Today’s Deals: McCann Enters Nashville with 336-Unit Buy
Nashville, Tenn.—McCann Realty Partners has completed its acquisition of Discovery at Mountain View Apartments in Nashville. The property, which was built in 2009, features 336 garden-style units.
“We have been attempting to enter the Nashville market for quite some time and Discovery at Mountain View created an opportunity to do so. We believe rents will continue to grow for the next several years and are actively looking to add more apartments in Nashville,” says Brand Inlow, McCann’s chief investment officer. “This location is convenient to local employment drivers in downtown Nashville, Murfreesboro, Smyrna, Nashville International Airport and Brentwood, which really appealed to us.”
Community amenities include a clubhouse, fitness center, swimming pool and direct-access garages. Pegasus Residential will serve as the property manager. The purchase was funded in part by a Freddie Mac mortgage loan with a fixed rate of 3.55 percent originated by Jones Lang LaSalle.
Beech Street closes $15.2M loan for a Florida acquisition
Naples, Fla.—Beech Street Capital has closed a $15.2 million Fannie Mae conventional loan used to acquire Meadow Brook Preserve, a 268-unit asset located in Naples, Fla. The property has undergone $1 million in renovations since October 2010, and the borrower (Atlas Real Estate Partners) plans to complete additional renovations after the acquisition is completed.
This transaction marked the fourth deal that Beech Street has arranged for Atlas. It also marks the third closing made by Mitch Sinberg and Michael Wallace since they joined Beech Street in May.
Walker & Dunlop supplies a $3M HUD refi mortgage
Charlotte, NC.–Walker & Dunlop, LLC announced today that it recently provided a $3.1 million loan under the U.S. Department of Housing and Urban Development’s Section 223(a)(7) program for Parker Heights Apartments, located in Charlotte, NC.
The refinance was structured with a 30-year fully amortizing mortgage and underwritten with a 1.289 Debt Service Coverage ratio. This transaction allowed the borrower to significantly reduce the interest rate, extend the term, and enhance the property’s cash flow position. Walker & Dunlop was able to submit the application to HUD 13 days after receiving the engagement agreement, enabling the borrower to rate lock and close within a condensed time frame.
Parker Heights Apartments currently has a 20-year HAP contract on 82 of its 100 units, which the owner renewed in 2010. The multifamily residential community offers one-, two- and three-bedroom models in 14 townhouse-style buildings. Community amenities include a leasing office with a laundry facility, a maintenance shop, community room and playground.
Walker & Dunlop Vice President, FHA Finance, Carolyn McMullen led the Walker & Dunlop team.