show,” says Crall.

The 18-hole, 7,142-yard, par 71 course was completely redesigned in 2002 by PGA Tour star Mark Hayes during the multimillion-dollar renovation of the 500-acre property as The Cascades Golf and Lakeshore Community by its new owners. Holes 1 and 2 play along historic Lake Bellwood, and the rest of the course winds through a majestic forest of mixed hardwoods. Among the course’s attractions: Champion Dwarf Bermuda, 419 fairways, strategically placed white sand bunkers, dramatic elevation changes and abundant water features.

Tyler Mayor Joey Seeber says, “We know our city is the best place to live, work and play, and for the next three summers we’ll demonstrate that to hundreds of golfers who will come to Tyler for this tournament and to many thousands of sports fans who will follow it on TV and in the papers. It is a privilege and a pleasure to welcome the Texas State Open to Tyler.”

The Open’s 72-hole stroke play event will consist of 156 professionals and amateurs playing for a $125,000 purse. The field will play 36 holes before being cut to the low 55 scores and ties. All four rounds will be contested at The Cascades Golf Club. Golf professionals and amateurs gain access into the Texas State Open via 18-hole qualifying events to be conducted at 22 sites in Texas and surrounding states during June 2006. (Exceptions are made for past champions, PGA Tour members who reside in Texas, and other select categories of amateurs and professionals; see www.ntpga.com.)

“The Texas State Open is a tremendous event for Tyler and East Texas,” says Tom Mullins, President of both the Tyler Area Chamber of Commerce and the Tyler Economic Development Council. “Over three years it will bring $1.5 million to the local economy, and we look forward to working with The Cascades to make the most of this event each year.”

One of the benefits of hosting the Texas State Open is the statewide recognition the tournament and its promotion bring, according to Steve Braley, President of The Cascades Properties at Cascades Golf Club. “We hope to find a business based in the Tyler area to share this honor with us by becoming the Title Sponsor of the Texas State Open at The Cascades.” Companies or corporations interested in this investment are invited to contact Steve Braley at 214-592-2551.

NTPGA

The Cascades of Texas in Tyler is an exclusive, 500-acre golf and lakeshore community, home to the championship Cascades Golf Club and the forthcoming Jack Nicklaus Academies. An easy hour-and-a-half drive east from Dallas and just four miles from downtown Tyler, The Cascades offers lakefront, hillside and wooded lots from $109,000 to $1 million at East Texas’ premier resort address. Visit The Cascades online at www.cascadesoftexas.com

The Northern Texas PGA is one of the 41 sections that comprise of the PGA of America and has a professional membership of over 820. In addition to managing the day-to-day affairs of the Section, the headquarters operates the Northern Texas PGA Junior Golf Foundation, a 501(c)(3) tax-exempt organization. The PGA of America, the Northern Texas PGA, and its member golf professionals are recognized as the leaders in the world of golf today. Visit the NTPGA online at www.ntpga.com