Applied Development Completes Hoboken Acquisition
- Sep 13, 2011
Hoboken, N.J.—Applied Development Company has purchased the remaining 10 percent interest in 333 River Street for $10 million, giving the company complete ownership of the 526-unit community. This partial sale of the Class A asset was closed by Holliday Fenoglio Fowler on behalf of Starwood Capital Group Global.
“333 River Street has a tremendous location with views of the Hudson River, New York Harbor and the Manhattan skyline, and is situated within a supply constrained market with lack of new product thereby ensuring long-term success,” says Jose Cruz, the senior managing director at HFF who represented Starwood Capital with directors Jeffrey Julien and Kevin O’Hearn.
The property, which also includes 56,723 square feet of ground floor retail, is located adjacent to Frank Sinatra Park and the new W Hotel. It is within walking distance of the Hoboken Terminal, with connections to the Path train, NJ Transit and NY Waterway ferry service to Manhattan.
The 2002-built property has a unit mix of studio, one-, two- and three-bedroom units averaging 923 square feet. Community amenities include a 24-hour concierge, fitness center, movie theater, lounge, billiards room, rooftop putting green and two children’s play areas.
Voit directs sale of 50-unit distressed property
Orangevale, Calif.—Voit Real Estate Services’ Sacramento office has successfully directed the sale of a50-unit apartment community located in Orangevale, Calif. The property, known as Orangevale Commons, consists of 10 buildings situated on five parcels.
Gary Gallelli, executive vice president, and Rodney Ballinger, assistant vice president, represented seller JP Morgan Chase in the transaction.
“The multifamily market in Sacramento is moving ahead at full speed,” says Gallelli. “Interest among investors remains high in this area.”
Community amenities include five laundry facilities and a central swimming pool. The property is located within walking distance from several schools.
Deutsche Bank refis FHA, mez debt with $28.5M Freddie Mac loan
Baton Rouge, La.—Deutsche Bank Berkshire Mortgage (DBBM) recently provided a $28.5 million Freddie Mac Capital Markets Execution (CME) loan for the refinance of Evergreen at Coursey Place Apartments, a 352-unit multifamily community in Baton Rouge, La. The property was constructed in 2003 and acquired by the borrower in 2008.
DBBM rate locked the transaction with an all-in 10-year note of 5.07 percent, and provided a two-year interest only period followed by 30-year amortization. Previously the property debt consisted of both a Federal Housing Authority (FHA) 221(d)(4) loan and a mezzanine loan. The borrower wanted to consolidate these two loans and decrease the interest cost by refinancing the combined indebtedness and lock in the reduced rate for the next 10 years.
“DBBM was pleased to provide the borrower a cost-efficient solution,” says Steve Wendel, Co-Head of DBBM. “The market appetite for Freddie Mac loans remains strong, and we are dedicated to providing the experience and leadership needed to enhance loan transactions for our borrowers.”