CBRE N.E. Sells 550-unit Massachusetts Asset
- Aug 16, 2012
Melrose & Malden, Mass.—CB Richard Ellis — N.E. Partners LP’s Capital Markets team has brokered the sale of Oak Grove Village, a 550-unit, Class A, TOD apartment community located in both Malden and Melrose, Mass. Simon Butler and Biria St. John, both executive vice presidents/partners, exclusively represented the seller and procured the buyer.
“We are very pleased to have facilitated this transaction on behalf of the seller,” Butler says. “With unmatched access to public transportation and superior amenities including a 16-acre neighborhood setting, 24-hour fitness center, on-site lifestyle retail at The Shops at Oak Grove Village and elevatored garage parking with direct access to residences, Oak Grove Village is truly a ‘best-in-class’ community.”
The property is adjacent to the MBTA’s Orange Line Oak Grove Station that offers service into Boston in 15 minutes.
HFF secures $27M refi for Texas complex
Round Rock, Texas—Holliday Fenoglio Fowler LP has secured a $27 million refinancing for City North at Sunrise Ranch, a 384-unit, Class A community located in Round Rock, Texas. The firm worked on behalf of McShane Development Co. and Arsenal Real Estate to place the seven-year, floating-rate loan, which includes a third party interest rate cap, with Freddie Mac.
The asset is located at 28000 Sunrise Road about 20 miles north of downtown Austin. Built in 2009, the 93 percent leased property has 19 buildings with one-, two- and three-bedroom units averaging 949 square feet each. Community amenities include a swimming pool, fitness center, clubhouse and billiard room.
Johnson Capital arranges 35-year amo loans for assisted-living complexes
Naples, Fla.—Johnson Capital announces that Michael Brundage, senior vice president, and Brett Patrick, managing director, have recently arranged approximately $20,100,000 in financing secured by two assisted living facilities located in Naples, Fla. and Mechanicsburg, Pa. The properties, which are owned by different investment groups, contain a total of 184 units.
In Mechanicsburg, Pa., Brundage arranged a loan of approximately $16,800,000, insured through the HUD 232 LEAN Program, for The Bridges at Bent Creek. The facility, built in 2001, contains 105 units in 84,000 square feet and is comprised of both assisted-living and memory-care units. Mechanicsburg, Pa., with a population of approximately 9,000, is located in Cumberland County roughly eight miles west of Harrisburg, Pa.
Commenting about the financing,. Brundage said, “The owners decided to utilize the HUD 232 program to take advantage of the 35-year fixed-rate term and amortization, below-market interest rates, and the non-recourse nature of the program.”
Brett Patrick also recently arranged refinancing for a secured assisted-living community in Naples, Fla. purposely built for individuals with Alzheimer’s disease and related dementias. The community contains 79 units for residents in 48,000 square feet and was built in 1968, with a major renovation in 1996.
The new loan was processed through the HUD Section 223(a)(7) for a 232 program, which allows owners of properties with current HUD mortgages to perform a streamlined refinance to take advantage of current market interest rates The 223(a)(7) program does not typically require additional third party reports and can present a significant savings by simply adjusting interest rates to current market levels.