Multi Housing News August 2012 : Page 10
news & notes TRANSACTIONS All transactions were announced between 6/1/2012 and 6/30/2012. To have your transaction featured, submit details to mratliff@multi-housingnews.com and kfoong@multi-housingnews.com with ‘Transactions’ in the subject line. SALES Property/Location The Beatrice/ New York No. of Units 301 units Buyer/Rep. Equity Residential/ n/a Harbor Group International/n/a Home Properties/ n/a Kennedy Wilson and Partners/n/a R4 Capital/ n/a TA Associates Realty/ n/a Kennedy Wilson/ n/a Praedium Group & Grubb Properties/n/a Seller/Rep. JD Carlisle & DLJ Real Estate Capital Partners/n/a n/a/ CBRE Group Inc. n/a n/a n/a A national REIT/ Holliday Fenoglio Fowler n/a n/a Notes The 301-unit high-end rental comprises the top 29 fl oors of a 54-story mixed-use tower located at 105 West 29th St. in Manhattan. Serramar is a 302-unit asset located in Ft. Lauderdale, Fla.; Turtle Cove is a 444-unit asset in West Palm Beach, Fla.; and Island Club is a 472-unit asset located in Orlando, Fla. At the time Home Properties closed on it, the property was 97.2 percent occupied with monthly rents averaging $1,377 a month. Value $280,000,000 $100,000,000 Three property portfolio 1,218 unit Ft. Lauderdale, Turtle Cove total and West Palm Beach, Fla. Woodway at Trinity Center 504 units Centerville, Va. Waterford Hayward, Calif. 544 units $96,000,000 The company and its partners picked up the asset for $86.5 million, with $86,500,000 $68.1 million in fi nancing from Freddie Mac at 3.69 percent, fi xed for 10 years. National affordable housing tax-credit syndicator R4 Capital has closed on $80,000,000 the initial $80 million of a $100 million multi-investor LIHTC Fund. The three-phased community was completed in 1989. The 51 buildings have one-and two-bedroom units that average 974 square feet each. Kennedy Wilson acquired the property with its partners for $43.7 million, with $33 million in fi nancing coming from Freddie Mac. $57,000,000 $43,700,000 15-property portfolio 1,459 units 10 states and Wash., D.C. Paces Station Atlanta Torrey Pines West Covina, Calif. Magnolia Station Apts. Charlotte, N.C. River’s Edge Waukesha, Wisc. Barrington on the Green Birminghap, Ala. 610 units 251 units 465 units 340 units The 2008-built property will be renamed Sterling Steele Creek Apartments. $36,500,000 It is located seven miles from Charlotte Douglas International Airport. The 310,679-square-foot property was constructed in phases in 1993, 1995 and 2007. There are 11 fl oor plans with monthly rents ranging between $610 to $1,195. Property received much interest from investors seeking a foothold in the rapidly recovering Birmingham market. $29,500,000 Mandel Group Inc. n/a/ affi liate/Marcus & Millichap Marcus & Millichap Somerset Partners/ DRA Advisors, Bell Partners/ n/a Jones Lang LaSalle 342 units $28,500,000 FINANCING Property/Location The Buchanan Arlington, Va. Bella Vista Apts. Santa Clara, Calif. Millennium Westshore Apts. Tampa, Fla. Integra Meadows Apts. Davenport, Fla. Stone Ridge at Somerby Park Mobile, Ala. Crimson Park Norman, Okla. Metro at Wilmington Station Wilmington, Mass. Wildfl ower Apts. Gainesville, Fla. Allerton Avenue Bronx, N.Y. West Town Court Apt. Homes Phoenix Type of Financing No. of Units First mortgage loan Supplemental fi nancing Refi nancing Permanent loan Refi nancing Refi nancing Construction fi nancing Refi nancing 422 units 634 units Lender Fannie Mae DUS MBS n/a Arranged By Grandbridge Real Estate Capital Walker & Dunlop LLC Notes The seven-year fi xed-rate mortgage features a 30-year amortization and closed with an interest rate of 3.89 percent. Bella Vista Apartments was built in two phases between 1991 and 1993 by the borrower, Interland Corporation. The loan was underwritten to a 54.1 percent LTV. This 2010-built property is owned by AIG Global Real Estate. It was 94 percent occupied at closing. Seven-year term and 30-year amortization. The fi xed-rate loan has a 10-year term with a two-year interest only period followed by a 30-year amortization schedule. Amount $121,000,000 $74,400,000 379 units 304 units 317 units 268 units/ 792 beds 108 units Freddie Mac CME Loan Freddie Mac Freddie Mac CME Loan Freddie Mac’s CME Program n/a Holliday Fenoglio Fowler NorthMarq Capital Beech Street Capital Holliday Fenoglio Fowler Tremont Realty Capital $37,200,000 $26,400,000 $25,000,000 The asset was completed in 2005 and serves the University $23,000,000 of Oklahoma. Amenities include a pool, hot tub and sports courts. This transit-oriented multifamily community includes 108 units and is located in the suburbs of Boston. The 99 percent occupied property has fi ve residential buildings with one-, two-and three-bedroom units available with or without lofts. The borrower acquired the property in 2008 and has since invested $800,000 in capital improvements for the 96 percent occupied asset. Seven-year FRM carries 30-year amortization. $22,000,000 $19,300,000 201 units Prudential Mortgage Holliday Fenoglio Capital Co. Fowler 144 units Fannie Mae Beech Street Capital/ Meridian Capital Group KeyBank Real Estate Capital Refi nancing $16,900,000 Acquisition loan 274 units Freddie Mac $15,800,000 10 August 2012 | Multi-Housing News
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