Omninet Capital Buys Value-Add Portfolio in Tucson
- Aug 20, 2014
Tucson, Ariz.—Omninet Capital has acquired a 1,166-unit portfolio in Tucson from Gaines Investment Trust. The transaction marks the buyer’s entry into Tucson. Both firms are based in California.
The Greater Phoenix office of Colliers International brokered the $34.7 million sale on behalf of Gaines. Omninet was self represented. All assets were built netween 1973 and 1984. They include:
- Sedona Springs, 373 N. Wilmot Road
- Sienna Ridge, 5353 E. 22nd St.
- Summit Ridge, 1252 S. Craycroft Road
- Verrano Park, 6850 E. Gold Links Road
“We received multiple offers on the portfolio but it was Omninet’s terms that won them the deal. No other buyers were able to match how fast they could remove contingencies and close on the properties,” says Brad Cooke, a vice president a Colliers who worked alongside senior executive president Cindy Cooke on the deal.
It has been a busy summer for the Cooke team. They announced a 2,759-unit, $168.5 million sale in Phoenix in late July. According to Colliers, the most recent sale is the largest multifamily portfolio by units sold in Tucson since 2010 (when Cooke Multifamily Investments closed a 2,913 unit portfolio.
Hunt Mortgage Group provides $5.5M refinance for California apartments
San Leandro, Calif.—Hunt Mortgage Group has provided a full-term interest-only Fannie Mae loan for $5.5 million to refinance Terrace Garden Apartments, a 77-unit community situated on 2.2 acres in San Leandro, Calif. The 1964-built property features a fenced sundeck area with a pool, a basketball court and a media room.
“The borrower is a repeat Centerline now Hunt customer that has over 20 years of experience in multifamily ownership and management,” says Krage Olrich, vice president at Hunt Mortgage Group. “The loan is a 10 year full term interest only loan which is attractive because it substantially increases the borrower’s cash flow. The facility was provided in a rapid 56 days from application to close and proceeds from the cash out refinance will be used to grow the business.”
San Leandro is located in Alameda County, in the San Francisco-Oakland-Fremont MSA. San Leandro is on eastern shore of the San Francisco Bay sandwiched between Oakland and Hayward. Terrace Garden Apartments is located approximately three miles south of San Francisco’s central business district and 15 miles south of Oakland’s central business district.
“The local market is strong with no reported plans for any new units to be added to market inventory within the submarket,” adds Olrich. “Terrace Garden Apartments is at 100 percent occupancy and outperforms the submarket’s average 98.3 percent occupancy. This was a solid deal for Hunt.”
Largo arranges $10.5M in financing for properties in New York state
Buffalo, N.Y. —Zach Casale, account executive of The Largo Group of Companies, arranged $10.5 million in non-recourse financing for a multifamily property in downtown Buffalo, N.Y., and a mixed-use property in Ithaca, N.Y.
The first property, Graystone Apartments, is a 42-unit apartment building in downtown Buffalo featuring one- and two-bedroom units with updated, high-end amenities. The six-story Italian Renaissance building was listed on the National Register of Historic Places, as it architecturally serves as one of the earliest examples of reinforced concrete technology in the construction of large-scale multi-story buildings in the United States. Casale secured a five-year fixed-rate loan with 25-year amortization for the borrower through one of Largo’s correspondent lenders.
The second property, Gateway Commons, comprises both residential units and commercial space in Ithaca, N.Y. The 25 residential units feature one, two and three-bedroom configurations. The property is conveniently situated less than one mile from Cornell University and two miles from Ithaca College, and is within walking distance of Ithaca Commons, a two-block pedestrian mall in downtown Ithaca. Casale arranged a 10-year fixed rate loan with a two-year interest only period and 30-year amortization for the borrower.