ARA Sells 430-Unit Asset in Maryland
- Aug 20, 2012
Towson, Md.—ARA has sold The Quarter, a 430-unit asset located in the Baltimore suburb of Towson, Md. The asset is comprised of two apartment communities including The Jazz, which has 280 units, and The Renaissance, which has 150 units. ARA Mid-Atlantic Principals Drew White, Mike Marshall and Ryan Ogden represented a joint venture between AIG Global Real Estate and Lane Northeast in what was one of the largest multifamily transactions to occur inside the Baltimore Beltway since March 2008.
The Jazz and The Renaissance were developed in 2008 and 2009 respectively. The properties were acquired by CBRE Global Investors.
“There was a lot of interest in these two properties, which is a positive sign for the area’s apartment market,” says White. “Towson is a vibrant market that has remained consistently strong over the past few years and looks even stronger over the five year forecast. These assets are poised to benefit from the market’s future trends of low vacancy and high rent growth.”
HFF arranges acquisition financing for 240 units
Houston—Holliday Fenoglio Fowler has arranged acquisition financing and joint venture equity for Timberstone Apartments, a 240-unit community in Houston. The apartment is located at 42000 West FM 1960 close to several major employers including Exxon Mobile, Hewlett Packard and Lone Star College. The property has 10 buildings that are 95 percent leased. Amenities include a pool, barbecue grills, clubhouse and fitness center.
HFF senior managing director Douglas Opalka, managing director Matt Kafka, and associate director Robert Wooten represented Commerce Capital Partners in the transaction to secure the acquisition loan through RGA Reinsurance Co. HFF also arranged a joint venture equity contribution for the acquisition from a private investor.
Grandbridge finances $20.7M, three-year bridge loan
Atlanta—Grandbridge Real Estate Capital recently closed a $20,700,000 first mortgage loan secured by Astoria Apartments at Riverside, a 280-unit multifamily community in Atlanta. This refinance transaction was originated by Atlanta-based Tom Walsh. Funding for the nonrecourse bridge loan was provided by C-III Commercial Mortgage and featured a three-year term, 30-year amortization, and an interest rate of 5.25 percent.
The property, comprised of one-, two- and three-bedroom units, is conveniently located with access to I-85/I-285, and I-20 nearby. Amenities include a swimming pool, spa, clubhouse, residents’ lounge, business center, fitness center, playground and car wash facility.
“Grandbridge’s wide range of capital sources enabled us to find the right loan product that fit the borrower’s specific circumstances and needs,” stated Walsh.