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Aug. 22, 2013

TODAY’S DEALS: Centerline Refinances a Texas Student Housing Asset for $17.3M

Denton, Texas—Centerline Capital Group has provided a $17.3 million Freddie Mac CME loan to facilitate the acquisition of a student housing property in Denton, Texas. Midtown Denton Apartments is a 2011- and 2012-built asset with 120 units located near the University of North Texas.

“The new owner plans to improve the amenity package and provide professional management,” says Yogesh Josh, senior vice president at Centerline Capital Group. “These changes, combined with a highly focused customer service oriented management and cost reductions are expected to result in sustained strong operations on site.”

The acquisition transaction was financed with a Freddie Mac CME fixed-rate 7-year loan with one year of interest only followed by a 30-year amortization. Centerline was able to close within 50 days from the receipt of loan application.

California community trades in $7.5M sale

Hillside GardensOceanside, Calif.—Marcus & Millichap has brokered the sale of Hillside Gardens – 58, a 58-unit apartment property located in Oceanside, Calif. The sales price was $7.5 million. MG Properties was the seller. Koyl Real Estate Ventures picked up the asset. Marcus & Millichap represented both parties.

The 1971-built property sits on 1.77 aces. The Marcus & Millichap team of Chris Zorbas, Stewart Weston and David Sperling also represented MG Properties in the sale of 555 Greenbrier, a 44-unit asset adjacent to Hillside Gardens.

Delshah Capital sells repositioned condo building to Aria Investment for $3.6M

Washington, D.C.– DelShah Capital LLC, a full-service real estate debt acquisition, development and management company, announced it has completed the sale of 2523 13th Street NW in Washington, D.C., to Aria Investment Group for $3.6 million.

Located between the historic U Street Corridor and Columbia Heights, the condominium building includes 23 units and 11,210 square feet of rentable space. The property has been substantially renovated and includes a new lobby, laundry facility and bike room. All units feature hardwood floors throughout, as well as a chef’s kitchen with granite counters, dishwasher and stainless steel appliances.

The Greysteel Company in Bethesda, Md. represented DelShah. Aria Investment Group represented itself in the transaction.

“It was satisfying to take the deal all the way from acquisition of the non-performing debt to fully repositioning the underlying asset, and then selling at a favorable price,” stated Michael Shah, principal of DelShah Capital. “Washington D.C. is a great market, but we are focused on our local holdings in New York.”

DelShah will also be selling the Embassy of Georgia building at 2209 Massachusetts Avenue, its last asset in D.C., which is being marketed by Greysteel.

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