Insight Purchases 200 Apartments in Fredericksburg for $18.3M
- Mar 01, 2011
Fredericksburg, Va.—Insight Property Group LLC has purchased the 200-unit Townsend Square Apartment community in Fredericksburg, Va., for $18.25 million. The property, located approximately 45 miles south of Washington, D.C., is Insight’s sixth multifamily acquisition since its formation in October 2009.
“Townsend is a solid, well-located community with interstate visibility and access,” says Insight principal Michael Blum. “This particular asset remains in excellent condition, is well occupied and fits well into Insight’s plans for long-term development.”
Completed in 1995, Townsend Square has large two and three-bedroom apartment homes. Amenities include a pool, playgrounds, community room, business center and fitness center. Insight plans to acquire additional apartments in the DC Metro area by repositioning older communities and developing new product in transit-oriented locations.
The group purchased a 214-unit community near Quantico Marine Base in for $15.9 million in late September 2010, and acquired a 42-unit site in Arlington, Va., in June 2010 that is being developed into a 72-unit site.
HFF arranges $39.9M in refinancing on four N.J. multifamily properties
Hackensack, N.J.—Holiday Fenoglio Fowler has arranged financing totaling $39.3 million for a four-property multi-housing portfolio in New Jersey. Summit Manor and Oak Terrace are both located in Hackensack, N.J. Radnor Manor is located in Fairlawn. Pompton Hills is located in Pompton Lakes.
HFF worked on behalf of Hekemian & Company Inc., and placed the 10-year fixed rate loans with Freddie Mac. The HFF team included senior managing director Thomas Didio and real estate analyst Samuel Seiden.
“As a Freddie Mac Program Plus® Seller/Servicer, we provided the borrower with the ability to lock in favorable long-term interest rates on a portion of their portfolio that they wished to refinance,” says Didio. “We are happy to have played a role in consummating this transaction for the borrower with Freddie Mac.”
Berkadia originates 5-Year adjustable-rate refi for institutional owner
Wilimington, Mass.–Berkadia Commercial Mortgage (Berkadia) originated $15,050,000 in floating-rate debt through its Freddie Mac program for the refinance of Regency Place, a multifamily property in Wilimington, Mass. The 70-percent LTV loan features a five-year adjustable-rate mortgage of 3.26 percent with a lifetime cap of 5.85 percent with a 30-year amortization.
Located on approximately 11 acres at 128 West Road, Regency Place is a 120-unit luxury apartment complex housed in five, three-story buildings built in 2008. The property features a leasing facility, 24-hour fitness center, clubhouse and outdoor pool with 212 surface parking spaces and 22 garages. The property is currently 95 percent occupied.
Senior Vice President Stewart Campbell and Vice President Thomas Toland of the Berkadia New York City office originated the transaction.
“Regency Place was built utilizing the Massachusetts Chapter 40-B law, allowing multifamily development in non-zoned areas,” Campbell said. “In this case, it was required that 25 percent of the units be affordable to lower income households who earn no more than 80 percent of the median area income.
“Working through myriad 40-B ownership and lender legal structuring requirements, Berkadia and Freddie Mac were able to deliver a very low rate financing solution to our institutional borrower, allowing them to recapitalize the transaction.”