Behringer Harvard Acquires NoHo Commons for $96M, and Other Transactions
- Sep 22, 2009
Los Angeles–Behringer Harvard recently acquired The Gallery at NoHo Commons, a 438-unit multifamily community situated on a 5.3-acre site at 5416 N. Fairview Ave., adjacent to the North Hollywood Metro Station in Los Angeles, for approximately $96 million.
The community is located in the heart of the NoHo Arts District, a 743-acre redevelopment initiative supported by the City of Los Angeles’ Community Redevelopment Agency. This vibrant, live-work-play environment appeals to young, sophisticated professionals.
Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc., says, “The Gallery at NoHo Commons is a high-quality, stabilized multifamily community that is 88 percent occupied. We were attracted to this opportunity to acquire an outstanding asset at a value well below replacement cost.”
Constructed in 2007, the community features five four-story residential buildings with amenities including a resort-style swimming pool and spa in a landscaped plaza, a state-of-the-art fitness center, a business center, a social lounge and a recording studio. Two five-story parking garages provide a total of 778 spaces.
Love Funding Secures $1.48M Refi Loan for 107-Unit Rental Community
Dayton, Ohio–Love Funding’s Washington, D.C. office has secured a $1,480,000 refinance loan for Country Brooke, a 107-unit multifamily housing complex located in Dayton, Ohio.
Love Funding originated the transaction by utilizing the HUD 207/223(f) loan program. The 25-year fully amortizing loan includes a 5.55 percent fixed interest rate.
The 285,579-square-foot Country Brooke complex consists of six two-and-a-half-story buildings. The well-maintained property has brick walkups and includes many community amenities, such as a playground, picnic areas with grills and laundry facilities in each building.