Passco Buys a Class A Community in Indiana
- May 29, 2013
Noblesville, Ind.—Passco Companies has added a 280-unit Class A asset located in the Indianapolis suburb of Noblesville to its portfolio, which now totals 33 communities. The property is known as Autumn Breeze and was 95 percent leased at the time of acquisition. CBRE Group Inc. represented both the buyer and seller in the deal.
“The acquisition of Autumn Breeze is consistent with our business plan for acquiring high quality Class A properties using all cash, in the best submarkets of cities located throughout the nation,” says Gary Goodman, SVP of acquisitions for Passco.
The 2009-built asset is located across the street from the Klipsch Music Center, a 24,000-seat outdoor concert venue, and just down the road from an open-air retail center with 80-plus retailers and restaurants. Amenities include a pool, tanning salon, billiards room, attached and detached garages, fitness center, business center, Internet café and gourmet kitchens. The community also offers employer and military discounts.
Grandbridge closes $38.3M through BB&T Real Estate Funding
Philadelphia; Overlook Park, Kan.; and Decatur, Ga.—The Atlanta office of Grandbridge Real Estate Capital has originated and closed three multifamily transactions totaling $38.3 million. The acquisition/bridge financing was facilitated through BB&T Real Estate Funding, its proprietary lending platform.
The first transaction was a $17.8 million first mortgage non-recourse bridge loan secured by Villa Medici Apartments located in Overland Park, Kan. The property is a 166-unit community that was built in 1970. The loan carried a rate at four percent with interest-only payments. Alan Tapie, SVP at Grandbridge, originated that loan for an Atlanta-based multifamily investor.
The second transaction was a $6.9 million first mortgage secured by a 29-unit/116-bed student housing asset in Philadelphia serving St. Joseph’s University. That financing was originated by Atlanta-based Grandbridge SVP Tom Wash.
Walsh also originated a $13.6 million first mortgage loan secured by Birch Grove Apartments and Sycamore Chase Apartments in Decatur, Ga., for a repeat borrower. The two garden-style assets total 332 units.
Alliant Capital originates $1.7M small loan at 3.81 percent interest
South El Monte, Calif.—Alliant Capital LLC announced today the closing of a $1.75 million refinance loan on a 52-unit garden style multifamily property built in 1983, located in South El Monte, Calif.
This transaction was originated by Don Frankman, Alliant’s director of Small Loan Production, in the Orange, California office.
The loan was closed on May 15 with a 3.81 percent interest rate and structured with a 15-year fixed rate term and a 15-year amortization.