Lee & Associates Sells a 358-Unit Asset in Long Beach
- Feb 29, 2012
Long Beach, Calif.—Lee & Associates-LA North/Venture has transacted the sale of Southwood Gardens, a 358-unit community located at 5601 Paramount Ave. in Long Beach, Calif. Lee principals Jim Fisher and Mike Smith represented both the buyer, Interstate Equities Corporation, and the seller, JH Real Estate Partners, in the off-market transaction. Terms of the sale were not disclosed.
“IEC is excited to add Southwood Gardens to its local portfolio, which already includes the 149-unit Olivewood Apartments in Lakewood,” says Fisher. “This acquisition will allow them to take advantage of greater economies in managing both assets. Income at Southwood Gardens has been steadily improving, and the location and unit mix, coupled with the fact that this property is not rent-controlled made this asset very attractive.”
The property consists of 33 two-story buildings on 33 individually deeded lots. There is a mix of one-, two- and three-bedroom units.
Beech Street Capital provides $9.5M loan for Miami acquisition
Miami, Fla.—Beech Street Capital LLC has provided a $9.5 million Fannie Mae conventional loan for the acquisition of Oak Grove Apartments, a 369-unit community located in Miami, Fla. The transaction was originated by Meridian Capital and financed by Beech Street as part of its correspondent relationship with Meridian. The firm was able to complete the underwriting package and was positioned to rate lock prior to the 15 day due diligence period.
“It would have been great for a savings bank and is remarkable for an agency loan,” says David Hayum of Meridian Capital. “Beech Street was also able to provide the borrower with their revised request loan term of five years at the original application amount of $9.5 million versus a 10-year loan term.”
Oak Grove Apartments has undergone over $2 million in capital improvements and the current borrower plans to make renovations to units upon turnover. Common amenities at the asset include gated access, three swimming pools and a barbecue area.
NorthMarq arranges $20.1M mortgage/bridge loan for portfolio
Eugene, Ore.— Stuart Oswald, senior vice president and managing director of NorthMarq Capital’s Seattle Regional office, arranged first mortgage/bridge loan of $20.1 million for a senior housing portfolio with a combined total of 136 units.
The portfolio consists of two assets – a 49-unit/79-bed Memory Care Facility in Eugene, Ore. and an 87-unit Independent Living and Assisted Living Facility in Klamath Falls, Ore. Financing was arranged for the borrower by NorthMarq through its relationship with an institutional bridge lender.
According to Oswald, this cross-collateralized loan enabled the borrower to refinance the first asset and purchase the second asset with a non-recourse loan, with a competitive rate and flexible prepayment and release provisions.