TODAY’S DEALS: HFF Places $33.2M Loan for 261-Unit Rental Community, and Other Transactions
- Mar 10, 2009
By Anuradha Kher, Online News EditorStamford, Conn.–HFF has arranged $32.2 million in first mortgage acquisition financing on behalf of Seaboard Properties for its purchase of Newbury Common Apartments (pictured) in Stamford, Conn. HFF worked on behalf of Seaboard in arranging the fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corp.). Newbury Common Apartments is located at 1450 Washington Blvd. in Stamford’s central business district near the Stamford campus of the University of Connecticut. It has two towers with 261 units, which are 96 percent leased as well as 9,000 sq. ft. of commercial space plus a 295-space underground parking garage. Newbury Common Apartments also offers an affordability component whereby a portion of the units are occupied by qualified tenants.Amenities include an indoor swimming pool, health club, business center, screening room, billiards room, tennis courts and community room.Two Connecticut MF Properties Sold for Over $5MLemoyne and Harrisburg, Penn.–The Kislak Co. Inc. recently completed two multifamily sales in Pennsylvania totaling over $5 million. Walnut Hill Apartments, a multifamily complex located on Walnut Street in Lemoyne, Penn. was sold for the $1.405 million and Quail Run Apartments, an 89-unit multifamily complex located at 4001 Rawleigh St. in Harrisburg, Penn. sold for $4.07 million.Built in 1969, Walnut Hill Apartments features 26 units, and common amenities including laundry facilities and parking. The new owner plans to renovate the property with fresh paint, new kitchen countertops and flooring. Quail Run Apartments is a brick, garden-style complex featuring many units with renovated kitchens and new windows. The units are heated with individual HVAC and central air. Electricity is separately metered and paid for by the residents. There are laundry facilities in each of the nine buildings and ample parking in the newly paved lot.The tenants enjoy recreational amenities including an in-ground swimming pool, a basketball court, a children’s play area and a volleyball court. At the time of closing, the property was 95 percent occupied.Sovereign Bank provided financing for this transaction. The all cash buyer obtained a new first mortgage of $2.7 million.