TODAY’S DEALS: Hendricks & Partners Arranged Sale of Rental Portfolio for over $53M, and Other Transactions
- Nov 07, 2008
By Anuradha Kher, Online News EditorLa Mesa, Calif.–Hendricks & Partners recently arranged the sale of the Baltimore Apartment Portfolio, a family-built and owned property for over 35 years. This 406-unit apartment property, located in the heart of La Mesa, Calif. was sold for $53,350,000.The project was constructed in phases between 1973 and 1980 by Morris and Barbara Steiman, who later left the property to the family trust. This was a very high-profile sale tracked by hundreds of real estate and legal experts in San Diego County. The property was purchased by Strategic Realty Capital of Los Angeles. HFF Arranges $50.78M Loan through Freddie Mac for Two MF Properties Tuscaloosa, Ala.–HFF (Holliday Fenoglio Fowler L.P.) recently arranged a $50.78 million loan through Freddie Mac for The Links at Tuscaloosa, a 408-unit multifamily community, and The Greens at Tuscaloosa, a 384-unit multifamily complex, both located in Tuscaloosa, Ala. HFF director Brian Carlton worked on behalf of the borrower, The Greens at Tuscaloosa, a limited partnership, and Lindsey Management Co., Inc., to secure the 10-year fixed-rate loan through the lender. Proceeds were used to retire construction financing.Both properties are located at 1800 Links Blvd. in Tuscaloosa. It was completed in 2007 and is now 97 percent leased. Shared community amenities include a clubhouse with fitness center, activity room and business center, a swimming pool and wading pool for kids, and a tennis court. In addition, residents have access to a golf shop and unlimited golf privileges at the adjacent Links at Tuscaloosa golf course, which is owned and managed by a Lindsey-affiliated company. Capmark Finance Originates $13.2M in Refinancing for 342-Unit Rental Property Houston–Capmark Finance Inc. recently originated a $13,200,000 fixed-rate loan through its Freddie Mac program to refinance Briarwood Village Apartments, a 342-unit apartment complex in Houston’s Briar Forest/Ashford submarket. Located on approximately 13.6 acres, Briarwood Village Apartments consists of 27 two-story, garden-style apartment buildings. Amenities include a fitness facility, two swimming pools and two laundry rooms. Individual units feature patios or balconies, fireplaces, central air conditioning and ceiling fans.