Praedium Buys Massachusetts Apartments from Wood Partners JV

Wood Partners and Bavin Inc. complete a Boston-area disposition; Canada’s Starlight Fund finds value in Florida; and Berkadia arranges $18.5 million for affordable and student housing.

WP - Alta Legacy Farms ExteriorHopkinton, Mass.—A joint venture between Wood Partners and Bavin Inc. has sold Alta Legacy Farms, a 240-unit multifamily asset in Hopkinton, Mass., to an affiliate of The Praedium Group for $59.5 million. CBRE New England represented the seller in the transaction. Hopkinton is about 25 miles west of Boston.

The $45 million development opened for lease in July 2013 and was completed in March 2014. It consists of seven three-story garden-style walkup buildings and a clubhouse building situated on 18 acres. Alta Legacy Farms is part of a greater 730-acre mixed-use suburban master-planned community called Legacy Farms. A quarter of the units have been classified as affordable for residents earning 80 percent or less of the AMI. Amenities include a tasting lounge, billiard room, coffee bar, media room, business center, cyber café, theater fitness center, outdoor lounge with a fire pit and grilling station, a dog park and a pool with sundeck.

Canada’s Starlight Fund finds value in Florida

Heathrow, Fla.—Toronto’s Starlight U.S. Multi-Family (No. 4) Core Fund has acquired Pure Living Heathrow, a 252-unit, garden-style, Class A community located at 740 Savory Place in Heathrow, Fla. The 2009-built asset had a $44.8 million purchase price. The fund secured roughly $37 million in financing for a three-year term with two one-year extensions at a blended interest rate of 3.42 percent.

Pinnacle Family of Companies will run daily operations as property manager. Occupancy stood at 94.1 percent as of May 6. Amenities at the asset include a large clubhouse, a separate rooftop party room, a fitness center, business center, zero edge swimming pool, an infinity edge spa, barbecue grills, a dog park, putting green and a sand volley ball court.

Berkadia arranges $18.5M for affordable and student housing

Seattle—The Seattle office of Berkadia recently originated $18.5 million in financing for three properties located in Washington and Montana. Senior Vice President Jeff Stuart secured the fixed-rate loans.

Stuart worked with borrower Investors Capital Group LLC to arrange $12.2 million through Fannie Mae to refinance Maple Crossing Apartments, an affordable housing property located in Maple Valley, Wash., approximately 25 miles southeast of Seattle. The seven-year, full-term, interest-only loan features a 3.35 percent interest rate and 65 percent loan-to-value ratio. Built in 1993, the 172-unit property features one-, two- and three-bedroom floor plans. Amenities include a playground, fitness studio and garages. The property is currently 98 percent occupied.

Additionally, Stuart secured $3.2 million for the refinancing of another affordable housing property, Wildflower Apartments, located in Missoula, Mont. He again worked with borrower Investors Capital Group LLC to arrange the loan through Fannie Mae. The full-term, interest-only loan includes a seven-year loan term, 3.35 percent interest rate and 55 percent LTV ratio. The 96-unit property features one-, two- and three-bedroom floor plans, and amenities include a playground, on-site laundry and garages. The property is currently 95 percent occupied and was built in 1993.

Stuart also recently provided a $3.1 million loan through a National Bank for Sophie Court Townhomes, a student housing property located in Lynnwood, Wash. The 10-year loan, arranged for borrower Butler Development, features a 3.6 percent interest rate and 30-year amortization schedule. Located approximately 17 miles north of Seattle, the fully occupied property consists of 14 three- and four-bedroom units, and features amenities such as parking and private patios. It was built in 2008.