Allianz Provides Permanent Financing for Class A Cincinnati Asset
- Sep 16, 2014
Cincinnati—HFF has arranged permanent financing for The Boulevard at Oakley Station, a 302-unit, Class A community located in Cincinnati. The borrower, an affiliate of Flaherty & Collins Properties, secured a 10-year, 4.14 percent fixed-rate loan through Allianz Real Estate of America Inc. Proceeds were used to retire an existing construction loan.
“Early this year, while Boulevard at Oakley was just beginning its lease-up, Flaherty & Collins decided that they would like to hedge their interest rate risk,” says Dave Keller, senior managing director at HFF. “Allianz recognized the quality of the asset and location, and offered a competitive and compelling forward-rate lock loan structure. Flaherty & Collins did the rest by conducting a very successful lease-up campaign.”
The apartment community is located within Oakley Station, a 74-acre mixed-use development that features a planned 225,000 square feet of retail, including the nation’s largest Kroger grocery store, as well as 350,000 square feet of office space and a 14-screen Cinemark movie. Built in 2013, amenities at the property include a heated saltwater pool, billiards room, grilling area, fire pit, bocce ball court, clubhouse, gaming lounge, tanning bed, fitness center with yoga studio and a screening lounge.
Berkadia arranges nearly $80M for multifamily portfolio in Los Angeles
Los Angeles—The Los Angeles office of Berkadia Commercial Mortgage LLC originated $79.5 million for a portfolio of nine multifamily properties located in Los Angeles county. Senior Vice President Allan Freedman secured the 10-year, fixed-rate financing through Freddie Mac’s Fast Track Early Rate-Lock Program, which allows borrowers to lock in an interest rate and loan amount shortly after application while minimizing documentation.
The borrower will use the loans, which feature a 3.5 month early rate-lock, to refinance existing debt on the multifamily properties. Additional loan terms include an approximate 4 percent interest rate, 65 percent loan-to-value ratio and a 30-year amortization schedule. In the aggregate, the properties consist of approximately 900 units and are 95 percent occupied.
“Berkadia’s long-standing relationship and intimate knowledge of Freddie Mac’s product offerings helped us lock the full rate just days after signing the application,” says Freedman. “We worked closely with the borrower and delivered the financing terms they desired, including having a portion of the prepayment penalties waived.”
National Cooperative Bank arranges more than $60M in loans during August
New York—National Cooperative Bank (NCB) has originated $60.5 million in new loans during August for 22 New York area properties.
“In contrast to the activity during June and July, where the loan concentration was borough-specific, the financings in August were more evenly distributed across Manhattan, the outer boroughs, and Westchester,” says Edward Howe, managing director of the NCB New York office. “The Bank is proud to be a trusted source of financing for cooperatives in New York that are looking to take advantage of available financing options for their properties’ vitality.”
Howe originated more than $43 million in new loans during August, including the largest loan of the month, an $18 million first mortgage for Park City 3 & 4 Apartments Inc in Rego Park, N.Y.
Additionally, Mindy Goldstein, a senior vice president at NCB, arranged $17.2 million in financing during the month.