Continental Realty Corp. Buys Florida Apartment from Praedium
- Dec 03, 2013
Naples, Fla.—A 350-unit apartment community in Naples, Fla., has traded hands in a $43.3 million transaction. Baltimore-based Continental Realty Corp. acquired Aventine at Naples from New York’s The Praedium Group in a deal brokered by ARA.
The luxury mid-rise community features less than nine units per acre, which creates a resort-like effect. The 2002-built asset was 93 percent occupied at the sale.
“Current ownership has injected nearly $4 million over the past three years to renovate the property, resulting in health occupancy and rent increase,” says Hampton Beebe, a principal at ARA’s South Florida office. “As a result, Aventine at Naples has been achieving dramatic increases in effective rents for the last three months.”
Beebe worked alongside Avery Klann and Dick Donnellan, also principals at ARA’s South Florida office, in representing The Praedium Group in the sale.
NorthMarq arranges $21.7M for two apartment assets
Overland Park, Kan.—NorthMarq’s Kansas City regional office has arranged refinancing for Louisburg Square Apartments (Overland Park, Kan.) and Sunnybrook Apartments (Knoxville, Tenn.) totaling $21.7 million. Greg Duvall, senior vice president at NorthMarq, arranged the loans.
Louisburg Square Apartments, a 313-unit market apartment community, was structured with a 10-year term and 30-year amortization schedule. Financing was arranged via Freddie Mac.
Sunnybrook Apartments, a 152-unit affordable housing property, was structured with a 10-year term and 30-year amortization schedule. Financing was also arranged via Freddie Mac.
Marcus & Millichap arranges $5.3M multifamily mid-rise acquisition loan
Philadelphia—Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged $5.3 million of debt for an apartment community in Philadelphia.
Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the loan.
“The borrower has worked with us on past projects and was seeking a five-year fixed-rate construction loan,” says Wood. “Our client wanted to mitigate the interest rate risk between now and stabilization.”
“The 40-unit apartment building is in the Loft District,” adds Banas. “It is an up-and-coming area in the city that is regarded as one of the top places to live.”
The five-year fixed loan amortizes over 25 years at 4.7 percent and it is interest only for the first 18 months. The loan represents 80 percent of the total cost of the project.