National
TODAY’S DEALS: ARA Awarded 708-Unit, Class A Marketing Task
Oklahoma City, Okla.—Atlanta-headquartered ARA has been awarded the exclusive listing for the marketing of The Lincoln at Central Park, a 708-unit, Class A community located in Oklahoma City, Okla. Principal Brian O’Boyle and associate Bart Wickard will be leading marketing efforts on the 2007 and 2010-built property. “This is an excellent investment opportunity—a Class ‘A+’ community in a super metro location,” says O’Boyle. “Offering the most coveted amenities, The Lincoln at Central Park enjoys a great location with easy access to all of Oklahoma City’s major employers.” The community is located in northeastern Oklahoma City near both Interstates 44 and…
TODAY’S DEALS: Essex Buys Two Seattle Area Communities
Essex Property Trust acquires two properties in the Seattle area for $165.1 million; Behringer Harvard buys a 132-unit luxury community in Concord, Calif.; and NorthMarq arranges a $32 million mortgage through New York Life Insurance Co. for a portfolio of apartments in Miami, Fla.
TODAY’S DEALS: MG Properties Group Acquires $23.3M Seattle Community
MG Properties Group acquires a 146-unit community in Seattle; Johnson Capital arranges $13 million for two properties in Orange County, Calif.; and CBRE arranges the $54.5 million sale and acquisition financing of a large multifamily property in Minnesota.
Energy-Efficiency Loans See Few Defaults, But Banks Still Mostly Not Interested
Washington, D.C.–A new report by the American Council for an Energy-Efficient Economy (ACEEE), “What Have We Learned from Energy Efficiency Financing Programs?” finds that energy-efficiency loan programs for building upgrades have exceedingly low default rates, ranging from 0 percent to 3 percent. The report drew its conclusion from a review of 24 energy-efficiency loan programs.
Not Your Father’s Student Housing: Banks Looking to Lend on Student Housing
Providence, R.I–Not so long ago, banks viewed the prospect of financing the development of student housing with skepticism, if not out-and-out resistance. No more. Banks today have done a complete 180 on the idea of financing student housing. And there’s a good reason for that.
TODAY’S DEALS: Education Realty Trust Purchases UC Riverside Student Housing
Education Realty Trust purchases their partner’s interest in UC Riverside student housing; NorthMarq Capital arranges permanent financing of $30.6 million for Las Vegas apartments; and Greenwich Village 30-unit building hits sales block for $10.95 million.
TODAY’S DEALS: Home Properties Acquires 544-Unit Community in Maryland
Homes Properties buys a community in Maryland for $90.4 million; Charles Dunn Company completes a $5.5M sale in Los Angeles; and Alliant Capital funds a 15-year refi loan at 4.57 percent.
TODAY’S DEALS: Praedium, Price Realty JV Acquires 500-Unit Texas Community
A joint venture between The Praedium Group and Price Realty Corporation acquires a 500-unit community in Texas; KeyBank provides a $50 million secured credit facility for Sunrise Senior Living Inc.; and Tikijian sells a 240-unit property in Indianapolis.
TODAY’S DEALS: Continental Realty Purchases 355-Unit Community in Louisville
Continental Realty Advisors buys a 355-unit community in Louisville, Ky.; Colliers International closes a $12.8 million sale in California; and Walker & Dunlop closes $93 million life company refinance loan.
TODAY’S DEALS: Marcus & Millichap Arranges $32.5M Inland Empire Sale
Marcus & Millichap sells a 304-unit community in Riverside, Calif.; Chestnut Hill Realty buys a $24.8 million portfolio in Cambridge, Mass.; and Walker & Dunlop LLC closes 40-year HUD loan at 4.63 percent interest.