TODAY’S DEALS: Green Park Closes $102.9M Credit Facility for 3,000 Units, and Other Transactions
- Dec 01, 2008
By Erika Schnitzer, Associate EditorBethesda, Md.—Green Park Financial recently completed a $102,899,000 addition to a credit facility for Milestone Multifamily Investors LP, a joint venture between The Milestone Group and INVESCO Real Estate.The loan addition is secured by eight garden-style multifamily properties, totaling 3,000 units, in Ariz., Fla. and Texas. The transaction utilizes cross-defaulted and cross-collateralized mortgages.Green Park Financial completed an original $322 million credit facility for Milestone in March 2005. The current loans were an addition with a series of discounted non-interest bearing advances and include a five-year term with an option to extend for another five years.Stuart Wernick of Quantum First Capital originated the loan, and Andrew Tapley, senior vice president, led the Green Park financial team.Marcus & Millichap Lists 201-Unit Community for $20.1MPanorama City, Calif.—Marcus & Millichap has retained the listing for Village Green, a 201-unit apartment community in Panorama City, Calif. The $20.1 million listing represents $100,000 per unit.Greg Harris, an executive vice president of investments and a senior director of Marcus & Millichap’s National Multi Housing Group, is representing the seller. He says the property has the potential for a 17.93 percent loss-to-lease.The three-story building is located on 2.4 acres and offers studios, one- and two-bedroom residences. Amenities include private balconies and patios, a swimming pool, spa, fitness center, clubhouse and sub-grade parking.Gebroe-Hammer Closes $2.4 Sales of 33 Units Plainfield, N.J.—Gebroe-Hammer Associates recently closed a $2.4 million sale of 715-725 Arlington Ave., a 33-unit apartment community in Plainfield, N.J.The two-building, four-story mid-rise offers one-, two- and three-bedroom residences. Average one-bedroom rents for the property range from $800 to $1,000.Alan Lieberman, vice president, and Steven Tenenbaum, assistant vice president, represented the seller.