Colony Hills Capital Acquires First Asset
- Jan 03, 2012
Hoover, Ala.—Colony Hills Capital has purchased The Riverchase Landing, a 468-unit community located in Hoover, Ala. The garden-style community sits on 45 acres and had a price tag of $28 million.
“It is a momentous occasion for us to report the successful closing on our first property as a significant acquisition,” says Glenn Hanson, principal director and founder of Colony Hills Capital. “Riverchase Landing is a wonderful community that is well located, and it holds tremendous promise for our investors.”
The property is currently operating at 98 percent occupancy. It is the first property purchased by the Massachusetts-based privately-held real estate investment group since its formation in 2008.
Campus Crest closes construction loans for four properties
Charlotte, N.C.—Campus Crest Communities Inc. has closed construction financing on four additional properties, which completes the firm’s necessary financing for all its 2012/2013 developments.
The firm closed a $19.8 million construction loan for its wholly-owned development The Grove at Flagstaff located at Northern Arizona University. The fund was provided by National Bank of Arizona.
Campus Crest also completed an additional $52.6 million of construction loans for its three joint venture projects with Harrison Street Real Estate. Those projects are located at University of Arkansas, University of Wyoming and Oklahoma State University, and were provided by Community and Southern, Bank of the West and Keybank, respectively.
The company also closed an amendment to its unsecured revolving credit facility, which increases the capacity by $50 million to $200 million.
“With the upsized credit facility and all the construction financings closed, Campus Crest has put the capital in-place to fund the construction of our 2012 project deliveries,” says Donnie Bobbit, chief financial officer at Campus Crest. “We will be in a solid position to expand our footprint, grow FFO and create value for our shareholders.”
Alliant Capital supplies $11.84M loan at 4.360% interest rate
Albuquerque, N.M.—Alliant Capital LLC provided $11.8 million for a 264-unit garden-style multifamily property located in Albuquerque, N.M. The borrower locked in an interest rate of 4.36 percent on a 10-year fixed rate term with 30-year amortization.
“Our borrowers are taking advantage of the low interest rates. There isn’t loan too small or too large that we can’t handle. We’ve had an excellent fourth quarter; I have said it before, and I will continue to stand by it. A borrower couldn’t ask for a better team than the team at Alliant Capital LLC,” says Jay Blasberg, Alliant’s executive vice president, national production manager.