CAPREIT Lands $77M Refi for Midwest Portfolio

Pointe West Apartments

CAPREIT Inc. has secured $76.6 million to refinance a four-community portfolio, comprising properties located in the Midwest. The assets include The Kensington at Beverly Hills in Southfield, Mich., Valle Vista Armes Apartments in Greenwood, Ind., Greenway Chase Apartments in Florissant, Mo. and Pointe West Apartments in West Des Moines, Iowa.

Managing Director Brian Kochan of Newmark Knight Frank’s Multifamily Capital Markets division led the transaction, which provided the seven-year, fixed rate Freddie Mac loan. The financing will be used to restructure the ownership interest with a new equity partner and continue project-related and interior renovations. 

Portfolio breakdown 

Located at 18335 W. 13 Mile Road, The Kensington at Beverly Hills offers 208 studio, one- and two-bedroom units ranging fro 600 to 1,050 square feet. Originally constructed in 1974, the property is 96.2 percent occupied, according to Yardi Matrix. CAPREIT has owned the community since September 2000, when it purchased The Kensington from PGIM Real Estate for $12.6 million. Features include a fitness center, business center, clubhouse, volleyball court, swimming pool, spa and laundry facilities. The property comprises seven buildings, with interiors featuring private balcony/patios, washer/dryers, vaulted ceilings and hardwood floors. 

Situated at 610 Paradise Court, the 1980-built Valle Vista Armes comprises 342 units across 21 two-story buildings. Apartments are offered in one- and two-bedroom floorplans ranging from 457 to 1,376 square feet, which include wahser/dryer hookups, ceramic tile bathrooms and private balcony/patios. The community is 95.6 percent occupied, according to Yardi Matrix, and features a waterscape, fitness center, business center, clubhouse, swimming pool and laundry facility. 

Greenway Chase is located at 629 Greenway manor Drive and features 312 apartments that are currently 92.9 percent occupied. Constructed in 1987, the property offers one- and two-bedroom units ranging from 683 to 950 square feet. CAPREIT bought the asset back in March 2001 from Kohner Properties, for $14 million. Interior features include washer/dryer hookups, fireplaces, vaulted ceilings and private balcony/patios. Community amenities include a fitness center, clubhouse, laundry facility, tennis court and swimming pool. 

Pointe West is situated at 4601 Pleasant St. and comprises 223 one-, two- and three-bedroom apartments ranging from 631 to 1,188 square feet. CAPREIT acquired the community in December 2001 for $13.4 million, from Invesco Real Estate. Features of the property include a fitness center, a community room, a tennis court, a playground, a swimming pool, a spa, washer/dryers, fireplaces and vaulted ceilings. 

In June, Berkadia arranged a $20.3 million refinancing loan for Southgate Landing, a 256-unit community in Louisville, Ky., on behalf of CAPREIT.

Image courtesy of NKF