Lyon Communities Closes Two Lease Up Loans
- Feb 24, 2015
Santa Ana & San Marcos, Calif.—Lyon Communities has secured $166.7 million in financing for two recently constructed, Class A assets in Southern California. HFF arranged an $88 million, 10-year, 3.32 percent fixed-rate loan for The Marke at South Coast Metro and a $78.7 million, 3.323-percent, fixed-rate loan for Palomar Station. Both loans were financed through Freddie Mac’s premiere lease-up program—The Marke and Palomar Station were 63 and 55 percent occupied at closing, respectively.
The Marke is situated on 4.44 acres at 100 East MacArthur Blvd. in Santa Ana. It was completed in 2014 and features 300 units. Palomar Station was also completed in the same year, and features 370 units. Both assets were developed by Lyon, and feature high-end amenity packages.
The HFF team representing Lyon was led by managing director Charles Halladay and real estate analyst Sebastian Trujillo.
NorthMarq Closes $61.5M for Pennsylvania Assets
Allentown, Pa.—NorthMarq Capital’s Greater Westchester New York/Connecticut office has secured $61.5 million in refinancing for Congress Apartments, Quarkertown West and Antietam Arms, three multifamily properties located in Pennsylvania. Robert Ranieri, senior vice president/managing director, closed the Freddie Mac deals, which offered 80 percent cash out financing on seven-year loans.
- Congress Apartments is located at 1207 East Congress St. in Allentown, Pa., and features 548 units. It received refinancing of $36.3 million.
- Quakertown West is a 264-unit asset located at 491 South Ninth St. in Quakertown, Pa. It received refinancing for $18.2 million.
- Antietam Arms is a 148-unit asset located at 850 Carsonia Ave. in Reading, Pa. It received refinancing for $7.0 million.
Hunt Mortgage funds $11M refinancing
New York—Hunt Mortgage Group announced that it has provided an $11 million Fannie Mae loan facility to refinance a multifamily property located in St. Louis.
Brazilia Apartments is a 328-unit garden style apartment community that is comprised of six, three-story apartment buildings developed in 1971, situated on a 9.62 acre parcel of land. Located at 1194 Casa Brazilia Court, the property also consists of a three-story office building known as Brazilia Plaza. The term of the loan is 10 years with amortization based on a 30 year schedule with no interest only. Yield maintenance applies during the first 9.5 years. The borrower is a single asset entity formed to provide ownership of the property.
The borrowers are experienced commercial real estate investors that are repeat Fannie Mae and Hunt Mortgage Group clients, said Steven Cox, managing director at Hunt Mortgage Group. Hunt has financed a total of 11 transactions with this borrower.
The unit mix consists of 116 one-bedroom, one-bathroom units, 182 two-bedroom, two bathroom apartments, and 30 three-bedroom, two-bathroom units. Project amenities include laundry rooms, a pool and a playground. Parking is made available on site with 497 open parking spaces.
The deal team at Hunt included Cox and Ian Monk.