Joint Venture Grabs Charlotte Apartments for $37.4M
- Apr 24, 2015
Charlotte, N.C.—A joint venture between Harbert United States Real Estate Fund V and Investors Management Group has acquired Landmark at Lynden Square, a 476-unit Class B apartment asset located in Charlotte, N.C., for $37.4 million. The seller, Landmark Residential, picked up the property back in December 2012 for $28.8 million from Colonial Properties Trust according to Yardi Matrix data.
The new owners will invest $4.2 million to renovate the property and upgrade interior finishes, amenities and properties exteriors. The transaction was the first joint venture between HUSREF and IMG.
Legacy Partners grabs California development site
Costa Mesa, Calif.—Legacy Partners Residential has acquired a land site at 580 Anton Blvd. in Costa Mesa, Calif., where it will develop a 250-unit luxury apartment community. The two-acre site is located on the northeast corner of Anton Boulevard and Avenue of the Arts in the Town Center/South Coast Plaza district.
The neighborhood retail center will be replaced with a five-story, podium-design building with residential and retail space. Construction is slated to start in late 2015.
Legacy Partners Residential has a $750 million pipeline of development and renovation projects in the Southern California and Arizona marketplaces.
Hunt Mortgage Group closes Freddie Mac Small Loan deals
New York—Hunt Mortgage Group announced that it has closed three loans under the new Freddie Mac Small Balance loan Program. All three properties are located in Texas, and the total investment was $5.3 million.
Under the new program launched last October, Hunt Mortgage Group provides small loans between $1 million and $5 million to borrowers nationwide. Hunt is one of a select few lenders chosen by Freddie Mac to offer the Agency’s new Small Business Lending product.
The deals include:
-Parkway East Townhomes. Hunt provided a $2.96 million loan facility to enable the acquisition of Parkway East Townhomes, a 70-unit property located in Arlington, Texas. Loan terms include one year of interest only, after which the loan will amortize on a 30-year basis.
The property is comprised of 18, one- and two-story buildings situated on 5.176 acres of land. The property is surrounded primarily by single-family and commercial/retail uses and in close proximity to excellent entertainment and recreational facilities. Parkway East features a mix of large two and three bedroom unit types and property amenities include an in-ground swimming pool and playground.
The borrower is PWA Partners LLC, a Texas limited company, backed by Igor Berdich, Michael Troflianin and Ilya Stomakhin.
-Sierra Ridge Apartments. Sierra Ridge is a 32-unit multifamily property located in Odessa, Texas. Hunt provided a loan in the amount of $1.1 million to refinance the property. The loan carries a 20-year term with P&I payments amortized over 30 years. The borrower is Sierra Ridge LLC, a Texas limited liability company, backed by Graciela Ybarra and Vinod Chopra.
Sierra Ridge is comprised of five, two-story apartment buildings with a detached laundry room building situated on 1.2052 acres of land. The property was purchased by the current owner in 2012, and at the time of purchase, was considered to be in poor condition with un-stabilized occupancy. Since 2012, the borrower has spent approximately $210,000 in capital improvements including interior unit upgrades, roof replacement, and plumbing repairs, as well as interior improvements to stabilize the property.
-Ponderosa Villas. Hunt Mortgage Group provided a $1.175 million loan facility to refinance Ponderosa Villas, a 45-unit property located in Odessa, Texas. The loan carries a 20-year term with P&I payments amortized over 30 years.
The property consists of seven, two-story apartment buildings with a detached single-story residential home situated on 0.613 acres of land. The property was purchased by the current owner in 2012 and the borrower invested more than $240,000 in capital improvements since 2012 including interior unit upgrades, stairwell and stair tread replacement, roof replacement for two buildings, and siding replacement for approximately 50% of the site. This was done to stabilize the property and improve its overall condition.
The borrower is Ponderosa Villas LLC, a Texas limited liability company, also backed by Graciela Ybarra and Vinod Chopra.
The borrowing entity on all three loans are new sponsors for Freddie Mac; however, they are all repeat GSE clients, noted Charlie Cole, regional director for the Small Loan Group at Hunt Mortgage Group.