TODAY’S DEALS: KeyBank Real Estate Capital Closes $34M for Student Housing Property, and Other Transactions
- Aug 15, 2008
By Anuradha Kher, Online News Editor Fort Collins, Colo.; Lafayette, La.; Richmond, Va.–KeyBank Real Estate Capital recently closed three loans totaling approximately $34 million for Campus Apartments. All three loans are variable rate advances from a Fannie Mae Credit Facility that closed in January. Approximately $17 million will be used to refinance Campus Crossings at Ram’s Pointe, a 192-unit (660-bed) building built in 1997 in Fort Collins, Colo. Another $13.8 million will be used to refinance Campus Crossings (pictured) at Lafayette, a 144-unit (528-bed) building built in 1999 in Lafayette, La. Both of these loans have three-year terms. Campus Apartments is taking advantage of Fannie’s low-yield variable rate discount mortgage-backed security (DMBS) interest rate structure, made possible by KeyBank Real Estate Capital’s standing as a Fannie-approved DMBS lender. The third loan was a $3.2 million advance used for the acquisition of The Sydnor & Hundley Building, a 54-unit (73-bed) Art Deco building built in 1932 in Richmond, Va. The DMBS structure also applies to this advance, which is composed of $800,000 in a three-year loan and $2.4 million in five-year variable rate financing.341-Unit Apartment Community Sold for $15.8MCape Girardeau, Mo.–Hendricks & Partners recently arranged the sale of Cape La Croix (Phase I, II, III & IV), located at 430 South Spring St. in Cape Girardeau, Mo. The 341-unit apartment community was sold for $15,800,000.Built in four phases between 1970 and 1987, Cape La Croix features one-, two- and three-bedroom units in 29 two-story residential buildings as well as a clubhouse featuring a fitness center and outdoor swimming pool, laundry center and two leasing centers. Marcus & Millichap Lists 304-Unit Community for $13.5MMarietta, Ga.–Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Glenbrooke Apartments, a 304-unit multifamily community in Marietta, Ga. The listing price of $13.5 million represents $44,408 per unit.“Glenbrooke Apartments is an excellent opportunity for an investor to acquire a great apartment community in an area with strong demographics,” says David Wilson, investment specialist in the Atlanta office of Marcus & Millichap, who is representing the seller along with Robert Zeff. “The Franklin Road corridor continues to show great rent growth potential, due to the overall strong Cobb County submarket and increasing Atlanta fundamentals of the rebounding apartment market.”Glenbrooke Apartments is located at 750 Franklin Rd. and features one-, two- and three-bedroom units. Interior amenities include electric ranges/oven, dishwasher, washer-dryer connections and private patio and balconies. Community amenities include a swimming pool, lighted tennis court, playground, picnic area and pet-walking trails.