Northwestern Mutual Provides Gables with a $233M Refinance
- Aug 27, 2013
Milwaukee—Northwestern Mutual has refinanced a $233 million tranche of a $460 million portfolio loan secured by 19 apartment communities located in four states across the Sun Belt and West Coast. Gables Residential was the borrower.
“The strength of our general account portfolio allows us the flexibility to execute such a complex transaction which will provide long-term value for our policy owners,” says Felix Figueroa, director of Northwestern Mutual Real Estate Investments. “The communities included in this transaction are diversified, well located, and have proven historical success.”
The 19 communities include three communities with 1,086 apartment homes in Atlanta; two communities with 512 apartment homes in Austin, Texas; three communities with 481 apartment homes in Dallas; four communities with 1,050 apartment homes in Houston; four communities with 1,114 apartment homes in South Florida; and three communities with 412 apartment homes in Southern California.
HFF secures $21.4M for LEED Platinum development in Oregon
Portland, Ore.—HFF has secured $21.4 million in construction/permanent financing for Cathedral Apartments, a 165-unit to-be-built community in Portland, Ore. The firm worked on behalf of the borrower, St. Johns Ivanhoe, in arranging the 42-year, 4.76 percent, fixed-rate loan through Greystone. The community is anticipated to achieve LEED Platinum certification, and is poised to be the first LEED Platinum certified project HUD has completed in the nation.
The project is located at 8680 North Ivanhoe St. and is due for completion in late 2014. The project is being developed by Kessi, an Oregon-based developer with W&K Development. Community features include live-work spaces, underground parking, bicycle parking, ground-floor retail, a clubhouse with demonstration kitchen, a fitness center, pet-grooming area, interior courtyard, barbecues and a rooftop patio.
Alliant Capital completes $8.99M 10-year refi loan
Tucson, Ariz.—Alliant Capital LLC announced the closing of an $8.99 million refinance loan on Windsor Court Apartments, a 143-unit garden style multifamily property, located in Aurora, Colo. The transaction was originated by Jarett Blasberg, Alliant’s senior vice president for the West Region.
The loan was closed on Aug. 23, 2013 and structured with a 10-year fixed rate term and amortized over 30 years.