TODAY’S DEALS: M&T Capital Provides Kennedy Wilson with $51.8M for Two Assets
Kent & Renton, Wash.—In a deal orchestrated by HFF, M&T Capital Corp. has provided Kennedy Wilson with $51.8 million in financing for two communities in Washington. A $25.8 million loan with a 3.44 percent rate was arranged for The Atrium Apartments, and a $26 million loan with a 3.35 percent rate was secured for Harrington Square.
The Atrium Apartments is located on more than 20 acres at 6248 South 242nd Place in Kent, a city halfway between Seattle and Tacoma. The 300-unit asset is comprised of 21 buildings. Amenities include an indoor basketball court, fitness center, spa, heated outdoor swimming pool, clubhouse and two children’s play areas. It is currently 95 percent occupied and was renovated in 2009.
Harrington Square Apartments is a 217-unit asset located in Renton, a city southeast of Seattle. The 2011-built asset is 95 percent leased and features a clubhouse, fitness center, barbecue area and garage parking.
Gilar Group purchases Manhattan Upper West Side building for $47M
New York—Another transaction that raced to the finish line to close before the end of 2012 was the sale of 2410-2418 Broadway, aka 214-218 West 89th Street. The building was acquired by Manhattan-based real estate owners Albert and Robert Gilardian of the Gilar Group for $47 million.
Aliza Avital and Patricia Garcia, with Eastern Consolidated Executive Managing Director Alan P. Miller and Besen & Associates Executive Director Amit Doshi co-brokered the sale of the 12-story, pre-war multifamily asset strategically situated on the southeast corner of Broadway and West 89th Street. Together, the team represented the seller, M.E. & A. Realty Co. LLC, and procured the buyer.
“Clearly, the building’s financial upside piqued investors’ interest and drove the sale, since 71 percent of its 46 units are rent regulated at rates well below market,” notes Avital. The property’s 5,000-square-foot street level retail component, stretching 100 linear feet on Broadway, is divided into six units and its most valuable corner retail space has already generated inquiries exceeding $250 per square foot.
According to Doshi, “The Upper West Side has a very special caché, unlike any other neighborhood in New York. Given its plethora of pre-war buildings, wide boulevards, proximity to both Central and Riverside Parks, great schools, cultural institutions and Broadway shopping corridor, acquiring 2410-2418 Broadway, which had been owned by the same family for over 70 years, represents an excellent long-term investment opportunity.”
Built in 1915, the property consists of one- , two- , and three-bedroom apartments. It is located only three blocks north of the West 86th Street subway on Broadway serviced by the Number 2 line. Among the many cultural institutions in the nearby vicinity are Symphony Space, The Museum of Natural History and further, to the south, Lincoln Center and the Time Warner Center.
Attorneys in the transaction were: Burton Fine, Esq. of law offices of Burton Fine for the seller, and Alexander Seligson Esq. of Seligson Rothman & Rothman for the buyer.
San Antonio Commercial Advisors completes 480-unit sale
San Antonio—San Antonio Commercial Advisors, an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of Portofino and Montage at North Point Apartments, a 480-unit Class B portfolio in northwest San Antonio. The property was sold by a New York City-based financial institution and picked up by a California-based private investor.
“The challenge was accurately sourcing the most appropriate buyer with the flexibility to work with the seller as the subsequent lender,” says Brandon Lo Porto, a member of San Antonio Commercial Advisors’ multifamily team. “They would have shared long term interests due to the financing relationship. Ultimately, the seller received fair market pricing while alleviating balance sheet stress and the buyer purchased assets with accessible management upside.”