NorthMarq Refinances San Diego Apartment Asset
- May 20, 2014
San Diego—NorthMarq Capital’s San Diego regional office has refinanced a 356-unit apartment in San Diego. Tierranta Ridge Apartments was refinanced at $52 million with a 10-year term and 30-year amortization schedule. NorthMarq’s Marty Meagher and Gardiner Champlin arranged the financing for the borrower through the firm’s AmeriSphere Fannie Mae DUS platform.
“AmeriSphere and Fannie Mae coordinated closely to win this highly desirable business for a major private investor,” says Meagher. “All key waivers and approvals were secured very efficiently, resulting in a rate lock 12 days after application. Closing occurred on the borrower’s desired schedule—57 days after application—and the lender provided exceptional service for this important borrower.”
Southwest Montana Properties nabs 90 units in Texas
Burkburnett, Texas—ARA has brokered the sale of 90-unit asset in Burkburnett, Texas, about five minutes south of the Oklahoma/Texas border. The ARA Dallas Secondary Markets team of Bart Wickard, Steven Hahn, and Brian O’Boyle, Jr. led the exclusive marketing effort of Burkburnett Residences on behalf of an undisclosed seller. Bozeman, Mont.-based Southwest Montana Properties picked up the 95.6 percent occupied asset for an undisclosed price.
“We’re delighted to enter the fast-growing Texas market with such an attractive asset,” says Chad Laird, managing director at Southwest Montana Properties. “We’ll begin immediately executing a capital improvement program specifically targeted to accentuate the luxury appeal of Burkburnett Residences, further setting it apart as the premier multifamily community in the area, maximizing its fundamentals, and thereby amplifying yield for our investor community.”
Burkburnett Residences was built in 2007 and features a swimming pool, attached and detached garages, pet stations, storage space and patios or balconies.
Dominium acquires affordable housing community in Florida
Homestead, Fla.—Dominium announced the acquisition and renovation of the Redland Arms Apartments, an affordable housing development in Homestead, Fla.
Acquired in March of 2014, the 66-unit, Section 42 community will receive both internal and external upgrades, including improvements to fitness room, new furniture and fixtures for the community room, as well as landscape improvements and fresh paint on exterior buildings.
“We are excited to add Redland Arms to Dominium’s presence in Florida’s affordable housing market. It is a great property and we are looking forward to improving the experience for all the residents.” says Ryan Lunderby, developer for Dominium.