TODAY’S DEALS: KeyBank Provides $27.9M for N.C. Community
Durham, N.C.—KeyBank Real Estate Capital has closed a $27.9 million, 10-year Fannie Mae fixed rate loan for Centennial Holding Co. The financing was arranged on Century Trinity Estates, a 270-unit garden-style community located in Durham, N.C. This was the third bridge-to-perm execution that KeyBank provided Centennial Holding Company in 2013.
Vice president Jane Harrison and senior banker Joe Fadus from KeyBank’s Real Estate Capital Group worked with the borrowers to arrange financing.
Centennial Holding Co. targets multifamily investments producing attractive, predictable and immediate cash flows. Their anticipated hold periods are in the three to seven year range.
KeyBank Real Estate Capital is part of KeyCorp, which has approximately $89 billion in assets.
Lee & Associates completes a $3M sale in Studio City, Calif.
Studio City, Calif.—Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, has closed the $3 million sale of an 8-unit multifamily property located at 4350 Laurel Grove Ave. in Studio City, Calif.
“Our buyer had an exchange requirement and wanted a core asset with ease of management,” says Cory Stehr, a Lee associate who represented the buyer and seller with Lee’s Cole Martens. “We were able to identify this well-located, non-rent controlled property and effect an off-market transaction that met the goals of both the buyer and seller.”
Both the buyer and seller are private individuals. The property consists of eight, two-bedroom/two-bath units. Some of the units have lofts, wrap-around balconies and private patios. The units are undergoing a complete remodel by the seller with granite countertops, high-end stainless steel appliances, washers and dryers in each unit, and wood flooring. The building is being painted and the roof is being replaced, improvements that helped to bring the sale price up to the top-end of the market on a per-square-foot basis.
“The seller had been considering a disposition when we approached him,” Stehr adds. “But he was aware that the units, which were mostly unoccupied, required extensive renovation. Our buyer’s proposal allowed him to move ahead with his plans and provided our buyer with exactly the type of asset he was seeking.”
NorthMarq secures $13M CMBS loan
New York—Elliot Auerbacher, vice president of NorthMarq’s New York City office arranged refinancing of $13 million for the Bellemont Victoria Apartments, a multifamily property containing 583-units located at 3225 Victoria Drive in Baton Rouge, La.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. The property contains numerous 3-bedroom/3-bath units and some of the units are affordable.
“Everybody involved in the transaction worked together diligently to get the deal closed,” says Auerbacher.