ARA Closes an Equity Raise for a Houston Development
- Sep 24, 2012
Houston—ARA has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, an Alliance Residential development located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston. ARA Houston-based vice president, Adam Allen and principal, Matt Rotan, represented Phoenix-based Alliance Residential in the transaction. A large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance.
“This project is truly located at a Main and Main location in the heart of the Energy Corridor, adjacent to major employers such as BP, Mustang Engineering, Shell, Dow Chemical and Gulf States Toyota,” Allen says. “For renters, it offers direct access to both Memorial Drive and Eldridge Parkway and additionally is in close proximity to Interstate 10. Alliance builds a market-leading product in terms of quality and innovation and should do very well with this investment.”
Development plans call for a four-story wrap luxury development with resort-quality amenities. Construction is slated to commence in the next 30 days and will be completed in early 2014.
Northwestern Mutual sells 137-unit asset in Massachusetts
Medford, Ma.—CB Richard Ellis — N.E. Partners LP’s Capital Markets team has brokered the sale of Wellington Place, a 137-unit, Class A community located four miles from downtown Boston in Medford, Ma. Northwestern Mutual sold the property to MIRED Wellington LLC for an undisclosed amount.
“Given the property’s proximity to Boston, transportation and retail amenities, Wellington Place offers a Class A apartment community in a core infill location,” says Simon Butler, executive vice president/partner at CB Richard Ellis — N.E. Partners.
Built in 2006, Wellington Place is an elevatored property situated on 5.95 acres. The asset is within walking distance to the MBTA Orange Line at Wellington Station. The community consists of three four-story buildings and one single-story clubhouse/leasing center. On-site amenities include a resident lounge with fireplace and flat screen TV, a fitness center with cardio and strength training equipment, a heated outdoor swimming pool with sundeck, and a barbecue/picnic areas.
NorthMarq arranges $14.5M Freddie Mac mortgage
Kenosha, Wis.—Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago Regional office, arranged first mortgage refinancing of $14.5 million for Shagbark Apartments, a 460-unit market-rate multifamily community located in Kenosha, Wis. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Shagbark Apartments LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
“This is the lowest spread Freddie Mac has offered this year – low leverage transaction and the fifth time the property has been financed with Freddie Mac,” said Blumberg. “This is a premier borrower with Freddie Mac, and an incredibly low interest rate of 3.37 percent fixed for 10 years.”