TODAY’S DEALS: Northland Acquires 2,985-Units Portfolio for $270M, and Other Transactions

By Anuradha Kher, Online News EditorAustin, Texas–Northland Investment Corp.’s Northland Fund III has acquired a portfolio of nine Class A communities comprised of 2,985 apartment units for $270 million. The transaction is the largest multifamily acquisition in Austin’s history.The newly acquired portfolio includes River Stone Ranch (pictured), Sedona Springs, The Arboretum at Stonelake, Madison at the Arboretum, Village Oaks, Madison at Scofield Farms, Madison at Walnut Creek, Madison at Wells Branch and Madison at Stone Creek. With this acquisition, Northland’s Austin portfolio totals 4,500 apartment units. “This acquisition follows one of our core strategies of building a significant presence in select information technology markets where we can apply our management skills to enhance value for our investors,” says Steven P. Rosenthal, CEO of Northland Investment Corp. “Austin is expected to exhibit the strongest job growth in the nation over the next five years, and this portfolio is well positioned to benefit from that growth.”KeyBank Real Estate Capital Furthers Commitment to Agency-Backed Lending with $47 Million in Deals Jersey City, N.J. and New Castle, Del.–KeyBank Real Estate Capital recently closed Fannie Mae loans for two multifamily properties totaling more than $47 million. The properties are located in Jersey City, N.J. and New Castle, Del. The first loan, for $33.8 million, will finance the pre-stabilization of Cliffs at Jersey City, a Class A mid-rise multifamily property in Jersey City. The borrower, Brass Works Urban Renewal Co. LLC, was given a five-year, full-term, interest-only Fannie Mae loan. The second loan, for $13.8 million, will finance the acquisition of Hampton Walk, a Class B garden-style multifamily property in New Castle. The Fannie Mae loan will be used to renovate the units at Hampton Walk. The borrower, KGL Holdings Hampton Walk, LLC, will also use the financing to purchase an additional property in the area.HFF Arranges $33.5M Refinance of Back Bay ApartmentsBoston–HFF (Holliday Fenoglio Fowler, L.P.) recently secured a $33.5 million refinancing for St. Germain Apartments, a 207-unit brownstone apartment complex in Boston’s prestigious Back Bay neighborhood.Originally built in 1900 and renovated in 1998, St. Germain Apartments features 48 brownstone buildings with studio, one- and two-bedroom units averaging 705 sq. ft. each. The property offers 12 designated parking spaces at a surface lot at the corner of Dalton and St. Germain streets. Comprising one full city block in Boston’s Back Bay, St. Germain Apartments is convenient to Newbury Street, Fenway Park, Hynes Convention Center, the Prudential Shops and numerous MBTA subway and bus stops.“This is the second financing HFF has arranged for The Abbey Group with Helaba,” says Herron. “In 2006, a construction loan was arranged for the development of 45 Province St., a luxury condominium development under construction in Boston’s Downtown Crossing. This made the process seamless as lender and borrower had prior experience working together.”