Savanna, Pantzer Partner to Close $196M Purchase
- Mar 16, 2012
Bellport, N.Y.—Savanna has become a partner with Pantzer Properties in the ownership of Atlantic Point, a 795-unit community on Long Island, in Bellpoint, N.Y. The deal leaves Savanna with a majority interest in the asset, which the partners have recapitalized to the tune of $169.9 million.
Atlantic Point is comprised of garden-style apartments and townhomes spanning 117 acres. It is located close with the Hamptons and within an hour commute of Manhattan. Pantzer acquired the asset soon after its completion in 2004 in a two-phase process from a joint venture involving the developer, Trammel Crow Residential, and JP Morgan.
Savanna and Pantzer, both of which threw in an unspecified — albeit substantial — amount of new equity into the partnership, achieved the refinancing of the multifamily complex with a new seven-year loan consisting of a $138.6 million Freddie Mac CME first mortgage issued by Berkeley Point Capital and a $31 million mezzanine loan originated by Berkshire Property Advisors.
AREA joins with Harbor Properties, Urban Partners on Seattle initiative
Seattle—AREA Property Partners has joined forces with Harbor Urban LLC, the merged entity of Harbor Properties and Urban Partners, to develop apartment communities in the Seattle metropolitan area.
“The merging of the Harbor and Union teams brings significant benefits to both our firms, and an infusion of capital allows us to enhance and expand our commitment to communities throughout Seattle,” says Doug Daley, president and CEO at Harbor Properties.
The partnership will move ahead as a team with projects that are already on Harbor’s plate, including the 184-unit Alto Apartments, which will see completion this month in the city’s Belltown neighborhood. Additionally, construction commenced in December on Nova, a 62-unit property in West Seattle.
Beech Street provides $7.8M for refinance of apartments
Baldwinsville, N.Y.—Beech Street Capital LLC announced it has provided a $7.8 million Fannie Mae conventional loan for the refinance of Conifer Village Apartments, a 199-unit multifamily community in Baldwinsville, N.Y.
The transaction was originated by Chad Thomas Hagwood, executive vice president based out of Beech Street’s Birmingham, Alabama office.
The borrower, Jonathan Rosen of RCP General Inc., was impressed with Beech Street’s execution. “Chad Hagwood and Beech Street are like the mailman—they always deliver.”
Conifer Village Apartments has an age-restricted HAP contract which was recently extended in 2010 for 20 years at a higher rental rate, with no re-stabilization reserve required. The property outperforms market rate (non-HAP) properties and consistently remains near 100 percent occupied with a constant waiting list of residents looking for government-subsidized properties, suggesting that there is a shortage of such properties in the Syracuse market.
The fixed-rate loan has a 10-year term with a 9.5 year yield maintenance payable on a 30-year amortization schedule.