TODAY’S DEALS: Harbor Group Acquires Two Rental Properties for $69.2M, and Other Transactions
- Nov 03, 2008
By Anuradha Kher, Online News EditorVirginia Beach, Williamsburg, Va.–Harbor Group International LLC has acquired the 458-unit Mariner’s Cove Apartments, located in Virginia Beach, Va., for $46.4 million and the 220-unit Steeplechase Apartments (pictured), located in Williamsburg, Va., for $22.8 million from an affiliate of Apartment Investment and Management Company’s (AIMCO). “Harbor Group has a vested interest in the Hampton Roads market,” says T. Richard Litton, Jr., president of Harbor Group. “The area has experienced steady growth over the past 10 years and the multifamily market has strengthened. We look forward to adding value to the property through capital improvements and local management.”Harbor Group plans to invest an additional $2.3 million into Mariner’s Cove and $1.3 million into Steeplechase for interior and exterior upgrades. Mariner’s Cove Apartments was built in 1970 and renovated in 2002. The property features multiple one- and two-bedroom floor plans with an average size of 975 sq. ft. Dwelling units feature washer and dryer connections, ceiling fans and private patios or balconies. Select units feature full-size washers and dryers, hardwood floors or walk-in closets. Property amenities include a clubhouse, swimming pool, fitness center and laundry facilities. The community is currently approximately 95 percent occupied.Steeplechase was built in 1986 and renovated in 2006. The property has multiple one-, two- and three-bedroom floor plans with an average size of 865 sq. ft. Dwelling units include private patios and balconies, walk-in closets and full-size washers and dryers. Select units also feature wood-burning fireplaces or bay windows. Property amenities include a clubhouse, swimming pool, fitness center, volleyball court and carports. The property is approximately 98 percent occupied. KeyBank Real Estate Capital Closes $29M in Freddie Loans for Emeritus Senior Living Waco, Longview, Wichita Falls, Texas; Riverside, Calif. and Ocean Shores, Wash.–KeyBank Real Estate Capital recently closed $29 million in Freddie Mac loans for five assisted living facilities in three states, including Texas, California and Washington. Emeritus Corp. will use the funds to purchase these senior care facilities. The Freddie Mac credit facility has a weighted average fixed rate of 6.654 percent and a term of 10 years. The five properties Emeritus will acquire with the loans feature 355 units. Three of the facilities are in Texas: Meadowlands Terrace, which received $7.9 million, is in Waco; Eastman Estates, which received $6.4 million, is in Longview; and Wichita Falls, which received $5.3 million, is in Wichita Falls. Grand Terrace, an 87-unit property outside Riverside, Calif., received $7 million, and Harbour Pointe Shores, a 50-unit facility in Ocean Shores, Wash., received $2.5 million.Arbor Closes $11,934,700 Fannie Mae DUS FRM Loan Montgomery, Ala.–Arbor Commercial Funding LLC recently funded a $11,934,700 loan under the Fannie Mae DUS FRM product line to refinance the 184-unit complex known as Woodside Glen Apartments, located in Montgomery, Ala.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.