Lincoln Completes Largest Texas M-F Sale of 2014

ARA brokers Lincoln Property Co.'s sale of a 784-unit asset in Irving, Texas; NorthMarq Capital completes a $20.5 million refinance for a San Francisco property; and Dougherty Mortgage closes $5.5 million for an affordable asset in St. Paul, Minn.

Dallas - Lincoln Las Colinas 1Irving, Texas—Today we have an announcement of a big sale in a state known for doing big things. Lincoln Property Co., with the help of brokerage firm ARA, has sold Lincoln Las Colinas, a 784-unit apartment community in the Las Colinas neighborhood of Irving, Texas. While the property was picked up for an undisclosed price by institutional investors advised by J.P. Morgan Asset Management, the sale was among the largest single-asset multifamily transactions in state history, according to ARA.

“Lincoln Las Colinas is one of the nicest multifamily properties ever developed in the Dallas/Fort Worth Metroplex,” states ARA Dallas’ Brian O’Boyle, Sr. “It was built in two phases in 2010 and 2013 and showcases two different architectural styles.” Dallas - Lincoln Las Colinas 3

Phase I consists of 510 units in both a wrap style and a garden style, while Phase II consists of 274 units in a garden style. The property is differentiated from its competition by its 252 on-site garages and scenic views due to its waterfront location on Las Colinas’ Lake Carolyn.

“Lincoln Las Colinas’ timeless construction, its location on the lake, and its proximity to the Irving Convention Center and the new DART Orange Line, among the most desirable DART lines in Dallas, has rendered this community irresistible to residents,” adds Brian Murphy, also of ARA’s Dallas team. Occupancy currently stands at 96.3 percent.

NorthMarq completes $20.5 million refinance for San Francisco property

San Francisco—Dennis Williams, managing director and Brian Esquivel, assistant vice president of NorthMarq Capital’s San Francisco based regional office, arranged the $20.5 million refinance of Pacific Terrace, a 41-unit market rate multifamily property with 2,500 square feet of ground floor retail in the Russian Hill neighborhood of San Francisco.

The transaction was structured as a seven-year fixed rate loan with a 27-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a life company.

“We were fortunate to have the opportunity to provide both the initial construction loan and the take-out permanent financing for this outstanding asset located in one of San Francisco’s best neighborhoods,” says Williams. “The permanent fixed rate loan provided by the life company lender excelled in both proceeds and rate. The closing process was praised by all parties involved.”

Dougherty Mortgage closes $5.5M for Minnesota affordable apartments Josephs Pointe at Upper LandingPR

St. Paul, Minn.—Dougherty Mortgage has originated a $5.5 million loan to refinance Joseph’s Pointe at Upper Landing, a 90-unit affordable housing community located in St. Paul, Minn. All units at the 2004-built property are restricted at 60 percent or below the area median income.

The 35-year term, 35-year amortization loan was arranged for borrower Chestnut Housing LP. Dougherty Mortgage LLC is a full service mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types.