Massachusetts Buyer Finds Value Outside Atlanta
- Mar 10, 2015
Peachtree Corners, Ga.—A 440-unit, garden-style apartment community located in the Atlanta suburb of Peachtree Corners has traded hands for $24 million. Massachusetts-based Aspen Square Management acquired Bristol Court from Dallas-based ORIX.
The 1983-built community is located at 3655 Westchase Lane, close to I-85 and I-285 and the employment centers at Technology Park Atlanta, The Forum and Peachtree Square. Amenities include two pools, two sports clubs, a fitness center, clubhouse, playground and nature trails.
Berkeley Point arranges $24.2M for Utah senior housing
Provo, Utah.—Berkeley Point Capital has closed a $24.2 million Freddie Mac seven-year fixed-rate loan with an interest only period for ROC|Seniors Housing Fund Manager LLC’s purchase of the Courtyard at Jamestown, a 132-unit assisted living and dementia care community.
The financing closed in under 45 days. The 1999-built property is located in the northern portion of Provo, about three miles north of the city’s CBD.
Capital One Bank closes $7.3M Fannie Mae loan
Bethesda, Md.– Capital One Multifamily Finance announced today that it has provided a $7.3 million Fannie Mae fixed-rate loan to refinance Rodeo Mobile Estates, a 204-space senior manufactured housing community (MHC) located in Soquel, Calif., near Santa Cruz.
Damon Reed, senior vice president and Capital One Multifamily’s director of MHC Finance, originated the transaction. The key principals, repeat customers of both Capital One and Reed, have owned the community since 1998.
The principals’ priorities were to generate funds to maintain the property and locking in lower interest rates for the next 10 years. The sponsors were aware that interest rates could rise before their existing loan matured in 2016, Reed said. They determined that the best course of action for them was to absorb the prepayment penalty and refinance early. In the process, they reduced their interest rate by nearly 200 basis points.
Built in 1975, this four-star community offers a suite of amenities that includes a clubhouse with billiards, game room, and library, as well as a pool, shuffleboard court and laundry.
The 10-year fixed-rate loan has 9.5 years of yield maintenance and a 30-year amortization payable on an actual/360 basis.