Passco Completes $28M Buy in Durham
- Jul 19, 2013
Durham, N.C.—Passco Companies is the new owner of Encore at the Park, a 280-unit apartment community located in Durham, N.C., formerly known as Century Creek. The asset is located one mile from North Carolina’s Research Triangle Park in Durham, which employs about 40,000 people. ARA Investment services represented both Passco and the seller, joint venture partners Centennial Holding Company and The Carlyle Group.
“Encore at the Park has been a consistently solid performing asset and was an attractive acquisition for our firm because of its desirable location near the Raleigh-Durham employment hub,” says Gary Goodman, senior vice president with Passco Companies. “We will be completing minor value-add upgrades on both the exterior and interior of the property, including upgraded countertops, flooring and fixtures.”
The garden-style community was built in 2001. Amenities include a resort-style swimming pool, sundeck, executive business center, fitness center, car care center, picnic and barbecue stations, a video library and a dog park. Riverstone Residential will manage the property
Centerline provides $113.7M refinance for Northern California portfolio
Northern California—Centerline Capital Group has closed Fannie Mae DUS loans that total $133.7 million to refinance multifamily properties in North California for a single sponsor. Terms of the package of loans are for 10 years with 10 years of interest only payments.
“The borrower is an experienced owner and manager of multifamily properties,” says Richard Olrich, managing director at Centerline. “We are pleased that we were able to assist the borrower to secure these ten year full term interest only loans at very attractive interest rates.”
The Centerline team working to arrange and close the transactions included Richard Olrich, Matt Olrich, Adam Leiden, Jordan Kilbury, Blanca Terrazas and Vanessa Howes.
Walker & Dunlop closes loans for properties in the Mid-Atlantic
Bethesda, Md.—Walker & Dunlop Inc. announced that it recently provided financing for multifamily properties totaling 2,663 market-rate and affordable units:
Senior Vice President Drew Anderman led the team that structured $40,500,000 in Freddie Mac financing for Jeffrey Park and Alan Towers, located in Westchester Country, N.Y., with 10-year terms with full-term interest only. Jeffrey Park is a 461-unit multifamily community located in Scarsdale and Alan Towers, located in Yonkers, offers 132 units on over two acres.
HUD financing for Overlook Apartments, a 187-unit garden-style property, located in Hyattsville, Md., was structured by a team led by Senior Vice President Dee McClure with a 40-year fully amortizing term under HUD’s 221(d)(4) Sub Rehab program. The financing included 4 percent Low Income Tax Credits using an alternate bond structure approach that significantly reduced the negative arbitrage typically associated with tax credit transactions.