TODAY’S DEALS: Phoenix Realty Group Makes Condo Bulk Purchase for $18M, and Other Transactions
- Apr 01, 2009
By Anuradha Kher, Online News EditorPalisades Park, N.J.–Phoenix Realty Group (PRG) has purchased 71 units in The Trio (pictured) high-rise condominium project in Palisades Park, N.J., for $18M. The property comprises two adjacent nine-story towers featuring 140 units and a 200-space attached parking structure. The unsold units and parking spaces were purchased by PRG’s Metropolitan Workforce Housing Fund.These units will be offered for lease, and future tenants will enjoy the property’s condo-level amenities and finishes.Ralph Raciti, PRG managing director, says that the acquisition represents a near perfect intersection of PRG’s market focus and real estate experience. “By acquiring highly desirable real estate at prices not seen since early in this decade we’re able to hold valuable assets for appreciation while leveraging our development and operating experience in the near term. With $350 million in capital to invest in distressed condominium, multifamily and mixed-use residential properties, we are in an excellent position to acquire high-quality properties throughout the greater New York market.”The one- and two-bedroom units range in size from 742 sq. ft. to 1,751 sq. ft. with high-end finishes in kitchens and baths and building amenities that include doormen, fitness centers, meeting rooms and a media center. Meridian Capital Group Arranges Financing of Over $8M for 144 Rental Units in SoCalLos Angeles–Meridian Capital Group has arranged financing in the amount of $8,450,000 for three Southern California properties located on S. Westlake Avenue, N. Cherokee Avenue and Hobart Boulevard in Los Angeles.The properties consist of a total of 144 residential units. Meridian Capital was handed the loan assignment several months ago by a large fund operator that currently owns and operates over 6,000 units. The fund’s business plan was to buy these severely under-managed properties and maximize their value. The properties were purchased over the last few years, have undergone extensive renovations and currently have strong operating fundamentals. In turn, Meridian was able to identify a national portfolio lender that liked the strength of the borrower, their strong business model and extensive experience. The lender provided five-year fixed rate loans at 5.75 percent with flexible prepayment penalties and attractive five-year fixed rate options at the end of their terms.