CBRE Global Investors Completes a 734-Unit Acquisition
- Oct 09, 2013
Houston—CBRE Global Investors is the new owner of Old Farm, a 734-unit Class A apartment community in Houston. The group bought the firm from a client of L&B Realty Advisors in a transaction facilitated by HFF. CBRE Global Investors bought the property on behalf of the CBRE Strategic Partners Value 6 Fund.
Old Farm is located near the Houston Galleria. Amenities include a pair of fitness centers and pools, grilling areas, a tranquility room, business center and clubrooms. Occupancy was at 96.2 percent.
PCCP provides $41M for a Sacramento development
Sacramento, Calif.—PCCP has provided a $41 million full recourse senior loan to Petrovich Development Co. to refinance an existing senior loan and to provide future funding for the completion of infrastructure at Curtis Park Village.
The $250 million mixed-use development will turn 71 acres of vacant land into 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. The land is an infill location between Land Park and Curtis Park, two 80-year-old legacy neighborhoods that are the most sought after, high-end traditional neighborhoods in the City of Sacramento.
In 2003 the site was acquired by Petrovich Development from the Union Pacific Railroad who had since purchased the Western Pacific rail yard. Petrovich Development Company has expended more than $30 million over the past decade to clean up and entitle the site for the planned development. Recently the firm commenced the Phase I infrastructure construction that is expected to be completed by April of 2014.
”We are pleased to provide financing for this one-of-a-kind infill redevelopment project that will greatly enhance the neighborhood and bring a signature Petrovich Development Company, grocery-anchored retail development to this underserved submarket,” says Phil Russick, principal with PPCP. “The company’s president, Paul Petrovich, has worked exhaustively over many years to make this project a reality.”
HFF secures $6.4M CMBS takeout for downtown mixed-use
Indianapolis—HFF announced that it has secured a $6.4 million refinancing for Mozzo Apartments, a 65-unit, Class A multi-housing community with ground-floor retail and office in downtown Indianapolis.
Working on behalf of Milhaus Development, HFF placed the 10-year, fixed-rate securitized loan with Goldman Sachs Commercial Real Estate. The proceeds were used to retire the existing construction loan.
Mozzo Apartments is located at 531 Virginia Avenue along the Cultural Trail and close to Monument Circle and Fountain Square. Completed in 2013, the property features studio, one- and two-bedroom units as well as 1,689 square feet of office space. Mozzo Apartments achieved 100 percent occupancy in just three months.
The HFF team representing Milhaus Development was led by associate director Ken Martin.