NorthMarq Capital Secures $52M in Financing for 20 Years
- Jan 27, 2015
San Francisco—Dennis Sidbury, senior vice president of NorthMarq Capital’s San Francisco-based office, secured $52 million in financing for the acquisition of Rosemeade at Olympus Pointe, a 465-unit multifamily property located at 1451 Rocky Ridge Drive in Roseville, Calif.
The transaction was structured with a 20-year term with three years interest only and a 25-year amortization schedule. NorthMarq arranged financing for the transaction, a joint venture between entities SyRES Properties LLC (a Syufy Enterprises company) and ConAm Properties LLC, through its correspondent relationship with a life insurance company.
The seller will remain as property manager and carry a minority interest in the new borrowing entity. “This transaction is an ideal fit for SyRES Properties and we plan to continue to grow our portfolio with similar high-quality acquisitions,” said Glen Ceridono, senior vice president for the firm and head of acquisitions.
Bell Partners Grabs 208 Units in Raleigh Area
Apex, N.C.—Bell Partners Inc. has acquired Village Summit, a 208-unit garden-style community in the Raleigh suburb of Apex, N.C. The property has be rebranded Bell Apex and will be managed by Bell Partners.
The 2013-built asset was developed by Halle Companies. Occupancy stood at 96 percent at the time of sale. Property amenities include a clubhouse with resident lounge area, a coffee bar, fitness center, game room, billiards room and computer work stations. The community also features a swimming pool with cabanas, an outdoor fireplace and grilling areas.
“The acquisition of Bell Apex is well aligned with the Bell Partners investment strategy of purchasing well located, high quality apartment communities in our target markets,” said Joseph Cannon, senior vice president of investments at Bell Partners.
In 2014, Bell completed more than $2.6 billion in apartment transactions.
JRK buys brand new Orlando asset
Orlando, Fla.—JRK Property Holdings has acquired Citra at Windermere, a 360-unit, garden-style community in Orlando’s Windermere submarket. The purchase capped off a 2014 campaign where the Los Angeles-based investor bought $700 million worth of apartment assets for the year.
“We believe Citra is an ideal addition to JRK’s growing Orlando portfolio,” said James Bloomingdale, JRK’s senior vice president and head of acquisitions. “Orlando’s expanding employer base and potential for continued rent growth make it one of our target markets.”
RK plans to invest $1.5 million across the property; enhancements will include a state-of-the-art fitness center, a resort style pool, a best-in-class community center, bocce ball courts and a putting green.