Aztec Group Secures $7.5M for Fractured Condo
- Feb 27, 2014
Fort Lauderdale, Fla.—Aztec Group Inc. has secured $7.5 million in debt financing for two buildings in a fractured condo located in Fort Lauderdale. The transaction was led by Aztec Group’s Howard Taft, senior managing director, and Charles Penan, director.
Developed in 1982 by an affiliate of Somerset P&Q, GP, The Atriums at Somerset III is a four-building, 288-unit residential condominium located at 2725 Somerset Drive. Of the four residential buildings, P & Q, which represent half of the units, have operated as rental apartments since the residential project was completed. These two buildings were encumbered by this loan.
“Securing financing for a fractured condo project was no easy task,” says Penan. “However, Aztec was able to arrange financing terms that truly exceeded our client’s expectations.”
The financing was provided by Basis Investment Group, a New York-based conduit lender. The 10-year term, 75 percent loan-to-value, non-recourse, fixed rate facility carries a favorable interest rate of 4.8 percent, three years of interest-only payments and 30-year amortization schedule.
Cohen Financial secures $37M, from JP Morgan, Boston Private Bank
San Francisco–Cohen Financial announced that it has secured $37 million to refinance five multifamily properties totaling 297 units in the San Francisco Bay area. Four of the five transactions are long-term refinances, and the other represented a bridge loan.
Kenneth M. Fox, CCIM, a managing director in Cohen Financial’s San Francisco office, originated the five loans. He secured four with JP Morgan Chase Bank and one with Boston Private Bank & Trust Company. The borrower is a San Francisco based commercial/multifamily real estate investor and operator.
“We really provided value for our client as we locked in very competitive rates across all five loans,”Fox says.
Marcus & Millichap brokers 259-unit sale in South Carolina
Columbia, S.C.—Marcus & Millichap has brokered the sale of Chimneys at Brookfield, a 259-unit community located in Columbia, S.C. The asset sold for $5.3 million. Mark Boyce, Andrew Mays and Paul Vetter, investment specialists in Marcus & Millichap’s Charleston and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Chimneys at Brookfield is located at 7501 Brookfield Road. The property consists of 32 two story buildings and has a unit mix of one, two and three-bedroom units. All units have fully equipped kitchens and spacious living areas. There are 86 one-bedroom, 134 two-bedroom and 39 three-bedroom units. The property was built in 1974 and was 73 percent occupied at the time of sale.