Grandbridge Closes $121M Financing

Grandbridge closes a $121 million acquisition loan for a property in Arlington, Va.; Southeast Apartment Partners completes an $18.6 million sale in North Carolina; and a Charles Dunn Co. sale breaks the price-per-square-foot record for the 90034 zip code in Los Angeles.

The Buchanan

Arlington, Va.—Grandbridge Real Estate Capital’s Washington, D.C., production office has originated and closed a $121 million first mortgage loan secured by The Buchanan, a 422-unit Class A community located in Arlington, Va. The loan was funded through Fannie Mae’s DUS MBS loan product and originated by Grandbridge senior vice presidents Paul Aanonsen and Jack Bauer. The seven-year fixed-rate mortgage features a 30-year amortization and closed with an interest rate of 3.89 percent.

The Buchanan was built in 1971. The 13-story high rise has commercial retail and office space on the first floor. Amenities at the property include a swimming pool with sundeck, gas grills and outdoor dining, a fitness center, game room, 24-hour doorman, and valet dry cleaning services.

North Carolina asset trades for $18.6M

The Meadows in Kernersville

Kernersville, N.C.—Southeast Apartment Partners has brokered the sale of The Meadows in Kernersville, a 200-unit community located in Kernersville, N.C. The Meadows was purchased by Hawthorne Residential Partners for $18.6 million from Meridia, Inc.  Jordan McCarley from the Charlotte office of Southeast Apartment Advisors represented the seller in the transaction.

The 2008-built property was 95 percent occupied at the time of sale. Community amenities include a swimming pool with a cabana and grilling area, a fitness center, and a clubhouse with a billiards room and business center.

Charles Dunn Co. completes $2.9M sale in Los Angeles

Los Angeles—Charles Dunn Co. has completed the $2.9 million sale of a nine-unit apartment asset located at 3321 Mentone Ave. in Los Angeles. The property was sold by San Diego-based JM Residential I and purchased by a private investor from Los Angeles represented by Centennial Real Estate. Charles Dunn Co. represented the seller.

“This transaction set a sales record for the 90034 zip code,” says Blake Rogers of Charles Dunn Co. “It garnered the highest gross rent multiplier and lowest cap rate since 2006, as well as the highest price per square foot of $360 since 2001. The quality and unit mix of the asset, along with the lack of inventory, contributed to the record breaking price.”

The 100 percent occupied property was built in 2005 and totals 8,036 square feet. Amenities include private rooftop sun decks.