Bascom Buys 624-Unit Apartment in Las Vegas

The Bascom Group completes its 11th buy for 2013; Greystone provides $24.3 million for a Louisiana rental; and Largo Group of Companies arranges financing for multifamily properties.

Las Vegas—The Bascom Group has acquired Eagle Crest Apartments, a 624-unt Class A garden-style community located at 5850 Sky Pointe Drive in Las Vegas. CBRE Group Inc. represented the seller in the transaction, and debt financing was provided by OneWest Bank and arranged by CBRE Capital Markets.

Eagle Crest was built in two phases from 1996 to 1997, and consists of 42 two-story buildings on 31 acres. The 354,000 square foot Centennial Hills Hospital is located less than three miles from Eagle Crest. The transaction was the 11th apartment acquisition that Bascom has completed in 2013.

“Eagle Crest represents a great opportunity to acquire a well-maintained asset that has strong value-add potential in the amenities and interiors,” says Scott McClave, principal at Bascom. “This is our bread and butter, to purchase existing assets and upgrade the property to create an enhanced living situation for our residents.”

Greystone provides $24.3M for luxe Louisiana rental

Belmere Apts HoumaHouma, La.—Greystone has provided $24.3 million in HUD financing for Belmere Luxury Apartments, a 249-unit community in Houma, La., about 60 miles southwest of New Orleans. The refinancing was structured as a 40-year, fully amortizing HUD 233(a)7 loan. The gated community includes a swimming pool, jacuzzi, fitness center, jogging trail, barbecue area and dog park.

“Securing this refinancing through Greystone enables us to maintain a long-lasting presence for Belmere as a premier luxury apartment community in the suburban New Orleans region,” says Robert M. Aiello, the borrower of record in partnership with Ronald V. Turner. “The lending process was incredibly smooth. We look forward to developing more luxury properties which are seeing greater demand in today’s recovering economy. We also look forward to having Greystone as a trusted partner going forward.”

Largo arranges financing for multifamily properties

Toronto, Ontario—Kevin Heiss, managing director of the Largo Group of Companies, has arranged financing of a multifamily development and ground-floor retail in a condominium building.

The two transactions were both located along King Street West in Toronto, Ontario. The first transaction included a $20 million mortgage (within a larger lending syndicate) to aid in the development of the Thompson Residences, located adjacent to the Thompson Hotel in the King West community of downtown Toronto. The property will feature 334 units that are slated for completion in early 2014.

The other transaction included a $1.85 million mortgage collateralized by two ground floor retail spaces at the base of a condominium development at 650 King Street West. This property is at the corner of Bathurst and King West, in the heart of the King West community.