Cornerstone Acquires Baltimore Apartment from The DSF Group
- Feb 21, 2014
Baltimore—A 14-story high-rise in Baltimore has traded hands in an HFF-brokered sale. The DSF Group sold Halstead at Guilford to Cornerstone Real Estate Advisors. The 234-unit property is located in Baltimore’s Guilford neighborhood on Charles Street between Johns Hopkins University and Loyola University. The HFF investment sales team representing the seller was led by senior managing directors David Nachison and Alan Davis, associate director Brenden Flood and senior real estate analyst Bret Thompson.
“Halstead at Guilford has been transformed into the market-leading address for residents and the ‘gold standard’ for living in one of Baltimore’s most historically rich neighborhoods,” says Nachison. “Cornerstone’s investment includes the opportunity to further improve performance in a best-of-class building that actively serves students, faculty and staff from Johns Hopkins University and the area’s discerning residents.”
Renovated in 2006, the property features one-, two- and three-bedroom units averaging 1,147 square feet each. Residents also have access to a 3,000-square-foot fitness center with separate yoga/pilates room, rooftop pool with barbecue grills, club room with five televisions and billiards table, theater room, library/business center, gaming room, laundry center and gated pet park.
Berkadia secures $28M for two Texas properties
San Marcos & Tomball, Texas—The Austin office of Berkadia Commercial Mortgage has arranged $28 million in acquisition financing for two apartment properties in Texas. The seven-year loans were secured by vice president Andy Hill through Freddie Mac.
One transaction involved $21.9 million for Atlantic | Pacific Companies’ acquisition of Palazzo Apartments in San Marcos, Texas. The 300-unit property is currently 93 percent occupied. Amenities include two game rooms, a playground and basketball courts.
Berkadia also originated $6.1 million in financing for the acquisition of Dartford Square in Tomball, Texas. The loan features a floating interest rate below 3 percent. The 124-unit property features studio, two-, three- and four-bedroom layouts. Amenities include a fitness center, club house and pet park. The property is currently 98 percent occupied.
“The booming economy in Texas is spurring the growth of the multifamily market in many suburban areas, particularly near Austin and Houston,” says Hill. “This increased level of activity is creating a dynamic and exciting market as we strive to continually offer our clients the competitive financing options they need.”
RED closes $26.2M seniors housing balance sheet construction loan
Tega Cay, S.C.—Red Capital Partners, the proprietary debt and equity banking arm of Red Capital Group, closed a $26.2 million balance sheet construction loan for an affiliate of CNL Healthcare Properties Inc., in support of a new Class A seniors housing and skilled nursing facility to be constructed in Tega Cay, S.C., a suburb located on the shores of Lake Wylie and within the Charlotte, N.C., area. The 152 unit campus development will offer assisted living, memory care, and skilled nursing care with an emphasis on wellness and rehabilitative services. The project is currently under development and upon completion will be operated by affiliates of Maxwell Group Inc.
RED’s non-recourse construction loan will finance the development and stabilization of The Wellmore of Tega Cay, the flagship community for the Wellmore brand which is focused on a hybrid approach to wellness and health care for seniors. The project will total almost 150,000 square feet of Class A construction incorporating high quality finishes and design elements over a campus setting consisting of six buildings, including a 25,000-square-feet clubhouse and wellness center and extensive amenities. The deal highlights RED’s balance sheet capabilities and desire to support top tier sponsors and operators on new seniors housing development projects.
Kevin Maddron, senior vice president at CNL Healthcare Properties comments, “We are pleased to grow our extensive seniors housing portfolio by partnering with RED Capital and Maxwell Group on this exciting new campus. The residents of Tega Cay can expect a state-of-the-art community developed and operated by Maxwell Group, an industry leader in senior living. RED, and particularly its leadership team, made this possible by offering a unique development capital solution with timely execution on the terms proposed.”