Beech Street Refinances Alabama Asset
- Jun 12, 2012
Mobile, Ala.—Beech Street Capital LLC has closed a $25 million Freddie Mac CME loan to refinance Stone Ridge at Somerby Park, a 317-unit complex located in Mobile, Ala. The transaction was originated by Chad Thomas Hagwood, executive vice president based out of Beech Street’s Birmingham, Ala., office. The fixed-rate loan has a 10-year term with a two-year interest only period followed by a 30-year amortization schedule.
Stone Ridge was built in 2008. It is located about nine miles west of the Mobile central business district with access to I-65 and I-10. The property consists of 19 two- and three-story buildings situated on 21 acres. Community amenities include a swimming pool, fitness center, business center, playground, picnic and grilling area, dog walk, and a car care facility.
Bascom lands 250 units in California’s Central Valley
Bakersfield, Calif.—The Bascom Group LLC has acquired Autumn Glen and Serena Vista Apartments, a two-property portfolio in Bakersfield, Calif. The two assets were picked up for $18.7 million and total 250 units.
“These properties mark the 15th acquisition Bascom has completed in the past year and continues our plan of acquiring and repositioning value added multifamily communities in our target markets,” says Andrew Newton, principal at Bascom. “Although institutional investors have been reluctant to invest in secondary markets, Bakersfield has multifamily occupancies in the high 90 percent range and strong recent rental growth.”
Autumn Glen is comprised of 120 units that were built in 1970. Community amenities include a swimming pool with spa, laundry facilities, and a children’s playground. Serena Vista was built in 1972. Its 130 units are spread over 6.3 acres. Community amenities include a swimming pool, children’s playroom, picnic areas and two playgrounds.
Pearlmark Real Estate closes $6.2M mez loan for new construction
Bellevue, Wash.‑Pearlmark Real Estate Partners LLC announced the closing of a $6,200,000 mezzanine loan on SoMa Towers – Phase I in Bellevue, Wash.
This investment was made on behalf of Pearlmark Mezzanine Realty Partners III LLC, a fully-discretionary investment fund with $427 million in capital commitments. The borrower, Su Development, led by John Su, has been actively developing projects in the local Seattle/Bellevue markets since 1982, successfully constructing over 40 projects to date. Bank of America provided the senior construction loan.
The project will be the first phase of a two-phase multifamily development to be built in the affluent downtown of Bellevue. Construction on the 21-story, 145-unit luxury apartment tower commenced in May 2012. The SoMa Towers development will incorporate numerous high-end amenities.
Bill Swackhamer, managing director of Pearlmark Real Estate Partners, arranged the transaction. Swackhamer states, “We are pleased with the development’s experienced sponsorship and the strong supply and demand characteristics of the Bellevue market.”
Pearlmark Real Estate Partners’ managing director, Thomas McCahill, added, “This investment exemplifies our apartment investment strategy: a high-quality urban infill site, strong local sponsorship, solid market fundamentals and senior lenders with whom we have excellent working relationships.”
Ed Sputh, a partner with Bluewater Realty Capital in Seattle, brokered the transaction to Pearlmark Real Estate Partners. Sputh states, “Pearlmark was extremely responsive and professional in their approach to this loan. They evaluated the risk and delivered as promised through the various obstacles required to fill this capital need for the borrower.”
Chicago-based Pearlmark Real Estate Partners is a principal-oriented, private equity real estate investment firm that pursues domestic, value-added investment strategies through a series of institutional equity fund vehicles. Since its inception in 1996, the firm has made approximately 490 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of over $11.8 billion.