TODAY’S DEALS: Capmark Finance Originates $13.5M for 221-Unit Rental Community, and Other Transactions
- Nov 25, 2008
By Erika Schnitzer, Associate Editor Avon Lake, Ohio—Capmark Finance Inc. recently arranged a $13.5 million loan through its Freddie Mac CME program for the acquisition of Somerset Apartments, a 221-unit garden-style apartment community.The 6.02 percent fixed-rate, 77 percent LTV loan features a 10-year term with two years of interest-only payments followed by a 30-year amortization.Stewart Campbell, vice president of Capmark’s New York office originated the transaction for the borrower. The loan closed within 60 days of application.The 19-acre Somerset Apartments, which was constructed in 2005, is 98 percent occupied. Average monthly rents are $851.HFF Secures $10M in Financing for 55-Unit Apartment Project Foxborough, Mass.—Holliday Fenoglio Fowler L.P. (HFF) has secured $10 million in financing for Chestnut Green Apartments, a 55-unit multifamily community.Janet Krolman, HFF director, worked on behalf of Abrams Properties and VinCo Properties to arrange the loan through Wells Fargo Middle Market Real Estate. Financing to fund the acquisition and development was arranged as a $7.62 million construction loan and a $2.4 million historic tax credit bridge loan. Chestnut Green Apartments is part of the historic mixed-use redevelopment of the former Foxborough State Hospital, which will include residential, retail, office and recreational spaces. The community will offer one- and two-bedroom residences at an average of 1,100 sq. ft. The development is expected to be complete in 2009, with approximately 25 percent of the units designated as affordable.HFO Arranges Sale of 74-Unit Community for $4.35MMilwaukie, Ore.—Hagerman Frick O’Brien (HFO) recently arranged the sale of the 74-unit Patrician Square Apartments for $4.35 million, or approximately $58,784 per unit.HFO Investment Real Estate represented both the buyer—Oakgrove Village LLC of Portland, Ore.—and the seller—D. Kornblum of Wyoming.The amenities at Patrician Square Apartments include a clubhouse, private pool and basketball court.