Hayman Buys 1,002-Units in Ann Arbor
- Apr 23, 2014
Ann Arbor, Mich.—Hayman Company has closed a two property, 1,002-unit acquisition in the Ann Arbor area with the purchase of The Pines and The Hamptons of Colverlane. The company has a value-add program in the works that will enhance curb appeal, remodel unit interiors, improve management and update amenity areas.
The adjacent assets are located in the Ann Arbor school district at the intersection of I-94 and Michigan Ave., offering easy access to the University of Michigan, Downtown Ann Arbor, Eastern Michigan University, and Detroit Metropolitan Airport. Together the assets are situated on 100 acres.
Over the past 12 months, Hayman Co. has acquired 3,031 units nationally with a capitalized value of $269 million. The acquisition increases Hayman’s current multifamily portfolio to over 12,000 units.
NorthMarq closes $30M construction loan for Florida apartment development
Largo, Fla.—NorthMarq Capital’s Tampa office has secured a $30 million construction loan for Boulevard Apartments, a 260-unit multifamily property located at 2098 Seminole Blvd. in Largo, Fla. The transaction was structured with a 3-year term, interest only, plus a two year extension with a 30-year amortization. Larry Curry, SVP in NorthMarq’s Tampa office, arranged the financing for borrower Dockside Investors LLC. A national bank provided the loan.
The elevator building will feature a large fitness center, an indoor lap pool, spas, nature trails, a pet park, and concierge services. All units will have nine foot ceiling, wood cabinetry and granite counter surfaces.
“The borrower is also focusing on developing several other in-fill locations, with high professional employment, with Class A multifamily properties,” Curry says.
HFF closes sale of, and secures financing for, AEW, Marquette’s Chicago property
Chicago– HFF announced that it has closed the sale of and secured financing for Trio Apartments, a 100-unit, boutique-style luxury apartment tower in downtown Chicago.
HFF marketed the property on behalf of the seller, a joint venture between AEW Capital Management L.P. and Marquette Companies. AEW sold the property on behalf of AEW Partners VI, L.P., the sixth in AEW’s opportunistic fund series. Abacus Capital Group LLC purchased the asset free and clear of existing debt.
HFF also secured an acquisition loan on behalf of the buyer through Freddie Mac’s CME program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Completed in 2010, the 22-story tower has 100 units averaging 1,047 square feet each. Located at 670 West Wayman in the eastern sector of the West Loop neighborhood, Trio offers residents a walk-to-work location and nearby access to public transportation including CTA and Metra train lines. The future Chicago headquarters of Google is located six blocks west of Trio Apartments, and in 2014 Google’s Motorola Mobility office will open just six blocks east of the property. Amenities include a rooftop garden, fitness center, business center, community room, indoor assigned parking and 24-hour door staff. Additionally, the property is situated adjacent to a park with dog run and a retail development that includes a Jewel-Osco grocery store.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton.
HFF’s debt placement team was led by senior managing director Mona Carlton and managing director Matthew Schoenfeldt.