Finance & Investment
Warmington Properties Secures $190M for Portfolio Refi
Walker & Dunlop Inc. structured five Freddie Mac loans and one Fannie Mae loan, totaling $190.2 million, with 10-year terms and 30-year amortization schedules, to refinance nine California and Nevada communities held by Warmington Properties. Warmington began a value-added program across its portfolio in 2014, including the complete renovation of property amenities, building exteriors and unit interiors.
Lantower Residential Acquires Austin Apartments
The 375-unit NXNE was completed in 2016. Located in the Tech Ridge district, the community is near several employers, including Dell, Apple, IBM and Samsung.
Baltimore Affordable Community Reopens After $27M Rehab
Enterprise Homes, HUD and other stakeholders teamed up on an extensive makeover of The Allendale, a 164-unit West Baltimore property serving seniors and disabled adults.
US Rent Growth Falls Below Long-Term Average
Average U.S. monthly rents increased by $3 to $1,314, the smallest growth seen since April 2011, when rates increased 1.5 percent.
Greystone Trades SD Affordable Housing Community
The company closed on the sale of Brentwood Apartments in Sioux Falls. The asset is a LIHTC property built in 1973 and renovated in 2002.
Nebraska Community Trades for $10M
Marcus & Millichap facilitated the disposition of Continental Gardens, a 150-unit property in the center of Grand Island’s major retail and business corridor.
Kayne Anderson Snags Sentio Investments for $825M
Under the terms of the agreement, the company will acquire the outstanding shares in an all-cash transaction. The assets, located across 16 states, include senior housing communities as well as medical office buildings.
Summit Equity Investments Nabs First Indianapolis Property
Tikijian Associates represented Westdale Real Estate Investment & Management in selling 314-unit Island Club Apartments to an affiliate of Summit Equity Investments Inc.
Brooklyn Luxury Apartments Land $120M Loan
Square Mile Capital Management originated the loan on behalf of developer Lightstone, which completed construction in March 2016. The apartment community comprises 344 market-rate and 86 affordable units.
NAI Brokers $9M SF Community Sale
The seller of the 28-unit property located in the Mission District executed a 1031 exchange. The asset has been family-owned for more than 30 years.