TODAY’S DEALS: Sperry Van Ness Completes $56.5M Sale of Senior Housing Community, and other Transactions
- Oct 02, 2008
By Anuradha Kher, Online News EditorLos Angeles–Sperry Van Ness has completed the sale of a 309-unit senior housing community (pictured) for $56.5 million to New York-based The Related Cos. The property, located at 740 S. Olive St. in Los Angeles, garnered 17 offers in three weeks and closed for $3.5 million over list price. Related will continue to run the property as affordable housing for low-income seniors. The company plans on investing another $9 million in renovations and upgrades to the property.“Senior housing is a safe investment in today’s economy, especially considering that Los Angeles county is home to more senior citizens than any other county in the nation,” says Kitty Wallace who represented the buyer and seller on behalf of Sperry Van Ness. “This sale is the perfect example that the demand for low-income housing far outweighs the current supply,” she adds.Originally built in 1922 and completely rebuilt in 1979, this non rent-control community is 100 percent occupied with a 100 person “qualified” waiting list. The property has 99 percent historical occupancy with a turnover rate of less than 10 percent. It features 33 studios and 276 one-bedroom, one-bath units with monthly rents ranging from $980 to $1,083.Arbor Closes $6,671,000 Fannie Mae DUS LoanArbor Commercial Funding LLC recently completed funding of a $6,671,000 loan under the Fannie Mae DUS product line to refinance the 210-unit complex known as Renaissance Park in Austin, Texas.The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.45 percent.A well-capitalized foreign investment group looking to make its first acquisition in Texas bought this property.Fantini & Gorga Arranges $1.4M in Permanent Financing for 27-Unit Rental CommunityBoston–Fantini & Gorga recently placed $1.4 million in permanent financing for Tahoe Gardens, a 27-unit apartment building in Taunton, Mass. Tahoe Gardens, located at 145 Highland St. in Taunton, contains 14 two-bedroom units, 12 one-bedroom apartments and one studio. The average living area per unit is 720 sq. ft. “We were pleased to be able to respond to our client’s refinancing requirements, given the turmoil that continues to occur in the financial world,” says F&G Managing Director Casimir Groblewski. “The lender, a major life insurance company with a securitization program, responded to our request with a favorable loan structure. In the face of difficult market conditions, all parties worked diligently to meet closing requirements,” he notes.