TODAY’S DEALS: MHA Brokers $18.5M Sale in South Carolina
Anderson, S.C.—Multi Housing Advisors (MHA) has brokered the $18.5 million sale of Walden Oaks, a 240-unit apartment community in Anderson, S.C. Jordan McCarley and Marc Robinson of MHA represented the seller, Hathaway Development Partners, and were the only brokers involved in the deal. Chartwell Holdings purchased the community, which was built in 2007.
“The Walden Oaks sale was highly competitive process and shows that the multifamily investment market remains very strong as we move in to 2014. An attractive debt and equity environment combined with strong operating performance is resulting in significant investor demand for multi-family assets in the southeast,” McCarley says. “We anticipate investor activity and pricing to remain high in 2014 as lenders continue to re-enter the market.”
MHA has several other properties on the market in South Carolina: the 92-unit Springbrook in Anderson; a portfolio of 274 units in Spartanburg that includes the 98-unit Magnolia Townhomes and the 176-unit The Corners; and the 246-unit Century Forest in Greenville.
MHA has targeted the Carolinas as markets for growth. In 2013, MHA expanded its Charlotte, N.C., office and intends to open additional offices in the South.
Walker & Dunlop provides $62.5M for Califonia apartments
Southern California—Mortgage brokerage firm Walker & Dunlop is off to a strong 2014 in Southern California with news of $62.5 million in recent Freddie Mac financing. Senior Vice President, Bryan Frazier led the team that structured the refinance loans under Freddie Mac’s Capital Markets Execution (CME) Program for Latitude 33 Apartments, a newly constructed 198-unit Class A property located in Escondido, Calif. The W&D team structured the $37.6 million as two loans, financing the property’s mid-rise apartments and townhomes separately, in order to meet the borrower’s short-term and long-term investment plans. Additionally, the team provided takeout financing to pay off the existing construction loan and return capital to the borrower.
Vice President, Jason Krupoff led the team that structured the $24.9 million acquisition loan for Briarwood Square Apartments, located in Stanton, Calif. This was the first Freddie Mac loan for the Southern California-based borrower. In order to meet the tight timeframe stipulated by the borrower, Walker & Dunlop expedited the underwriting package, enabling Freddie Mac to process the loan and issue a firm commitment in 17 days. Mr. Krupoff and his team structured and closed the transaction 26 days after receiving the signed application, over the holiday season.