TODAY’S DEALS: Capital One Provides Bridge Loan for Rental Conversion
Voorhees, N.J.—HFF announced that it has arranged a bridge loan for Abitare Apartments, a 353-unit, nine-building, multi-housing community in Voorhees, N.J., a suburb of Philadelphia.
HFF represented Lowe Enterprises Investors on behalf of one of its pension fund clients to secure the three-year, floating rate loan with Capital One Bank. Proceeds will be used to retire existing financing, purchase a ground lease and complete the conversion of previously planned condominium units at the property to rental units.
Abitare Apartments is located at 10000 Towncenter Boulevard within Voorhees Town Center, a 732,000-square-foot mixed-use development including an enclosed mall anchored by Macy’s and Boscov’s. Completed in 2009, the property consists of 315 completed rental units that are 94 percent leased, 38 partially completed units that will be converted to for rent units and two pad sites entitled for the potential development of 72 apartment units. Community amenities include a clubhouse, fitness center, billiard room, business center, outdoor pool and garage parking.
The HFF team representing Lowe Enterprises Investors and its client was led by managing director Jim Cadranell and associate director Michael Lachs.
KB Home buys land for a San Francisco condo development
San Francisco—KB Home has acquired a property at 72 Townsend in San Francisco and broken ground on a nine-story glass and steel framed luxury condo building. The 74-unit building will be located in the heart of San Francisco’s South Beach/SOMA district. The grand opening is set for summer 2014.
“This acquisition, the first of what we anticipate will be many urban KB Home projects in San Francisco, has provided us with an excellent opportunity to expand our current Bay Area business and is a natural extension of our land buying strategy for this region,” says Chris Apostolopoulos, president of KB Home’s Northern California division.
Units will range between 810 and 2,859 square feet in size, and will all feature an underground parking space in a secured garage.
NorthMarq arranges $32.4M Freddie Mac loan for Class A property
Jacksonville, Fla.—Melissa Marcolini Quinn, senior director/senior vice president of NorthMarq’s Orlando regional office, and Joel Coykendall, senior vice president/managing director of NorthMarq’s Jacksonville and Orlando regional offices, arranged $32.4 million in refinancing for Coventry Park at Southpoint, a Class A, 360-unit, market-rate multifamily community located at 6650 Corporate Center Parkway in Jacksonville, Fla.
Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Epoch Properties Inc., through its seller-servicer relationship with Freddie Mac.
“This is truly a first-class asset with a great location in the Jacksonville market,” Quinn says. “Despite a period of volatile treasury yields we were able to lock a favorable interest rate, and it was a pleasure to work with the many teams who came together to close this transaction.”