Falcon Southwest Buys 324-Unit Austin Asset
- Aug 30, 2012
Austin—Holliday Fenoglio Fowler has closed the sale of Deerfield Apartments, a 324-unit Class A community located in Austin’s southwest submarket, on behalf of Nevins Adams Lewbel Schell. The property was purchased by Austin-based entrepreneurial real estate investment firm Falcon Southwest for an undisclosed amount.
The 11-year-old property consists of one-, two- and three-bedroom units, averaging 945 square feet. Falcon Southwest plans to implement moderate upgrades to common areas and unit interiors during its hold period.
Completed in 2001, the property has one-, two- and three-bedroom units averaging 945 square feet each. The apartments were 97 percent leased at the time of sale.
Beech Street Capital provides $20.4M for Florida acquisition
West Palm Beach, Fla.—Beech Street Capital has provided $20.4 million in Freddie Mac CME loans for the acquisition of Golf Villas at Sabal Palm and Palo Verde, two apartment communities located in West Palm Beach, Fla. David Hayum originated the transactions for Meridian Capital Group, which were financed by Beech Street Capital as part of its correspondent relationship with Meridian. The borrower was a repeat Beech Street customer.
Golf Villas at Sabal Palm is a 166-unit community. The 1987-built property consists of nine apartment buildings and a leasing office. Amenities include a swimming pool and hot tub, a cabana, tennis courts, and 279 open parking spaces.
Palo Verde is a 276-unit asset that was constructed in 1973 and renovated in 2006. The property consists of 15 two-story apartment buildings and a leasing office. Amenities include a swimming pool and spa, fitness center, leasing office with business center, tennis courts, playground and a gazebo.
The fixed-rates loans have a 10-year term and a 30-year amortization schedule.
Alliant Capital makes two loans totaling $2.4M for client
Chicago—Alliant Capital LLC, a leading national debt and equity financier for the multifamily and healthcare industries, announces two multifamily loan closings for the same borrower totaling over $2.4 million. These loans were originated by Aaron Abelson, Alliant’s senior vice president, for the Midwest Region and located in the Chicago Metropolitan office.
The deals are as follows: a $1,425,000, 4.48 percent interest rate, 10-year term refinance loan for 2841 W. Highland Blvd.; a $1,046,800, 4.48 percent interest rate, 10-year term refinance loan for 2809 W. Highland Blvd. Both properties are located in Milwaukee, Wis. and closed on August 27, 2012.