HFF Arranges $22.5M Permanent Loan from Life Insurance Company
- Sep 05, 2013
Lone Tree, Colo.—HFF announced that it has arranged $22.5 million in financing for the Regency at RidgeGate, a 208-unit, Class A multi-housing community in Lone Tree, Colo.
HFF worked exclusively on behalf of Regency Residential Partners LLC to secure the 25-year, fully amortizing loan at a fixed-rate of 4.55 percent through Nationwide Insurance, a correspondent lender. The loan was funded prior to full stabilization and proceeds will replace maturing construction financing on the property.
Completed in August 2013, Regency at RidgeGate has 187 one- and two-bedroom garden-style units and 21 two- and three-bedroom townhomes. The community was 88.5 percent leased at the time of funding and features amenities such as a swimming pool with sun deck, barbecue and fire pit, fitness center with yoga room, business center, club house and pet care facility. The property is located at 10320 Commonwealth Street near the intersection of RidgeGate Parkway and Lincoln Road, proximate to the Sky Ridge Medical Center, South Suburban Recreation Center, The Lone Tree Performing Arts Center and Interstate 25.
The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Leon McBroom.
“Regency at RidgeGate is performing exceptionally well and we are very pleased. It was great to find partners in HFF and Nationwide Insurance who appreciated the quality and project design,” commented Regency managing director Lisa Evans.
Regency is headquartered in Denver. Regency specializes in the acquisition and development of well-located apartment communities in the western United States.
Parse Capital closes $8.9M mezzanine loan
Los Angeles—Parse Capital has closed an $8.9 million mezzanine loan to finance the development of a Class A apartment community in Los Angeles County. The 349-unit, LEED Silver transit-oriented project is being developed by Realm Group and should open in the fall of 2014.
“Our ability to offer borrowers flexibility and certainty of close is key in helping our client finance multifamily development projects successfully and expeditiously,” says William Trefethen, managing partner of Parse Capital. “In this particular case, the developer required reliable execution from a mezzanine lender that both understood the asset strategy, and took a balanced approach to negotiating inter-creditor issues with the construction lenders.”
Realm Group is a partnership between Realm Real Estate and The Bascom Group.
Berzack closes $5.9M sale in Santa Clarita
Santa Clarita, Calif.—Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, transacted the sale of a 40-unit apartment property at 24200 Pine St. in Santa Clarita, Calif., for $5.9 million after receiving multiple offers on the listing.
Warren Berzack, president of Berzack Investment Property Advisors and a principal of Lee & Associates-LA North/Ventura, and Stephen Geiger, a partner of Berzack Investment Property Advisors and a principal of Lee & Associates-LA North/Ventura, represented the buyer, 24200 Pine Street Investor, and the seller, Clarita Terrace Apartments, in the transaction.
“This property consists entirely of highly desirable, two-bedroom units in a well-maintained community with ‘80s construction, and we got a lot of interest,” says Berzack. “We had about six offers, which made it a competitive bidding situation, and the purchase price we achieved was very close to list price as a result.”
Built in 1986, Clarita Terrace Apartments is non-rent controlled and located near the I-5 Freeway and within walking distance of the Metrolink station. It was fully rented at the time of the sale.