HFF Arranges $14M Financing for Colorado Complex
- May 18, 2011
Littleton, Co.—Holliday Fenoglio Fowler has arranged a $10.6 million loan assumption in conjunction with $3.4 million in second lien financing for Dakota at Governors Ranch, a 246-unit property in Littleton, Co. HFF worked on behalf of Seagate Littleton Associates LLC, a partnership sponsored by the principals of Seagate Properties Inc., to arrange the assumption of the existing loan with a new, five-year 4.98 percent, fixed-rate second lien with Freddie Mac.
Dakota at Governors Ranch was built in 1997 and is located 10 miles southwest of Denver. Amenities include a business center, heated pool, hot tub, fire pit, covered parking, fitness center and dog run. The community is currently 95 percent occupied.
The property is the fourth value-add multifamily property asset that Seagate has purchased in Colorado. Seagate principal Trent Isgrig is relocating to Denver to open a Seagate office and lead the company’s expanded multifamily acquisition effort in Colorado. HFF director Tina Derderian led the HFF team that represented Seagate in the transaction.
Behringer Harvard sells Bay Area property
Dublin, Calif.—Behringer Harvard has sold Waterford Place to an institutional investor. The 390-unit multifamily community is located 35 miles east of San Francisco.
“Our real estate team identified Waterford Place as an institutional-quality asset that had the potential to provide attractive income as well as capital appreciation for our investors,” says Mark Alfieri, chief operating officer at Behringer Harvard Multifamily REIT I Inc.
The REIT acquired Waterford Place in September 2009 through a joint venture with PGGM Private Real Estate Fund. The property is located one mile from the Dublin/Pleasanton BART light-rail station. Close access to highways and retail centers has made the area attractive to young professionals who commute to San Francisco employment centers, according to Behringer Harvard.
Factoring in the sale, Behringer Harvard Multifamily REIT I owns investments in 34 communities in 13 states, comprising 9,538 apartment homes.
NCB, FSB New York arranges financings for local cooperatives
New York–NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $21 million in new loans during the month of April for 16 New York area properties.
“The second quarter is off to a solid start with $21 million in new loans originated for cooperatives looking to refinance existing debt or undertake capital improvement projects,” says Edward Howe III, managing director of the NCB, FSB New York office. “We continue to assist properties throughout the region by meeting their financing needs and to ensure their vitality for years to come.”
NCB, FSB Senior Vice President Mindy Goldstein arranged over $9 million in new financings in April, including the largest loan of the month, a $3 million line of credit for 419 Apartment Corp., a 91-unit co-op located at 419 East 57th Street in Manhattan. She also arranged a $1.4 million first mortgage and a $300,000 line of credit for a 59-unit co-op located at 2390 Palisade Avenue in the Bronx; a $1.3 million first mortgage and a $150,000 line of credit for a 51-unit co-op located at 39-75 56th Street in Woodside, N.Y.; a $900,000 first mortgage and a $100,000 line of credit for a 17-unit co-op located at 184 Columbia Heights in Brooklyn; an $850,000 first mortgage and a $100,000 line of credit for 91 Tenants Corp., a 10-unit co-op located at 114 East 91st Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for a 12-unit co-op located at 402 West 153rd Street in Manhattan; and a $353,000 first mortgage for Grampark Corp. Inc., an eight-unit co-op located at 1 Gramercy Park West in Manhattan.
In April, Howe arranged new loans totaling $4.5 million, including a $1.5 million line of credit for The Beverly House, a 129-unit co-op located at 84-51 Beverly Road in Kew Gardens, N.Y.; a $1.2 million first mortgage and an $800,000 line of credit for Bleecker & 11th Owners Corp., a 36-unit co-op located at 396 Bleecker Street in Manhattan; and a $1 million first mortgage for Whitewood Gardens, Inc., a 36-unit co-op located at 643 Pelham Road in New Rochelle, N.Y.
NCB, FSB Senior Vice President Sheldon Gartenstein arranged $8 million in new financing activity during the month including a $2.5 million first mortgage and a $500,000 line of credit for Alexandria House Inc., a 76-unit co-op located at 250 West 103rd Street in Manhattan; a $1.7 million second mortgage for a 120-unit co-op located at 84-49 168th Street in Jamaica, N.Y.; a $1 million first mortgage and a $300,000 line of credit for 177 Columbia Owners Corp., a 29-unit co-op located at 177-179 Columbia Heights in Brooklyn; a $550,000 first mortgage and a $100,000 line of credit for a nine-unit co-op located at 28 East 21st Street in Manhattan; a $500,000 first mortgage for 151 Lafayette Owners Corp., a five-unit co-op located at 151 Lafayette Avenue in Brooklyn; and a $500,000 line of credit for Collect Pond House Inc., a 39-unit co-op located at 366 Broadway in Manhattan.