TODAY’S DEALS: Bell Partners Acquires Fort Lauderdale Apartment
Fort Lauderdale, Fla.—Bell Partners has acquired Hillsboro Bay Club on behalf of its investors. The 336-unit community is located in the Fort Lauderdale area. The transaction closed yesterday. The property will be renamed Bell Coconut Creek and will be managed by Bell Partners.
“The acquisition of Hillsboro Bay Club expands out footprint in Florida and underscored one of the core pillars of our 2014 investment strategy: to purchase top-level communities with value add potential in key metros across the East Coast and Southwest U.S.,” says Joe Cannon, vice president of investments at Bell Partners.
In addition to standard first-class amenities, such as a community theater, tennis court, pool, and perimeter walking trails, Bell Coconut Creek has an expansive clubhouse and a large free-standing fitness center.
NorthMarq Capital negotiates $30.5M 7-year acquisition loan
Denver—John M. Stewart, senior vice president of NorthMarq Capital’s Denver regional office, secured acquisition financing of $30.5 million for Aukum Management LLC’s purchase of Terra Vista at the Park Apartments, located at 5425 S. Federal Circle, Littleton, Colo.
Financing for the multifamily property was structured with a seven-year term and 30-year amortization schedule and was arranged for Aukum Management through NorthMarq’s seller/servicer relationship with Freddie Mac.
Constructed in 1984, the property consists of 324 units in 16 two- and three-story buildings. Community amenities include a clubhouse, business and fitness centers, an outdoor pool, Jacuzzi and private pet walk area. Unit features include fireplaces, private balcony or patio, European-style fixtures and faucets, washer/dryers, ceiling fans and vaulted ceilings in select units.
Pembrook provides $7.3M for mixed-use asset in Chicago
Chicago—Pembrook Capital Management has closed $7.3 million in preferred equity financing for a recently renovated mixed-use building in Chicago. The funding will recapitalize the property, which consists of 192 units and 20,833 square feet of retail space. This follows a $28 million gut renovation. Total capitalization of the property is approximately $45 million.
The 11-story, 148,877-square-foot property is located at 5307 South Hyde Park Boulevard in Chicago, Ill., squarely within one of Chicago’s most active multifamily markets. Hyde Park is a community with convenient access to the Loop, the lakefront, and public transportation, as well as the University of Chicago. The building was constructed in 1918 and was occupied by the Del Prado Hotel until the early 1970s, when it was converted into apartments.
“Pembrook remains active in providing financing for infill redevelopment projects in urban neighborhoods that demonstrate real estate demand, particularly for multifamily,” says Stuart J. Boesky, CEO of Pembrook. “Hyde Park in Chicago is a great example — it’s a well-located, desirable area that has also benefited from significant investment by local non-profits and educational institutions, as well as banks and other private sector investors. We anticipate that this property will continue to be successful.”
The current owner acquired the property in January 2008 and gut renovated it. The endeavor including facade work, site work, tenant improvements for the retail space, and storefront upgrades. In the fall of 2011, the residential leasing campaign began, and the final phase of construction was completed mid-year 2012. The building is approximately 90 percent occupied. The sponsor, who has previously been a borrower with Pembrook, sought to recapitalize upon completing post-development stabilization.
Tags: apartment acquisition, Bell Partners, financer, Fort Lauderdale, Pembrook Capital Management, recapitalization