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Jan. 20, 2014

TODAY’S DEALS: Cohen Financial Arranges $9,89M+ in Fannie Mae, CMBS financing

Chicago– Cohen Financial announced that Dan Rosenberg, managing director of Cohen Financial in the Chicago office, has secured a total of $9.894 million to refinance two multifamily properties.

The properties are located in Chicago and Colorado Springs, Colo. The Chicago property is located at 1004 W. Monroe Street and features 20 apartments. The Colorado Springs property is located at 1170 S. Chelton Road and features 180 apartments. Both properties are well leased.

Rosenberg secured a fixed rate, 10-year term loans for both properties. He secured a Fannie Mae loan for the Chicago property and CMBS loan for the Colorado Springs property.

“Our clients were very pleased with the terms we secured,” said Rosenberg. “The Chicago multifamily transaction was a refinance, and the Colorado Springs was an acquisition.”

 

Marcus & Millichap brokers seniors housing sale for $33M

Towne Club at PeachtreePeachtree, Ga.– Marcus & Millichap Real Estate Investment Services arranged the sale of Towne Club at Peachtree City, a 153-unit luxury rental seniors housing property in Peachtree City, Ga. The $33 million sales price equates to $215,686 per unit.

Mike Pardoll, a senior vice president investments in Marcus & Millichap’s Charlotte, N.C. office, assisted by Michael J. Fasano, vice president in the firm’s Atlanta office, represented the seller, Peachtree City Towne Club LLC.

“Towne Club at Peachtree City is a luxury congregate care facility that originally opened as an independent living community,” says Pardoll. “In 2012 and 2013, some of the independent living apartments were converted to assisted living units. There is now a waiting list for those units.”

The property is located at 201 Crosstown Drive in Peachtree City, Ga., approximately 25 miles south of Atlanta’s Hartsfield-Jackson International Airport. U.S. News & World Report named the area as one of the “10 Best Places to Retire” in 2012.

Established in 1959, Peachtree City has approximately 37,000 residents, 8 percent of whom are 65 and older. Peachtree City’s residents can use golf carts to travel to golf courses, tennis courts, lakes, schools, a 2,500-seat amphitheater and other destinations on the town’s more than 90 miles of cart paths.

Towne Club at Peachtree City’s current configuration is 112 independent living apartments and 41 assisted living units. The independent living apartments average 918 square feet and the assisted living units range from 350 to 1,075 square feet. Each apartment has a full kitchen with granite countertops, island and breakfast bars, stainless-steel appliances, tile kitchen and bath, deluxe cabinetry and crown moldings and a washer and dryer.

The community features country club-style dining and a full-service cocktail lounge. Other amenities include a saltwater pool, fireside cabana, massage room, fitness center, gardening area, in-house theatre, media center and game room.

The facility was 92-percent occupied at the time of the sale.

 

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