TODAY’S DEALS: Grandbridge Arranges $26.5M for California Apartments
Simi Valley & Canoga Park, Calif.—Grandbridge’s Los Angeles office has closed $26.5 million in first mortgage loans secured by two multifamily properties. The financing was arranged by Shelley Magoffin, senior vice president, and Perry Colligan, vice president.
The first transaction was a $12.3 million non recourse loan secured by a 128-unit asset located in Simi Valley. The second was a $14.3 million nonrecourse loan secured by a 205-unit property located in Canoga Park, Calif. Lincoln National Life Insurance Co. provided funding for both loans on behalf of a West Los Angeles investor. Terms are 15-years, 30-year amortizations with an interest-only feature. Rates were located at application in the low four percent range.
“To secure the business, Grandbridge had to compete with another mortgage banking/broker firm that had a longstanding relationship with the borrower,” says Magoffin. “To win the business, Grandbridge had to provide clear and significant advantages over competition.”
Associated Estates completes a 295-unit buy in Charlotte
Charlotte, N.C.—Associated Estates is the new owner of The Apartments at Blankeney, a 295-unit community located in Charlotte. The asset was the first to sell in a portfolio of seven communities being marketed by HFF on behalf of owner Northwood Ravin and its affiliates.
“High-quality, well-located assets are in short supply and portfolio transactions offer institutional investors the opportunity to acquire assets that would be difficult to assemble in one-off purchases,” says Jason Nettles, senior managing director at HFF, who is handling the portfolio sale alongside executive managing directors Matthew Lawton and Mark Gibson.
NorthMarq arranges $4.12M acquisition loans through AmeriSphere
Raleigh, N.C.—Brett Mason, vice president of NorthMarq’s Raleigh regional office, arranged financing for the $4.12 million acquisition of Maple Ridge Apartments, a 95-unit affordable housing multifamily property located in Holly Springs, N.C. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.