Los Angeles—Charles Dunn Co. has brokered the sale of a 201-unit apartment community located at 9010 Tobias Ave. in the Los Angeles neighborhood of Panorama City. The sales price was $22 million. Tobias Partners LP sold the asset to a private Los Angeles investor that goes by the name of PJCF-T2 LLC was the buyer. The 1972-built asset sold at a cap rate of 5.3 percent.
“The Panorama City multifamily market is strong with vacancies currently under 3 percent and no new development underway,” says Hamid Sroudi, senior managing director at Charles Dunn. “The buyer was able to acquire a quality asset and has an upside potential of gaining additional income as rents roll and are brought up to market rates.”
The four-story property includes two elevators, center courtyard that includes a pool with spa, a recreation room, gym, controlled access, and semi-subterranean parking spaces. Many of the units have been recently renovated.
Madison Realty Capital sells 20-unit NYC asset for $12.3 million
New York—Institutionally backed real estate private equity firm Madison Realty Capital has sold 150 West 84th Street, a five story apartment asset, for $12.3 million. The asset was picked up by MRC back in 2012 in an off-market transaction for $7.1 million. The last two years were spent renovating and repositioning the building.
“Madison Realty Capital is pleased with the execution of our entire strategy on this property, from purchase through repositioning and now final sale,” says Josh Zegen, co-founder and managing principal of MRC. “This transaction is another example of our ability to maximize the value of any investment we make. We are currently in contract on more than $150 million in new acquisitions in Manhattan, Queens, Brooklyn and Staten Island which will be closing over the next quarter.”
NorthMarq arranges $14.45M in non-recourse bridge loan, construction loan
Seattle—Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle based regional office arranged $14.45 million in financing for Quail Park at Crystal Terrace, a seniors housing development located in Klamath Falls, Ore.
The development includes one three-story building with 127,618 sq.ft. and 67 units and 20 one-story cottages. The facility provides both independent and assisted living services, and is licensed for 43 assisted living beds.
This deal is a combination non-recourse bridge loan and construction loan rolled into one transaction. A portion of the proceeds will be used for expansion of the existing facility with the addition of a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Financing was structured with a 75 percent LTV, 25-year amortization and a four-year term with a potential 12-month extension. NorthMarq arranged financing for the borrower through its relationship with a non-recourse bridge lender.