TODAY’S DEALS: BPG Acquires 494-Unit Class B+ Community for over $52M, and Others
- Oct 31, 2008
By Anuradha Kher, Online News EditorAtlanta–BPG Properties Ltd. recently acquired Post Woods, a 494-unit Class B+ community located in suburban Atlanta, from Post Apartment Homes L.P. for $52,750,000.The community will be managed by BPG’s multifamily operating arm, Madison Apartment Group L.P. The purchase was made on behalf of BPG Investment Partnership VIII VIIIA, L.P., a fully discretionary private equity fund with total equity commitments of $850 million.“The acquisition of Post Woods provided us with the opportunity to expand our multifamily portfolio in the southeastern region of the United States,” says BPG Vice President Steve Pogarsky, who was responsible for the transaction. The garden-style community is situated on 50 acres of land and includes two on-site lakes, extensive walking trails and frontage along the Chattahoochee River. “We will immediately begin a $6 million improvement program to upgrade the exteriors and interior of the units, including exterior painting, roofs, clubhouse and fitness center, and renovations to the kitchen and bathrooms,” says Pogarsky.NCB Arranges Nearly $43M in Financing for 24 New York Area PropertiesNew York–NCB recently originated nearly $43 million in financing for 24 New York-area multifamily properties. The financings included $32 million in mortgages and $11 million in lines of credit. “September was an extremely successful and robust month for NCB, with financing doubling the previous month’s volume,” says Edward Howe III, managing director of the NCB New York office. “This solid increase is a direct result of our team’s ability to provide quick, competitive and high-quality financing options to New York-area customers.”Marcus & Millichap Arranges $800,000 Loan for Refi of 10-Unit Rental CommunityBrooklyn–Marcus & Millichap Capital Corp. (MMCC) has arranged an $800,000 fixed-rate loan to refinance a 10-unit apartment building located at 132 Lafayette Ave. in Brooklyn, N.Y.Sean Mooney, an associate director in the firm’s Brooklyn office, arranged the financing package for the apartment building. “The property had multiple environmental challenges that we had to resolve in order to obtain optimal financing,” says Mooney. “MMCC was able to remedy the issues and execute the transaction three weeks before the closing deadline.”Financing for this transaction was provided by a commercial bank at a 6.13 percent fixed rate. Terms of the loan are for five years with a 30-year amortization schedule. Loan-to-value was 75 percent.