HFF Closes $31M Refinance for Brooklyn Community

HFF arranges a $31 million refinance for a Brooklyn community; Marcus & Millichap brokers the sale of a 330-unit Inland Empire community; and Walker & Dunlop closes a $9.2 million acquisition loan.

34 Berry

New York—Holliday Fenoglio Fowler has arranged a $31 million refinancing for a newly constructed, 142-unit community in Brooklyn, N.Y. The property, LCOR’s 34 Berry project, is located on the corner of Berry and North 12th Streets in the Williamsburg neighborhood. The borrower was able to land a 10-year, fixed-rate loan provided by Northwestern Mutual. Proceeds from the loan are paying off an existing construction loan.

34 Berry is near the L subway line, just one stop from Manhattan. The building was completed in 2010. Its seven stories have a mix of studio, one- and two- bedroom units that range from 463 to 1,168 square feet. Amenities include a 24-hour concierge service, a fitness center, and top floor lounge with a catering kitchen and billiards table. The property is currently 100 percent leased.

HFF Managing Director Jim Cadranell and Senior Managing Directors Jay Marshall and Jon Mikula led the team representing LCOR, a real estate investment, management and development company.

Marcus & Millichap negotiates $23.1M Inland Empire sale

El Dorado Pointe

San Moreno, Calif.—Marcus & Millichap Real Estate Investment Services has brokered the sale of El Dorado Pointe, a 330-unit community in the Moreno Valley, for $23.1 million. The sales price represents $69,924 per unit and $81 per square foot. The property is located north of Route 60 at the Pigeon Pass Road exit in San Moreno. Alexander Garcia, senior vice president of investments, and Steven Hsu, vice president of investments represented the buyer, a private investor.

“The previous owner purchased the note on El Dorado Pointe and took title to the property through foreclosure,” says Garcia. “Much work was put in to stabilize the property before the seller, a global investment management firm, returned the property to the market. The buyer obtained an attractive bridge loan to finance the purchase.”

El Dorado Pointe was built in 1986 and sits on 16.9 acres. The property received renovations in 2007 and 2008. The unit mix features 150 one-bedroom units and 180 two-bedroom units.

Walker & Dunlop closes $9.2M acquisition loan

Bloomington, Minn.–Walker & Dunlop LLC provided a $9.24 million acquisition loan secured by France 98 Apartments located in Bloomington, Minn. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 78 percent loan-to-value with a 1.25x debt-service coverage ratio.

France 98 Apartments is a 118-unit apartment community constructed in 1986. Common amenities include a controlled entry system, fitness centers, clubrooms, barbeque areas, individual storage units for each unit and an under-building parking garage. The property was 95 percent leased at closing.

Jason Rice, Grandbridge Real Estate Capital, LLC, originated the loan. Walker & Dunlop Senior Vice President, Multifamily Finance, Andrew Tapley, led the Walker & Dunlop team.