TODAY’S DEALS: Panther Properties Acquires Three Class A Assets for $75M
Huntsville, Ala. & Cordova, Tenn.—Boston-based Panther Properties Investment has acquired a $75 million, three-property portfolio totaling 740 units. The three Class A assets consist of Huntsville Parc at the Arsenal (276 units, formerly Springs at Huntsville) in Huntsville, Ala., Villas at Grays Creek (238 units) and Carrington at Houston Levee (226 units), both in Cordova, Tenn.
“This portfolio investment provides our firm with an outstanding opportunity to invest in targeted submarkets throughout the Southeast with strong economic drivers, sustainable job growth and favorable demographics,” says Panther Properties CFO and partner David Masse.
Panther currently owns 2,600 luxury units that are managed through its subsidiary Panther Properties Management.
Berkeley Point Capital closes $32.7M Calif. refinance
Redlands, Calif.—Berkeley Point Capital has closed a $32.7 million loan for the refinance of Barton Vineyard Apartments, a 296-unit garden-style community located in Redlands, Calif. Financing was arranged under Fannie Mae’s Structured ARM program and featured a 10-year, 2.31 percent adjustable-rate loan with a 30-year amortization schedule. The loan has a one year prepayment lockout, and can either be repaid at a one percent premium or converted to longer-term fixed rate financing.
“We are so pleased to once again work with this sponsor on yet another attractive deal,” says Rob Cantizano, senior managing director at Berkeley Point Capital. “We look forward to continuing our partnership with the firm and will continue to demonstrate our ability to execute as promised and in a timely manner.”
NorthMarq arranges $19.35M in acquisition financing
Northglenn, Colo.—NorthMarq’s Denver regional office arranged $19.35 million in acquisition financing for Aukum Management LLC’s purchase of the Registry Apartments located at 12150 Race Street in Northglenn, Colo.
Constructed in 1986, the property consists of 208 units (one- and two-bedroom floor plans) in 12 two and three-story residential buildings. Community amenities include covered parking, a clubhouse, fitness center, outdoor pool, spa and sauna and a racquetball court. Units feature washer/dryers, private balconies or patios, fireplaces and walk-in closets.
John M. Stewart, senior vice president; and Ilan Reissner, investment analyst, arranged the financing for borrower. Jason Fuchs, principal and managing director, handled the acquisition for Aukum Management.