Cushman & Wakefield Closes Sale of New Hampshire Community
- Apr 21, 2011
Manchester, N.H.—Cushman & Wakefield has closed the transaction of Wellington Hill, a 390-unit community located in Manchester, N.H., for $36 million. C&W’s Capital Markets Group represented the seller, Equity Residential, and procured the buyer, Wellington DHC LLC, an affiliate of Dawn Homes Management.
Welling Hill is a garden-style apartment community that was built in 1986. The property consists of 53 two- and three-story townhouse buildings and two three-story garden-style buildings. The unit mix includes 71 one-bedroom apartments, 284 two-bedroom apartments and 35 three-bedroom apartments.
Community amenities include a common room with pool table, lounge, TV, Wi-Fi and full kitchen, a fitness center, indoor heated lap pool with hot tub, sauna/steam room, racquetball court, outdoor pool with sun deck, tennis courts, and a playground.
Chicago—North Carolina-based Green Bear Real Estate Capital has closed an $87 million debt and equity private placement for a mixed-use construction project in Chicago. Financing was provided by an insurance company and consisted of a $59 million construction loan and a $28 million equity investment for the development of a LEED certified luxury rental apartment building.
The project, located in the Old Town neighborhood, is slated to include 380,000 total square feet, with 250 apartment units and approximately 30,000 square feet of retail space. There will also be a multi-level garage with 250 parking spaces. Jonathan Greenspahn and Jim Carrol, managers of Green Bear Real Estate Capital’s Chicago office, arranged the financing.
Colliers arranges bulk purchase of lender-owned condo units
Tampa, Fla—Colliers International arranged the bulk purchase of 21 remaining lender-owned units of the condominium development MacDill Landings Condominiums. The purchase was priced well below replacement cost.
The 28-unit condo was built in 2007 for more than $4 million. The developer had originally sold seven condo units for an average sale price of about $319,000 per unit ($268 per sq. ft.). The remaining units consist of approximately 25,976 square feet with a unit mix of one and two bedroom units that average 1,237 square feet.
The biggest challenge was dealing with very limited accurate information regarding the HOA finances/budget and true comparable sales, according to the brokerage company.
The Stone-Stanton Multi-Family Investment Team identified 36 interested parties resulting in seven showings and six offers. The property was ultimately purchased in an all-cash transaction for an undisclosed price to a Canadian buyer. The transaction closed with 15 days due diligence and 16 days to close.