TODAY’S DEALS: 390-Unit Rental Property Acquired for $30M, and Other Transactions
- Sep 25, 2008
By Anuradha Kher, Online News EditorHappy Valley, Ore.–Monterey Springs Holdings L.L.C. has received $30 million in acquisition financing for Monterey Springs Apartments (pictured), a 390-unit garden-style apartment complex in Happy Valley, Ore., less than 15 miles from Portland. The borrower relied on Red Mortgage Capital Inc. to facilitate the Fannie Mae DUS DMBS mortgage loan, which carries a seven-year (3-year interest-only) term amortized over a 30-year period. A 28-year-old property consisting of 21 three-story structures, Monterey Springs underwent a renovation encompassing 192 of the residences three months ago. Monterey Springs Holdings, owned by affiliates of Denver-based Maxim Real Estate Investments L.L.C. and Chicago-based Blue Vista Capital Management L.L.C., plans to use a portion of the financing to upgrade the remaining 198 residences and reposition the property as a high-quality asset.Anbau Enterprises Snaps Up 55,000-sq.-ft. Development Site in Chelsea for $19MNew York–Anbau Enterprises Inc. recently acquired a 55,000-sq.-ft. development site at 124 West 23rd St. for $19 million. The acquisition and construction loan was secured with The Bank of New York Mellon.Anbau plans to construct a new 16-story, 34-unit condominium project on the site, also featuring approximately 4,000 sq. ft. of ground-floor retail space. Units will range in size from 600-sq.-ft. studios, to 2,400-sq.-ft. penthouses. Amenities will include a 24-hour doorman and concierge, community garden, recreation area, bike and storage facilities.Arbor Closes $1.8M in Funding Under Fannie Mae DUS Small LoansShreveport, La.–Arbor Commercial Funding LLC has arranged a $1.8 million loan under the Fannie Mae DUS Small Loans product line to finance the Briarwood Apartments, a109-unit complex located in Shreveport, La.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.23 percent.