HFF Secures Acquisition Financing for Washington Asset
- Jul 17, 2012
SeaTac, Washington—Holliday Fenoglio Fowler has secured a $5.5 million acquisition financing for Sunset Station, a 55-unit mid-rise community in SeaTac, Washington. The firm worked on behalf of Cumberland Holdings LLC to secure the five-year fixed-rate loan through a national bank.
Sunset Station is located 1.5 miles east of Seattle-Tacoma International Airport. The 98 percent occupied property is comprised of studio, one-, two- and three-bedroom units. The 2007-built property has an amenity package that includes an internet café, playground, fitness center and underground parking. The asset will be renamed Avion Apartments.
Georgia skilled nursing facility trades for $8.2M
Glennville, Ga.—Evans Memorial Hospital has sold Glenvue Health & Rehabilitation Center, a 160-bed, non-profit, skilled nursing facility located in Glennville, Ga. The sales was brokered Senior Living Investment Brokerage Inc. The asset was purchased by AdCAre Health Systems for $8.4 million.
AdCare Health Systems will add the property to their existing Georgia portfolio of 13 facilities. The company was able to land a traditional bank loan to finance the acquisitions. Evans Memorial Hospital pursued the sale in order to focus on their core hospital business.
NAI Hunneman’s investment sale group brokers $1.7M sale
Taunton, Mass.—NAI Hunneman, a leading provider of commercial real estate services, recently brokered the sale of the Fifth Avenue Apartments in Taunton, Mass., for $1.7 million.
NAI Hunneman Executive Vice President/Principal Carl Christie and Investment Sales Specialist Dan McGee represented the seller, Lotus Investment Trust, and procured the buyer, KC Fall River Holdings, in the transaction.
Located at 9 Fifth Ave., the Fifth Avenue Apartments is a 24-unit, wood-framed building with 20 two-bedroom apartments and four one-bedroom units. The property, located close to Interstate 495 and Route 24 and 138, has a brick-and-wood exterior and 24 off-street parking spaces for residents. Originally built as a school in 1912, the facility was converted to use as apartments in 1986, undergoing a complete gut rehab at the time.
“Fifth Avenue Apartments is an attractive, stabilized investment property,” said Christie. “We were very pleased to help the seller realize the full value of this terrific asset through our representation in this transaction.”