Hendricks & Partners Sells 112-unit Calif. Community
- Jan 24, 2011
Oceanside, Calif.—Hendricks & Partners has brokered the sale of Sunset View, a 112-unit apartment community, for $20,175,000.
The property, located at 2500 Sea Cliff Way in Oceanside, Calif., is comprised of 56 one-bedroom and 56 two-bedroom units. Sunset View has a pool and spa, fitness centers and units with either patios or balconies. The community is located north of San Diego.
The Seller was Los Altos LLC, West Prince Road LLC, East Roger Road LLC, 250 North Arcadia LLC, Westgate Park LLC, and Big Rock Palermo LLC. The Buyer was Greystar GP LLC, a Delaware limited liability company of Irving, TX.
Mortgage Equicap obtains high cash-out, 75% LTV loan from balance sheet lender
New York–Daniel Hilpert, managing director of Mortgage Equicap, says the company has arranged an $8,500,000, seven-year fixed-rate mortgage for two apartment buildings in Queens, N.Y.
The challenge was that the owner wanted a 75 percent LTV mortgage giving him at least $5 million of cash-out proceeds after paying off a $3.5 million existing mortgage. The owner also wanted to lock a seven-year fixed-rate below 5.00 percent (at the time of the closing, the seven-year treasury yield had climbed to 2.85 percent).
Mortgage Equicap arranged a 4.875 percent fixed-rate, non-recourse mortgage with a 30-year amortization schedule. “We closed the loan with a regional balance sheet lender within 45 days. “The lender was very knowledgeable of the local market and underwrote the asset thoroughly to get to a 75 percent LTV despite the high cash-out and below-market interest rate”, says Hilpert.
Marcus & Millichap sells Texas student housing
Lubbock, Texas—Marcus & Millichap Real Estate Investment Services has brokered the sale of a 229-unit student housing property across the street from Texas Tech University. The seven-story property, ULofts Lubbock, sits on 2.8 acres and has 334 bedrooms.
Dorothy Jackman and Travis Prince represented the sellers, a joint venture between Bank Atlantic and M&I Bank. Jackman and Prince also represented the Pittsburgh-based buyer, McKinney Properties.
“Demand is intense for well-located student housing assets in core markets,” says Jackman. “Ulofts was a unique transaction. It has ground floor retail and is a mid-rise building in a market with many options for garden-style student housing.”
The property was built in 1968, but received a condo-grade renovation in 2009. Each unit has a washer/dryer, private bathroom and patio/balcony. Community amenities include a parking garage, two swimming pools, fitness center, movie theater and private study rooms.