Boston—James Murphy, managing director of NorthMarq Capital’s Boston based regional office, secured the $34.4 million refinance for Parkside Commons Apartments, a 238-unit multifamily property located at 100 Stockton Street in Chelsea, Mass.
The property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company Inc. The transaction was structured with a seven-year term with five-years of interest only.
“We are grateful for the opportunity to work with one of the area’s premier multifamily development and ownership groups,” says Murphy. “The lender easily recognized the quality of this class ‘A’ LEED Silver Certified asset, along with the strength of the sponsorship and was able to provide a competitive loan structure that offered the rate and flexibility required to win the deal.”
Hoboken apartments trade hands in HFF brokered sale
Hoboken, N.J.—PNC Realty Investors Inc. has closed the sale of Curling Club Apartments in Hoboken, N.J., acting as an investment advisor to the AFL-CIO Building Investment Trust. HFF brokered the sale of the 240-unit, Class A asset, which was purchased free and clear of existing debt.
The community encompasses a full city block in the uptown Hoboken submarket between Grand and Adams Streets and 12th and 11th Streets, as well as the northern half of the block between Clinton and Grand Streets and 12th and 11th Streets. Built in 1999, Curling Club is comprised of four five-story buildings above a single level parking garage. Amenities at the pet-friendly property include a fitness center, resident’s lounge, storage units and garage parking. There is also shuttle service to the PATH station.
The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Michael Oliver out of the New Jersey office and Andrew Scandalios and Jeff Julien from the New York City office.
RADCO Cos. buys Tulsa asset for $6M
Tulsa, Okla.—The RADCO Cos. has kicked off a value-add investment play with its acquisition of a 142-unit apartment in Tulsa, Okla. The off-market transaction of Southern Slope was brokered by Raymond Lord and Benjamin Daivs of NAI Commercial Properties.
Southern Slope is RADCO’s second property in Tulsa, previously acquiring the 284-unit Ashford Overlook at West 61st Street and South 33rd West Avenue in January. The company plans to pursue additional value-added opportunities in the Tulsa and Oklahoma City markets.
“I believe in the Tulsa market, which I see as underserved. RADCO appreciates the importance of the Jenks school district, which ranks as the best in the state,” says Norman Radow, CEO & founder at The RADCO Cos. “Nothing trumps the compelling story behind what we are renaming Ashford Ridge. It is the closest apartment community to the burgeoning St. Francis Medical Center, the largest medical complex in Oklahoma. With its superior location, unparalleled views and the $20,000 per unit of capital improvements we intend to invest, this property will undoubtedly be a market leader.”
Upgrades will target units and a major overhaul of the exterior and amenities. The property will also be rebranded as Ashford Ridge.