The Dolben Company | Property Management

Recent Projects

 

Overlook at Franklin Square is a 356 unit, 100% market rate apartment community to be developed in Baltimore, Maryland. The total project cost is $78.1M ($219,495 per unit). The project has secured a HUD insured 221(d)(4) construction/permanent loan of $65,140,200, with a 42 year term and an interest rate of 3.80% plus MIP of 0.25%. Investor equity of $13M completed the capitalization.  Overlook at Franklin Square will contain 356 Class-A market rate units in eight buildings. The free standing clubhouse will feature a leasing office, swimming pool, conference rooms, business center, a spacious common area, a gas fireplace, a model unit, a theater and media room, billiards and gaming tables, and a fitness center with a yoga room and locker rooms. Unit kitchens will have granite counters, stainless steel appliances and wood-look vinyl plank flooring. All units will contain a washer/dryer and will have either a balcony or patio, or a sun room. Construction will commence in the third quarter of 2016, with the first units ready for occupancy in the third quarter of 2017.
 

 

The Residences at Great Pond will consist of 234 luxury apartment units, 100% market rate, to be built in Randolph, Massachusetts.  Located just 12 miles south of downtown Boston, the property will consist of 5 wood frame buildings, 3 of which will have elevators. The property will also feature a clubhouse with full amenities, a swimming pool and a model unit.  Total project costs are $56.8M ($242,735 per unit), to be capitalized with a $39.7M construction loan from KeyBank and $17.1M investor equity.  Pre-construction site work began when the land was acquired in June of 2015, and vertical construction will begin in July of 2016.  Delivery of the first units will follow 12 months later in the summer of 2017.
 

 

Rumney Flats will consist of 231 market rate residential units in Revere, Massachusetts. Total project costs are $44.4M, with a construction loan of $31,150,000 and $11,250,000 of equity. Construction is under way on site; the first units were delivered in the first quarter of 2016.
 

 

Verde at Greenbelt Station will consist of 302 luxury residential units in Greenbelt, Maryland. Total project costs are $60.0M, with a construction loan of $45.0M from PNC Bank and investor equity of $15.0M.  Construction at Verde at Greenbelt Station commenced in the first quarter of 2015. Verde at Greenbelt’s 5.7 acre site will include 302 residential units, a clubhouse, a leasing center, three courtyards, a swimming pool, and 480 parking spaces, 471 of which are located in a five-story pre-cast parking garage. Delivery of the first residential units is expected in the second quarter of 2016.
 

 

The Reserve at Stoney Creek consists of two phases: 90 existing apartment units (Phase I), and 76 units which are being constructed on an adjacent parcel (Phase II). The phases are financed separately with HUD 221(d)(4) loans, with low interest rates locked in for 37 (Phase I) and 40 (Phase II) years. Phase I of the project has 90 units in three elevator-served buildings, all of which have garage parking on the bottom level, in addition to surface parking. The apartments in Phase I have had stabilized occupancy for the past 2 years. Phase II is under construction, and will have 76 units in three additional elevator-served buildings which will also have garages on the first level. Phase II construction will also include the pool and clubhouse for the entire project. The clubhouse opened in the fourth quarter of 2015, and the first units of Phase II were delivered in the first quarter of 2016.
 

 

Berry Farms Apartments, owned by North Andover Holdings LLC, will feature 196 luxury residential units on a 26 acre site in North Andover, Massachusetts. The project was permitted under Massachusetts Chapter 40B, and consequently, twenty five percent of the units will be offered at affordable rates to qualified residents. Total project costs are $43.3M, with a construction loan of $31.9M from Citizens Bank under the New England Fund program, and investor equity of $11.475M. The construction financing closed in late June 2015 and construction began shortly thereafter. Approximately 12 acres of Berry Farms’ 26 acres will be subject to a conservation restriction, permitting passive recreation and lending open space to the site. The site will consist of four residential apartment buildings, a free standing clubhouse and a maintenance building. Three of the four apartment buildings will have elevator service. Delivery of the first residential units is expected in the late third quarter/early fourth quarter of 2016.