C&W Sells 217-Unit Property in Hoboken
- May 25, 2011
Hoboken, N.J.—Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the sale of one of Hoboken’s newest luxury rental communities, 800 Madison Street, from Tarragon Corp. to CB Richard Ellis Investors.
The 217-unit property was completed in late 2008. It occupies an entire city block in northwestern Hoboken. The building features one-, two- and three-bedroom units with an above-market average size of 998 square feet. Amenities include a private pool, community center, fitness room and rooftop decks.
Cushman & Wakefield marketed 800 Madison Street for sale during its construction. The asset was taken off the market when Tarragon filed for bankruptcy in early 2009. Cushman & Wakefield brought the community to market again when the developer emerged from Chapter 11 in July 2010.
“As a testament to the desirability of the Gold Coast multifamily market and the uniqueness of the opportunity, we received a near record 260 requests for offering materials,” says Brian Whitmer, who handled the sale with Metropolitan Area Capital Markets Group team members Andrew Merlin, David Bernhaut and Gary Gabriel. “Hoboken remains the best performing multifamily submarket in Northern New Jersey, and as a result, the institutional-quality Class A communities are highly sought after by the investment community. CBRE Investors recognized the market’s long-term stability, the upside potential as rental demand roars back, and the competitive advantage of owning one of the newest luxury rental communities in the city.”
Marcus & Millichap Capital Corp. arranges $9.3M refinance
Anaheim—Marcus & Millichap Capital Corporation has arranged $9.37 million in refinancing for an 84-unit multifamily property in Anaheim, Calif. Rick Padilla, senior director in the firm’s Long Beach office, arranged the financing: a 10-year loan amortized over 30 years with a fixed interest rate of 5.75 percent. The LTV is 75 percent.
“Before coming to MMCC, the borrower was turned down for refinancing by half-a-dozen lenders, including his existing lender,” says Padilla. “He was told that his property’s rents were above market, that the property was not of agency quality and that his net worth, liquidity and experience were insufficient to qualify for an agency refinancing loan. MMCC’s longstanding relationship with agency lenders, and our ability to draw upon market data produced by Marcus & Millichap’s local investment sales agents and research department, helped overcome these hurdles and meet our client’s objectives.”
NorthMarq arranges $10.5M Freddie Mac mortgage for acquisition
Oklahoma City –Dennis Sidbury, senior vice president and senior director of NorthMarq Capital’s San Francisco Regional office, arranged first mortgage financing of $10.5 million for Quail Landing Apartments, a 216- unit multifamily property located at 14200 N. May Avenue in Oklahoma City.
Financing was based on a five-year term and a 30-year amortization schedule and was arranged for the borrower, Quail Landing Apartments Associates LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.
Sidbury states the borrower believes there is substantial upside in the property so the term, structure and prepayment flexibility provided by Freddie Mac were an integral part of the transaction. “This is a solid acquisition in a strong market by an experienced owner.”