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Feb. 13, 2013

TODAY’S DEALS: AEW Buys 128-Unit Hoboken Asset for $67M

The Juliana

Hoboken, N.J.—AEW Capital Management has purchased The Juliana, a 128-unit luxury asset in Hoboken, N.J., for $67 million from The Milestone Group & Invesco. The asset was purchased on behalf of AEW Core Property Trust, an open-end fund. Holliday Fenoglio Fowler closed the sale of the 2007-built asset.

“Invesco/Milestone were able to capitalize on the strong demand for Hoboken multi-housing deals and redeploy capital into other projects,” says Jose Cruz, senior managing director at HFF.

The Juliana is a brownstone-inspired community with two four-story buildings that surround a 25,000-square-foot courtyard. The asset is currently 95 percent leased. Amenities include four parking garages, a fitness center, internet café, game room, dog park, fire pit, putting green, sundeck and playground. It is within walking distance of light rail and local bus lines that provide direct access to the Hoboken Path station, the NJ Transit train station and the New York Waterway terminals.

“We are excited about the acquisition of this condo-quality project in Hoboken, one of the most desirable apartment markets in the country,” says Dan Bradley, senior portfolio manager for the AEW Core Property Trust.

Bloomfield Capital closes $3.3M bridge loan

Houston—Bloomfield Capital has closed a $3.3 million senior bridge loan on a 240-unit apartment complex located in Houston. The sponsor purchased the property through a short sale, and Bloomfield structured the senior bridge financing to allow for the property acquisition, along with a capital improvement reserve to renovate vacant units.

“This is the type of transaction that Bloomfield is known for: a sub-performing asset in a strong market, purchased by a well-capitalized sponsor in need of a fast closing,” says Jason Jarjosa, a partner at Bloomfield Capital. “We’ve recently financed over $20 million in apartment renovation purchases in the Houston marketplace. Strong job growth coupled with a limited supply of affordable housing alternatives is driving occupancy and rents on B and C class apartment communities in Houston and throughout Texas.”

Arbor funds $9.6M in FHA financing for Puerto Rico portfolio

San German, Puerto Rico—Arbor Commercial Mortgage LLC, a national, direct commercial real estate lender, announced the recent funding of three FHA-insured 223(f) loans in Puerto Rico totaling $9,551,000:

-Joanne Apartments, San German, Puerto Rico—This 124-unit multifamily portfolio received a total of $4,08 million funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The high-rise apartment complex is located in San German, which was founded in 1573 and is the second-oldest settlement in Puerto Rico behind its capital, San Juan.

-Muneki Apartments, Aguadilla, Puerto Rico—This 124-unit multifamily property received $3.51 million funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Muneki Apartments is located adjacent to the Aguadilla Plaza shopping center along State Road 2 in the Corrales Ward of Aguadilla.

-San Luis Apartments, Ponce, Puerto Rico—This 54-unit multifamily property received $1.96 million funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. San Luis Apartments is located in Ponce, the second largest city in Puerto Rico, on State Road No. 123, one of the most traveled roads in the city.

All of the loans were originated by Robert Mendeles, structured finance originator in Arbor’s Englewood Cliffs, N.J., office through Arbor’s exclusive partner in Puerto Rico, Urban Holdings LLC.

“The funding of this portfolio shows Arbor’s commitment to extending its expertise within the FHA multifamily lending market wherever our clients and partners do business,” says Joseph Donovan, senior vice president and director of FHA Lending. “Arbor understands the great investment value inherent in underserved markets and the mission to preserve affordable rental housing in Puerto Rico.”

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