TODAY’S DEALS: O’Connor Capital Partners Lands $62.3M Construction Loan
Cambridge, Mass.—O’Connor Capital Partners is moving forward on its 428-unit development in Cambridge known as The Residences at Fresh Pond thanks to a $62.3 million loan arranged by HFF. RBS Citizens provided the funds, which have one 12-month extension option.
The new development will be built in two phases, the first will include 260 units and 251 spaces, the second will include 168 units and 151 parking spaces. Amenities are slated to include a swimming pool, roof deck lounge, bocce court, fitness center, movie theater, community club room and internet lounge. Furthermore, it is located near the Alewife MBTA station and the Fresh Pond reservation area.
Candlebrook, Angelo Gordon buy a suburban Philly asset
Voorhees, N.J.—Candlebrook Properties and Angelo, Gordon & Co. have grabbed a 884-unit asset located outside Philadelphia in Voorhees, N.J. Commercial Property Executive is reporting an approximate sales price of $83 million. UBS was the seller.
Echelon Glen is the largest rental community in the Voorhees area of Camden County, and marks an entry into the metro Philadelphia market for Candlebrook. The property is located at 225 Echelon Road, close to the 700,000-square-foot Voorhees Town Center regional shopping mall.
Arbor funds seven FHA deals across the nation
Uniondale, N.Y.—Meeting the robust demand for multifamily financing through the FHA’s mortgage insurance programs, Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the recent funding of seven loans totaling $87,618,800 under several FHA financing product lines from Hawaii to Virginia.
-Hale Pauahi Apartments, Honolulu, Hawaii—This 396-unit multifamily property received $11,816,600 funded under the FHA 223(a)(7) product line. The 17-year refinance loan amortizes on a 17-year schedule. The property is located in downtown Honolulu and consists of apartment units with sizes ranging from studio to three-bedroom apartments.
-Chester Village Green, Chester, Va.—This 137-unit multifamily property received $11,019,000 funded under the FHA 223(a)(7) product line. The 40-year refinance loan amortizes on a 40-year schedule. Amenities at Chester Village Green include a clubhouse, a fitness center, a swimming pool, a tennis court, garage parking and a playground.
-Haven Pointe Apartments, West Haven, Utah—This 192-unit multifamily property received $10,725,000 funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. Amenities at Haven Pointe include a clubhouse, a fitness center, a swimming pool, a basketball court, storage areas and a playground.
-Glenwood Apartments, East Lansing, Mich.—This 138-unit multifamily property received $8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. This garden-style property primarily markets to students from nearby Michigan State University.
-Penny Lane Apartments, Ruston, La.—This 72-unit multifamily property received $5,229,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The newly constructed property serves a large student and faculty population, with an estimated 45 percent of residents being students from Louisiana Tech University and Grambling State University.
-Ellsworth Square Apartments, Salem, Ore.—This 72-unit multifamily property received $2,664,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Ellsworth Square is located approximately two miles northeast of downtown Salem and consists of nine two-story residential buildings.
-Multifamily Asset, Chester, Va.—This 322-unit multifamily property received $38,005,200 funded under the FHA 223(a)(7) product line. The 40-year refinance loan amortizes on a 40-year schedule. The property is a three-story, garden-style apartment community situated on a 31.34-acre property featuring a clubhouse, 24-hour fitness center, swimming pool, tennis court, billiard lounge and playground.
“This portfolio of loans, financed across the country, once again demonstrates the capabilities of Arbor’s FHA Lending Group,” said Joseph Donovan, Arbor’s senior vice president, director of FHA Lending. “This established FHA platform has allowed us to meet our long-time clients’ increasing demand for FHA financing wherever they do business across the country.”