Advenir Acquires 334-Unit Apartment in Texas
- Aug 07, 2013
Mansfield, Texas—Institutional Property Advisors has arranged the sale of Dolce Living at Mansfield, a 334-unit community located in Mansfield, Texas. IPA executive director Will Balthrope and IPA associate director Drew Kile advised the seller, DLC Residential. Advenir was the buyer. Terms of the transaction were not disclosed.
“Investor activity was very strong despite interest rates moving more than 1 percent during the sales process,” says Balthrope. “Eighty-five prospective buyers requested the offering memorandum. We conducted 31 tours and received 19 offers from qualified investment groups.”
Dolce Living was built in 2012 on 18.6 acres. It is adjacent to the Mansfield National Golf Club, and features a business center, swimming pool and fitness center.
NorthMarq arranges $11.5M for Iowa asset
Council Bluffs, Iowa—NorthMarq Capital’s Omaha office has arranged first mortgage financing of $11.5 million for Valley View Apartments, a 258-unit market-rate asset located in Council Bluffs. Financing was based on a 20-year term and a 20-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a correspondent life company lender. Jason Kinnison, senior vice president at the firm’s Omaha office, arranged the transaction.
“The borrower was able to lock in this excellent 20-year fully amortizing loan five months in advance of their existing loan opening to prepayment without penalty,” Kinnison says.
Johnson Capital locks $17.2M loan with no balloon from life insurance company
Olathe, Kan.—Johnson Capital announced that Thomas Cohen, principal, and John Schorgl, vice president, of the firm’s Kansas City office, have arranged a $17.2 million loan for a 227-unit multifamily property in Olathe, Kan.
The property is the Somerset Oaks Apartments, located at 813 S. Mur-Len Road, which was developed by the borrowers in 1999. The community is in excellent condition and unit amenities include: 9-foot ceilings with crown molding, built-in desk and bookshelves, direct access garages, dishwashers, fireplaces, private balconies/patios and spacious walk-in closets. Community amenities include 24-hour fitness center, business center with wireless Internet, clubhouse and a swimming pool with waterfall and wading pool.
The loan was placed with a life insurance company on a 25-year fully amortizing basis. Proceeds of the loan were used to refinance existing debt.
Commenting on this transaction, Cohen says, “Rates started to rise as we got in position to rate lock. Fortunately, the life insurance company maintained both their spread and proceeds. The borrower received an excellent rate with no balloon. We certainly can’t duplicate that rate in today’s market.”