Grandbridge Closes $33.3M for South Carolina Acquisition
- Feb 25, 2014
Mount Pleasant, S.C.—The Charlotte Office of Grandbridge Real Estate Capital recently closed a $33.3 million first mortgage fixed rate loan secured by The Boulevard Apartments in Mount Pleasant, S.C. The 325-unit luxury apartment community features 10,000 square feet of retail space that will include a restaurant and spa. Additional property amenities include a pool and fitness center.
Senior vice president Mike Ortlip originated the transaction. Funding was provided through one of Grandbridge’s insurance company relationships. The lender was able to close on the acquisition loan prior to the property reaching stabilization. Vice president Josh Davis, CCIM, assisted on the transaction.
Berkadia originates $9.1M for Washington State purchase
Lynwood, Wash.— The Seattle office of Berkadia Commercial Mortgage recently originated $9.1 million in acquisition financing for a multifamily property located in Lynnwood, Wash. Senior vice president Louis Weisman worked with borrower APG Heather Ridge to secure the seven-year, fixed-rate loan through Freddie Mac.
The borrower will use the loan for the $12.2 million acquisition of Heather Ridge Apartment Homes. Loan terms include a 4.35 percent interest rate, 75 percent loan-to-value ratio and 30-year amortization schedule. This was the buyer’s first purchase in the Pacific Northwest. Berkadia was able to meet the borrowers’ 45-day deadline in closing the deal.
Heather Ridge Apartment Homes is located at 20427 68Avenue West, north of downtown Seattle. The 107-unit property is currently 99 percent occupied and features one- and two-bedroom layouts. Amenities available to residents include a swimming pool, sauna and fitness center. Boeing and Edmonds Community College are also property tenants.
NorthMarq secures 12-year bank refinance of affordable housing in Hoboken, N.J.
Hoboken, N.J.—Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey office, arranged refinancing totaling $17 million for Church Square South, which consists of two affordable housing properties with a combined total of 81-units.
Financing was based on a 12-year term and 30-year amortization schedule and was arranged by NorthMarq through its relationship with a local bank.
“The buildings operate under a long term Housing Assistance Payment Contract and are managed as one property,” said Cohen. “The lender provided a rate lock in the early fall and the loan was closed at the end of January due to the yield maintenance prepayment penalty.”