Bascom Completes Colorado Sale with Help from ARA
- Oct 01, 2012
Aurora, Co.—Bascom Group has completed its $42.3 million sale of The Vistas at Saddle Rock, a 320-unit asset located in Aurora, Co. The California-based private equity group was represented by ARA in the transaction. Advenir, a Florida-based national investor, acquired the 95 percent occupied property.
Built in 2002 and updated in 2009-2010, The Vistas at Saddle Rock is adjacent to the 1.7 million-square-foot Southlands Mall. The property has a strong amenity package that includes a clubhouse, pool, spa, fitness center, basketball court, sand volleyball court, soccer field, putting green and dog park.
“The property represents a well-executed renovation of an early 2000s product that resonated well with investors looking for new assets,” says Terrance Hunt, principal at ARA.
NAI Hunneman brokers $3.4M Massachusetts sale
Fall River, Mass.—NAI Hunneman recently brokered the $3.4 million sale of Clearview Apartments, a 49-unit asset located in Fall River, Mass. The group represented the seller, Clearview Investments, and procured the buyer, TAG Fall River Real Estate III LLC.
“Multifamily assets are in demand and the Clearview Apartments enabled its new owners to acquire a sizable complex with a stable tenant base and cash flow,” says Carl Christine of NAI Hunneman.
The property features two buildings containing 42 two-bedroom units and seven one-bedroom units.
Aries Capital provides $3.3M loan
Chicago– Aries Capital is pleased to announce that Eric Jones, vice president, from the firm’s Chicago office has completed a loan for the Sunterra Apartments in Fort Meyers, Florida. The loan is valued at $3.3 million.
The Sunterra Apartments are owned and operated by Andrew Niewiarowski, a developer with more than 280 units throughout Illinois and Florida. Located at 3541 Evans Avenue in Fort Meyers, Florida, the Sunterra Apartments feature 120 units and the asset is situated on approximately five acres. The property was built in 1973 and is currently 96 percent occupied. A 75 percent income-restricted, garden-style property, Sunterra Apartments participates in the Section 8 program offered through the US Department of Housing and Urban Development (HUD). The Housing Assistance Program (HAP) has a contract on 75 percent of the apartments which includes annual renewal and rent increases.
“Properties in the HAP program can be very difficult to finance, as our borrower discovered after exhausting Wall Street Investment Banks, Life Companies, National, Regional and local banks and the Agencies (Fannie and Freddie) in order to secure a loan,” says Jones. “After a year of rejections, the borrower contacted Aries Capital and we were able to arrange a loan that exceeded the borrower’s expectations and saved the property from incurring a substantial extension fee from the current lender.”
Aries Capital relied on its long-standing relationships in the industry to secure an investor for the property. The loan was closed in a timely fashion which enabled the borrower to pay off the existing debt, and also allowed for a substantial cash-out. The five-year, $3.3 million loan features a 25-year amortization and an interest rate of 3.87 percent.
”After spending a year trying to locate a lender who understood the unique requirements of an affordable housing investment I was fortunate enough to meet Eric Jones of Aries Capital,” says Niewiarowski. “Eric and the Aries team distinguished themselves through their ability to understand our needs and the potential of the underlying real estate. They were able to indentify some attractive financing options for us and to help us choose the best possible transaction. I couldn’t be happier with the way things turned out. Aries underpromised and overdelivered.”