Centerline Finances Denver Acquisition with $33M Loan
- Jan 25, 2013
Denver—Centerline Capital Group has provided a $33 million loan for the acquisition of Spyglass Hill Apartments, a 573-unit community located in Denver. The transaction was a Fannie Mae market rate loan that will finance the acquisition of the property at a purchase price of $40 million. The borrower is Spyglass 71000 LLC, a newly formed affiliate of BMC Investments.
“BMC is an active investor in the local market with a solid track record for closing very quickly on deals and significantly improving asset quality upon acquisition,” says Suzanne Cope, senior vice president of debt originations at Centerline Capital Group. “Centerline has had great success partnering with this sponsor, having closed several deals together in 2012 and has great confidence in this deal. We were all thrilled to execute this Fannie Large Loan in only 28 days from start to finish.”
According to Centerline, The Denver market continues to improve as is indicated by its low 3.68 percent overall vacancy rate. This rate is forecast to continue to improve as there are currently no plans to increase multifamily inventory in the immediate area. Spyglass Hill Apartments is currently 94 percent occupied. The unit mix includes 281 one-bedroom, one-bathroom units, and 292 two-bedroom, one-bathroom apartments. The property also includes 996 surface asphalt parking spaces.
Ellis-Trick lands $19.6M refinancing for student housing asset
Tuscaloosa, Ala.—Holliday Fenoglio Fowler has arranged $19.6 million in financing for The Bluff at Waterworks Landing, a newly built 162-unit, 308-bed off-campus student housing asset serving the University of Alabama. The borrower was Ellis-Trick Multifamily. HFF placed the 10-year, 3.77 percent fixed-rate loan through Freddie Mac’s CME program.
The Bluffs at Waterworks Landing is located less than a mile from campus. It is currently 99.7 percent occupied and includes three phases built between 2008 and 2011. Amenities include an infinity pool, fitness center, tanning beds, business center and media room.
Alliant Capital originates two 10-year financings totaling $5.7M
Kennewick, Wash.—Alliant Capital LLC announced the closing of two multifamily refinance loans totaling $5,860,000. The transactions were originated by Jeff Stuart, Alliant’s senior vice president for the Pacific Northwest Region.
Park Ridge Apartments is a 93-unit garden style community, built in 1975 and located in Kennewick, Wash. The loan amount is $1,920,000 with a 4.15 percent interest rate.
Woodcreek Apartments is a 70-unit garden style community, built in 1991 and located in Fairview, Ore. The loan amount is $3,940,000 with a 4.13 percent interest rate.
Both loans were closed on Dec. 31, 2012 and structured with 10-year fixed rate terms and 30-year amortizations.