Berkeley Point Provides $22.7M for Alabama Acquisition
- May 03, 2012
Hoover, Ala.—Berkeley Point Capital LLC has provided a $22.7 million first mortgage for the acquisition of Barrington on the Green Apartments, a 342-unit community located in Hoover, Ala. The financing was structured under Fannie Mae’s DUS program. Terms of the 79 percent LTV loan were ten years at 3.94 percent fixed-rate, with the first five years of interest only followed by a 30-year amortization schedule.
The sponsor plans to initiate a $1.4 million capital improvement program that will include upgrades to unit interiors, common areas and amenities. The 1996-built property is located eight miles from Birmingham, Ala. Community amenities include two pools, a fitness center, lighted tennis courts, a playground and 40 detached garages.
HFF lists 712-unit asset in Chicagoland
Willowbrook, Ill.—Holliday Fenoglio Fowler has landed a marketing contract for The Communities at Ascot Glen, a two-property community located in Willowbrook, Ill. The two assets can be purchased as one investment or on an individual basis.
The properties are located 20 miles southwest of downtown Chicago, and consist of two phases: the 488-unit Ascot Glen at Willowbrook and the 224-unit Oaks at Ascot Glen. Together the properties total 76 buildings, which were partially renovated in 2010. Amenities include two fitness centers, two clubhouses, three outdoor swimming pools, three tennis courts, a sand volleyball court, game room, business center and dog run.
“The communities are very well-positioned for a new owner to complete future renovations providing an excellent opportunity for an investor to further drive their investment returns,” says Matthew Lawton,” executive managing director at HFF. “This is the largest offering to hit the marketplace for some time in suburban Chicago.”
Grandbridge closes on $61.8M acquisition I/O financing
Plainsboro, N.J.—The Charlotte, N.C. production office of Grandbridge Real Estate Capital recently originated and closed a $61.8 million first mortgage loan secured by Ravens Crest Apartments, a 704-unit Class A residential community located in Plainsboro, N.J., between New York and Philadelphia, just minutes from Princeton and the New Jersey Turnpike.
Funded through Fannie Mae’s Delegated Underwriting and Servicing (DUS) loan product, the acquisition financing was originated by Charlotte-based Grandbridge Senior Vice President Mike Ortlip. “Meeting the requested loan amount with a full-term, interest-only, competitively priced loan product made this deal work,” said Ortlip. “Plus our ability to lock rate quickly combined with speed and certainty of execution enabled us to meet both the buyer’s and seller’s timing needs.”
Built in 1985, the garden-style apartment community is comprised of 37 buildings located on 40.69 acres in the Princeton MSA. The property’s unit mix of one- and two-bedroom units is located in a park-like setting. Community amenities include an outdoor swimming pool with sundeck, children’s wading pool, playground, tennis courts, a volleyball court and a jogging trail.