TODAY’S DEALS: Jones Lang LaSalle Arranges Sale of Two Properties on University Campus for $19.3M, and Other Transactions
- Mar 09, 2009
By Anuradha Kher, Online News EditorRichmond, Va.–Jones Lang LaSalle recently arranged the sale of a pair of student housing buildings on the Virginia Commonwealth University campus in Richmond, Va., for $19.3 million.Kanye Anderson Real Estate Partners purchased the two buildings, RAMZ Hall (pictured), located at 933 West Broad St., and Capital Garage, located at 1301 West Broad St., for a combined $19.3 million.RAMZ Hall is a five-story building with 84 two-bedroom/one-bath units and four studio apartments, located just two blocks from Capital Garage. The ground floor has over 15,000 sq. ft. of retail, which is 100 percent occupied with retail and restaurant tenants. The property’s residential component is 100 percent master-leased by VCU through the 2009-2010 school year. RAMZ Hall includes amenities such as a lounge with television on each floor, vending machines, laundry facilities on each floor, and 73 on-site parking spaces.Capital Garage features 36 loft-style units with amenities such as a fitness center, controlled access to the building, a 21-space ground-level gated parking garage, and large, industrial-style windows throughout. Arbor Completes $2.7M Loan to Refinance 24-Unit Rental CommunityRandolph, Mass.–Arbor Commercial Funding LLC recently funded a $2,693,500 loan under the Fannie Mae DUS Small Loan product line to refinance the 24-unit complex known as Thompson Drive in Randolph, Mass. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.51 percent.