Norris, Beggs Arranges a $26.5M Acquisition Mortgage

Norris, Beggs arranges a $26.5 million acquisition mortgage; and Boston Capital invests in the rehabilitation of two multifamily apartment communities for seniors in Virginia.

Portland, Ore.—Norris, Beggs & Simpson Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $26.5 million in acquisition financing for the Remington Apartments, a 344-unit apartment community in Austin, Texas.

NBS Financial represented the buyer, Walter C. Bowen and BPM Real Estate Group LLC, a Portland-based owner and manager of apartments and assisted living. Funding was provided by Fannie Mae through a correspondent relationship of NBS Financial’s.

The loan was fully leveraged with a 10-year term and 30-year amortization. The buyer had a tight acquisition timeline, and the loan closed in 48 days.

Remington Apartments is a Class A, garden-style apartment complex, built in 2007.

Boston Capital Invests in two affordable developments

Amherst, Va.—Boston Capital invested in the rehabilitation of two multifamily apartment communities for seniors in Virginia: Amherst Village Apartments, a 48-unit development in Amherst and Meadow Run Apartments, a 43-unit development in Gordonsville. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with T.M. Associates Inc., based in Maryland along with the Telamon Corporation, a non-profit organization based in North Carolina.

“The Amherst and Gordonsville housing markets demonstrate a strong need for high-quality, affordable housing developments with one-bedroom units suitable for seniors,” said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “The installation of energy-efficient split system units and EnergyStar appliances will create environment-friendly improvements, increasing the sustainability of our portfolio and significantly reducing electricity costs for residents, many on fixed incomes.”

Boston Capital’s investments in Amherst Village Apartments and Meadow Run Apartments add 91 units of affordable housing to its apartment portfolio.  The rehabilitation of these properties will generate $3.5 million in local income and create approximately 40 jobs in the Amherst and Gordonsville areas. To date, Boston Capital has invested in nearly 13,200 units of affordable housing in Virginia.