Phoenix Realty Group Buys 600 Units in Colorado
- Dec 03, 2014
Aurora, Colo.—Phoenix Realty Group has expanded its national apartment portfolio with the acquisition of a 600-unit community in Aurora, Colo., known as Chelsea Park Village. The community sits at 11850 East Maple Ave., about nine miles west of downtown Denver. Sandler O’Neill + Partners L.P. served as financial advisor and sourced joint venture equity for PRG in the acquisition. David Potarf and Dan Woodward of CBRE represented the seller in the transaction and procured the buyer. The transaction price was not disclosed.
“With its close proximity to Highway 225 and the expanded Denver RTD light rail system that will open in 2016, the property is situated in a key area with great potential to meet the expanding needs of the market,” says Keith Rosenthal, president of PRG. “Denver has proven to have a dynamic economy, and this complex provides housing to the area’s growing population in a unique and expansive campus-like setting, distinguishing it from other apartment communities in the area.”
Situated on approximately 47.5 acres, Chelsea Park Village is currently 97 percent occupied and consists of 47 residential buildings. Amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with a surrounding patio seating area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground.
GE Capital, Prudential provide $140M for California apartment refinancing
Aliso Viejo, Calif.—NorthMarq Capital’s Los Angeles office has arranged the $140 million refinance of Aliso Creek Apartments, a 535-unit asset located at 24152 Hollyoak in Aliso Viejo, Calif. Michael Elmore, executive vice president/managing director of NorthMarq’s L.A. regional office closed the high leverage loan, which paid off tax exempt bonds and two subordinated deeds while providing working capital to renovate the formerly rent restricted units. The transaction was structured with a three-year interest-only term plus two 12-month extension options.
“GE and Prudential teamed up on this complex transaction and closed it in 45 days to accommodate the clients’ business plan and strict payoff dates,” says Elmore.
Eastern Union arranges $6M for refi of Manhattan mixed-use
New York—In a deal characterized by the real estate professionals involved as one with “many moving parts,” Eastern Union Funding closed $6 million to refinance a mixed-use located at 14 Saint Mark’s Place in Manhattan.
Eastern Union, one of the fastest growing commercial real estate brokerages serving the national sector, lined up a 10-year term with an interest rate locked-in at 4.5 percent, non-recourse. The funds were secured through Ladder Capital.
The five-story, nine-unit building is owned by 40-year industry veteran Robert Galpern, owner of African American Small Property Owners Group Inc., a Manhattan-based operator and real estate professional who currently owns seven buildings in the city—including 14 Saint Mark’s, purchased in 1993. The loan was arranged by Eastern Union President Ira Zlotowitz and Shaya Sonnenschein, senior managing director.
Sonnenschein was recently promoted to partner with Zlotowitz on all deals, and was listed on Commercial Observer’s “25 on the Rise” feature, which highlights outstanding real estate professionals under the age of 35. This deal is one of the presidential duo’s first closings since the new internal arrangement.
It was defined by both real estate professionals as a chess match.
“This was a complex deal because our client has multiple uses for the property, so a cookie-cutter loan wouldn’t cover all the nuances,” Zlotowitz says. “We could close it because we had a strong borrower whose asset has major upside potential, but by no means was this your typical refi.”