Federal Capital Partners Buys Virginia Asset for $20M
- Mar 12, 2013
Gainesville, Va.—Federal Capital Partners has completed its acquisition of Somerhill Farms, a 140-unit apartment community located in Gainesville, Va. The company picked up 127 of the units for $20 million in an all-cash transaction. Thirteen of the units were sold to individual buyers in 2008. The remaining 127 will continue to operate as apartments.
“FCP is continuing to search for well-located assets in Northern Virginia as we pursue the growth of our portfolio in this market and throughout the Mid-Atlantic,” says Alex Marshall, managing director at Federal Capital Partners. “Somerhill Farms is very well positioned for residents seeking an attractive, updated community with excellent access to work and retail destinations. The Gainesville area, with a destination retail center at Virginia Gateway, a VRE station in planning and an excellent school system, will continue to attract residents.”
Somerhill Farms was built in 2006. Amenities include free Wi-Fi, a swimming pool, 24-hour fitness center, stainless steel appliances, in-unit washers and dryers, walk-in closets, and balconies and patios.
Centerline Capital provides $6M in acquisition financing for Pennsylvania asset
Altoona, Pa.—Centerline Capital Group has provided a $6 million Fannie Mae DUS loan to facilitate the purchase of Quad & Triangle Apartments, a 210-unit garden-style asset located in Altoona, Pa. The borrower is Altoona Apartments LP, a single asset entity. The 1973- and 1985-built asset was picked up for $6.8 million. The loan was used for the purchase and to fund deferred maintenance costs for repairs of approximately $700,000. Bergen Rental Communities will manage the garden-style property.
“We structured the loan to include as much of the scheduled repairs and soft costs as was allowable, based upon the appraised value,” says Bryan Cullen, director at Centerline Capital Group. “This will enable the borrower to acquire the property and facilitate the necessary repairs all in one package.”
Beech Street Capital closes a $5.7M Fannie Mae Conventional Loan
Chicago—Beech Street Capital LLC announced that it closed a $5.7 million Fannie Mae conventional loan to refinance the West Belle Plaine Apartments, a 145-unit property in Chicago. Built in 1927, this classic apartment building underwent extensive renovation between 2009 and 2011. The borrower had an existing loan that would have matured in 2014, but opted to pay the prepayment penalty to lock in proceeds at today’s low rates. Joel Mazur, vice president in Beech Street’s Chicago office, originated the transaction.
This was the borrower’s first transaction with Beech Street. “We were very pleased with the way Beech Street handled the transaction,” said one of the principals. “They didn’t take anything for granted, working through the holiday season to make sure the deal went smoothly.”
The West Belle Plaine Apartments has excellent access to all areas of the Chicago MSA and is in excellent condition for its age. During the recent renovation, 83 percent of the units were fully upgraded, four new laundry rooms were built, new exterior doors and gates were installed, and the brick exterior was repointed and cleaned, among many other improvements.
The fixed-rate loan has a 10-year term, 9.5 years yield maintenance, and a 30-year amortizing schedule.