Azure Partners Buys Newark Towers
- Jan 15, 2014
Newark, N.J.—HFF has closed the sale of Mount Prospect Towers, two 15-story apartment towers in Newark, N.J., that total 219 units. The service firm represented the sellers, Praedium Group and KABR Group, in the deal. Azure Partners picked up the assets for $24.3 million, or about $111,000 per unit.
The towers are located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, which is about 25 minutes from Manhattan via the Holland Tunnel. Occupancy at the time of sale stood at 96 percent. Both buildings were recently improved with new building systems, roofs and common areas. Amenities include a 24-hour doorman and on-site indoor and outdoor parking.
The HFF investment sales team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien, and associate director Michael Oliver.
“The properties are well positioned near local demand drivers such as Saint Michael’s Medical Center, Newark Beth Israel Medical Center, Seton Hall and Rutgers University,” says Cruz.
“The Praedium Group and KABR Group have done a tremendous job in restoring and revitalizing Mount Prospect Towers and has put Azure Partners in an exceptional position for continued future success,” Oliver adds.
Venture West arranges $19.2M for six California assets
Los Angles & Inglewood, Calif.—Venture West Funding Inc. has arranged loans totaling $19.2 million for the refinance of six apartment building located in Inglewood and Los Angeles. The loans were funded through Luther Burbank Savings and Chase Bank. The properties were built between 1959 and 1968 and total 116 units.
The loans were secured at very competitive 5-year fixed rates below 4 percent amortized over 30 years. The six loans provided a significant amount of cash-out to the borrower while reducing the borrower’s cost of debt. Dave Meis led the Venture West team in securing the transaction.
“We were able to maximize loan proceeds through aggressive, common-sense underwriting,” Meis says. “The borrower timed their refinancing well in the low interest rate environment.”
NorthMarq arranges $10.7M Freddie Mac refinancing
Charlotte, N.C.—Bill Matone, senior vice president/managing director of NorthMarq’s Charlotte regional office, arranged refinancing of $10.7 million for Sunset Village Apartments and Forestbrook Apartments, two properties containing a combined 360 units.
Financing for the multifamily properties was based on a 10-year term and 20-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.