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Nov. 27, 2013

TODAY’S DEALS: Holland Partner Group, Heitman Affiliate Buy an Oregon Apartment Asset

Waterhouse PlaceBeaverton, Ore.—A joint venture between Holland Partner Group and an affiliate of Heitman has acquired Waterhouse Place, a 279-unit, garden-style multi-housing community in Beaverton, Ore. HFF marketed the property on behalf of the seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management.

Waterhouse Place is located at 600 NW 158th Ave., less than one mile from Nike’s world headquarters. The asset was partially renovated in 2008, and features one-, two- and three-bedroom homes that average 937 square feet each. Amenities include a nature trail and stream, two swimming pools, a hot tub, 24-hour fitness center, barbecue and picnic areas and a clubhouse. The HFF investment sales team was led by director Ira Virden, co-head of HFF’s national multi-housing investment sales group Sean Deasy, and senior real estate analyst Kerry Hughes.

“The community’s superb location near several corporate headquarters such as Nike, Intel, Tektronix and Columbia Sportswear combined with plentiful community amenities, such as the 92-acre Tualatin Hills Athletic Center, The Streets of Tanasbourne and Tanasbourne Town Center, made this property extremely attractive to investors,” Virden says.

Canyon funds $42M for a partially built asset in California

Riverside, Calif.—Canyon Capital Realty Advisors has provided a $42 million senior construction loan to an affiliate of Griffin Real Estate Management to complete the construction of a partially built 264-unit Class A community set on 13 acres in the City of Riverside, Calif.

The asset is located at the corner of Riverwalk Parkway and Sierra Vista Ave., and is currently being built by Griffin Real Estate Management. When complete, the asset will be a gated community with a set of amenities including a clubhouse, fitness center, media lounge, resort-style pool and barbecues. The first units will be ready for tenants to move in spring 2014.

“Canyon Realty is pleased to provide the financing necessary for the completion of this project, which promises to provide much-needed quality housing to this highly desirable area of the Inland Empire,” says Canyon Realty President Jonathan Roth. “This investment highlights our continued interest in dense infill communities in Southern California, and is also consistent with our investment focus of providing capital to experienced real estate operators with a strong record of success.”  

Beech Street provides $13.4M Fannie Mae refi loan

Bethesda, Md.—Beech Street Capital LLC announced that it has provided a $13.4 million Fannie Mae DUS loan to refinance Country View, a 757-space, all-age manufactured housing community (MHC) in Sioux Falls, S.D. Damon Reed, vice president of loan originations in Beech Street’s Birmingham, Ala., office, originated the loan. This is Beech Street’s 11th transaction with the sponsor.

Beech Street’s objective for the transaction was to retire existing CMBS debt on the property and return proceeds to the borrower. “Beech Street demonstrated a great deal of flexibility,” Reed says. “We were able to get the sponsor a loan commitment prior to maturity of the existing loan, which in turn, allowed them to obtain a short term extension.” One of the sponsors adds, “Beech Street went above and beyond this time. They were able to switch the loan terms prior to closing due to the large increase in rates.”

Most recently, Beech Street closed a seven property portfolio with the borrower, a borrowing structure put together with the strategy to consolidate numerous MHC real estate portfolios and acquire new properties, with the goal of creating a large national owner and operator of manufactured housing.

The four-star manufactured housing community was constructed in phases. The first phase began construction in 1985 and the final phase was completed in 2002, and the borrower has owned the property since 2003. The community is located in the city of Sioux Falls, approximately five miles west of downtown and five miles southwest of the Sioux Falls Regional Airport.

The fixed-rate loan has a seven-year term and three-years interest-only period followed by 30-year amortization.

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