Kaufman Lands $29M for Columbus Refinance
- Mar 18, 2015
Columbus, Ohio—Oak Grove Capital has provided a $29 million fixed-rate Fannie Mae loan to refinance Kaufman Development’s 600 Goodale Apartments, a 174-unit community located in Columbus, Ohio. The 2013-built smoke-free, five-story mid-rise property is located between the Arena District, Grandview, Upper Arlington and Downtown submarkets.
Amenities are described as ‘best in class’ with a second-floor courtyard and terrace with a pool, hot tub, cabanas and outdoor seating. There is also a fitness center, business center, a covered parking garage and covered bicycle parking.
The loan was closed by Ken Bower, senior vice president at Oak Grove Capital.
Thor Equities acquires 98 Morningside Avenue In Harlem
New York—Thor Equities has acquired 98 Morningside Avenue, a seven-story, 48-unit rental building located directly across from Morningside Park in Harlem, company executives announced.
98 Morningside Avenue is situated near Columbia University’s campus in Morningside Heights, within walking distance of Central Park, and one block west of Frederick Douglass Boulevard, Harlem’s new Gold Coast. The building is also ideal for commuters, with a number of subway stops located nearby on 125th Street.
98 Morningside Avenue is surrounded by several new and converted residential buildings including 99 Morningside Avenue, a new condominium development; 92 Morningside Avenue, currently being redeveloped as rentals; and 88 Morningside Avenue.
Thor Equities owns a number of additional residential properties on the Upper West Side including 120-125 Riverside Drive, 150 West 82nd Street, 838 West End Avenue, and 840 West End Avenue.
29th Street Capital expands in Denver
Denver—29th Street Capital (29SC) has added Asbury Plaza Apartments to its portfolio. The 110-unit apartment community is located in the southeast submarket of Denver immediately east of I-25, within walking distance of a pedestrian bridge that will connect to the RTD Colorado light rail station.
29SC has plans to invest $850,000 ($7,700 per unit) to improve the property. Targeting improvements with upgrade the roof, window, landscaping, corridors and resident amenities, including the barbecue area and rooftop deck. New appliances, countertops, fixtures, lighting and flooring and planned for the interiors.
The acquisition closed on March 12, and is 29SC’s eighth purchase in the past eight months. The seller was a private ownership group.