The new owner rebranded the 327-unit Class B community as Allegro on Bell, with SunTrust Bank facilitating the acquisition through long-term financing.
The 155-unit multifamily asset changed hands for more than $15 million, with Capital Bank providing the buyer with $11.6 million in acquisition financing.
HFF originated the 10-year Freddie Mac mortgage for Beachwold Residential, the owner of the 288-unit luxury community. The loan retires a prior CMBS loan.
Clarion Partners earned approximately $68 million from the sale of the 241-unit portfolio, taking a loss compared with the seller’s acquisition cost of the assets in 2015.
LoanCore Capital provided the buyer with nearly $30 million in acquisition financing. The new owner rebranded the asset and chose a new property manager.
Merchants Bank of Indiana provided the buyer with nearly $30 million in acquisition and development financing. The short-term bridge loan matures in June.
