TODAY’S DEALS: Cohen Secures $12.4M in Refinancing for 75-Unit Luxury High-Rise, and Other Transactions
- Sep 08, 2008
By Anuradha Kher, Online News EditorSan Francisco–Cohen Financial recently secured a $12.4 million refinancing for Vendome Place (pictured), a luxury high-rise apartment project in the Silicon Valley. The 75-unit property is located at 750 Miller St., close to downtown San Jose, Calif. The property totals 76,000 sq. ft. and is fully leased.Cohen Financial secured the $12.4 million loan with Fannie Mae through Green Park Financial. The property offers studio, one- and two-bedroom units, as well as penthouse apartments.HFF Secures $5.8M Refinancing for Class A Multifamily Community Alvin, Texas–The Houston office of HFF (Holliday Fenoglio Fowler L.P.) has secured a $5.8 million refinancing for Morgan Oaks Apartments, a 98-unit, Class A multifamily community in Alvin, Texas.HFF placed the 10-year, fixed-rate loan with Freddie Mac under its Capital Markets Execution (CME) program. The securitized loan will be serviced by HFF.Morgan Oaks Apartments is located at 877 E. House St. near State Route 6, approximately 25 miles southeast of Houston. Completed in two phases in 2006 and 2007, the project is approximately 94 percent leased. Green Park Financial Closes $5.488M Acquisition Loan for 192-Unit PropertyHouma, Louisiana–Green Park Financial provided a $5,488,000 acquisition loan for Acadia Park Apartments located in Houma, La., approximately 60 miles southwest of New Orleans. The loan was structured with a 10-year term, two years of interest only followed by 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.28x debt-service coverage ratio.Acadia Park Apartments is a 192-unit, garden-style apartment complex built in 1973. The property’s amenities include two swimming pools, a playground and laundry facility. It was 95 percent leased at closing.