SC Bodner Co. Sells $23M Asset
- Sep 18, 2012
Mobile, Ala.—The Retreat at Schilling, a 270-unit Class A community located in Western Mobile County, Ala., has just traded hands in a sale brokered by ARA. The property was sold by SC Bodner Co., an Indianapolis-based developer, and purchased by Alabama-based LMS Cos., a private real estate investment management company. The asset was built in 2011 and was 93 percent occupied at the time of sale.
“LMS acquired this new property for an attractively low basis,” says ARA’s Sean Henry. “Mobile is a growing market and they will experience solid growth with this property. The employment in this location is anchored by medical and education providing a solid economic foundation. Growth is being fueled by new employment like the ThyseenKrupp steel mill and the coming Airbus manufacturing plant.”
Inland affiliate grabs a 272-unit new development in Florida
Bradenton, Fla.—Holliday Fenoglio Fowler has closed the sale of Lost Creek Resort at Lakewood Ranch, a recently completed 272-unit Class A community located in Bradenton, Fla. The firm represented the seller, P.A.C. Land Development in the sale of the property to an affiliate of the Inland Real Estate Group of Companies Inc.
“Lost Creek Resort at Lakewood Ranch is the first market rate rental community to be built in the Sarasota/Bradenton submarket in more than five years,” says Matt Mitchell, director of the HFF Florida multi-housing group. “With significant growth taking place in Lakewood Ranch and a quickly recovering local economy, there is significant pent up demand for high-quality apartment rentals.”
The community is situated on 24 acres within the Lakewood Ranch master planned community. Amenities include a swimming pool and spa, pool-side cabanas, a playground, dog park, on-site car wash, and a clubhouse with a computer lab, entertaining space, fitness center, and indoor basketball, volleyball and tennis courts.
Centerline Capital refinances property with $6.5M Fannie Mae loan
St. Charles (Kane County), Ill.—September 17, 2012 — Centerline Capital Group has provided a $6.5 million Fannie Mae loan to refinance a multifamily facility in St. Charles (Kane County), Ill.
Constructed in 1970 and remodeled in 1985 and 2007, Surrey Hill Apartments consists of 118 units contained in one four-story building. The borrower is Surrey Hill Apartments LLC, a family-owned and operated company. The loan term is 10 years fixed with a 30-year amortization. The new loan will reduce debt service payments by 13.4 percent.
Surrey Hills Apartments is located in the Kane County submarket in the City of St. Charles, which is approximately 38-miles west of downtown Chicago. Specifically, the subject property is located along the Main Street corridor in the northeastern portion of the city. The surrounding neighborhood consists of a mix of commercial and residential uses located to the east of the St. Charles central business district.
“The borrower constructed Surrey Hill Apartments in 1970 and has owned and managed the facility for the past 42 years,” said Steven Cox, director, Commercial Real Estate at Centerline. “The property is in good condition and is a much sought after address in this suburban Chicago city. The complex also has a very high occupancy rate of 98 percent.”
“The Kane County submarket is also well positioned to realize long-term growth and stability,” added Cox. “These factors made this a solid transaction for Centerline.”
The facility has 82 garage parking spaces and 125 surface parking spaces. Other property amenities include a community pool and pool house, two tennis courts, a laundry facility and 100 walk-in storage units. All units have either a patio or balcony.
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the U.S. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.