RADCO Completes Third 2015 Buy with Clearwater Apartments
- May 08, 2015
Clearwater, Fla.—The RADCO Cos. has completed its third deal of 2015—and now owns its second asset in Florida—thanks to the $34.2 million purchase of Bay Meadows. The 276-unit multifamily property sits on 21.6 acres within the master-planned community of Feather Sound Country Club in Clearwater, Fla. The deal was financed with a mix of Freddie Mac financing and private capital.
The 1985-built property has 200 one-bedroom units, 76 two-bedroom units and an amenity package including a pool overlooking a lake, a fitness facility, office space and a 2,500-square-foot leasing center. RADCO plans to invest $3.55 million in capital improvements at the asset. Part of the plan includes rebranding the asset Ashford at Feather Sound.
In February RADCO bought the 228-unit City Park Clearwater. The first has two additional properties under contract in Atlanta that are set to close this June. For more info on RADCO’s strategy, be sure to check out MHN’s in-depth company profile by Executive Editor Keat Foong.
OpenPath kicks off value-add play with Colorado acquisition
Colorado Springs, Colo.—OpenPath Investments has acquired a 220-unit Class B+ property in Colorado Springs known as Cheyenne Crossing. The sales price was $25 million. Advenir was the seller—according to Yardi Matrix data—having picked up the property back in September 2011 for $19.2 million.
The asset fits with OpenPath’s strategy of acquiring workforce housing properties with operational upside. Improvement plans include curing minor exterior capex, closing the gap between in-place rents, conducting light interior renovations in 41 units and adding washer/dryers inside units.
Quantum Capital arranges $33M refinancing
Los Angeles—Mortgage banking firm Quantum Capital Partners has secured a $33 million short-term bridge loan for Los Angeles-based developers Illusion Holdings LLC and Ocean Blue Investments LLC to refinance The Medallion, a luxury apartment and retail development in downtown Los Angeles.
Located at Fourth and Main in downtown Los Angeles’ historic core, The Medallion features 96 luxury studio, one- and two-bedroom apartments, 80,000 square feet of street level retail and a 275-car parking garage. A fully entitled two-acre development site adjacent to the improved property also secures the loan. Slated for the 300-unit second phase of the Medallion development, the development site is currently leased to a parking lot operator.
The sponsors were challenged to refinance the existing debt, which was in maturity default, within a short time frame. Quantum identified a lender who could underwrite and structure the financing quickly with a certainty of execution. From application to funding, Quantum Capital Partners Managing Directors Jonathan Hakakha and Mike Yim completed the financing assignment in 10 days.
Once the street level space is stabilized, the sponsors will move forward with its development plans on Medallion 2.0 to meet the continuing demand for housing downtown.