Stockbridge Makes a Statement in Seattle

Vulcan sells a LEED Gold property for $138.2 million in Seattle; Hunt provides $8.4 million for an Orlando acquisition; and Greystone closes the first Fannie Mae M-PIRE mortgage loan.

Rollin Street Flats_CroppedSeattle—Vulcan has decided to let go of Rollin Street Lofts, a 208-unit apartment asset that was originally developed as condos, but now enjoys life as a luxury apartment asset in the heart of South Lake Union’s tech hub. San Francisco-based Stockbridge Capital Group picked up the asset for $138.2 million.

Retail on the ground level is 100 percent leased to tenants that include Bar Method, La Toscanella, Ligne Roset, Mio Sushi and Pedini. The 11-story, LEED Gold asset has loft-style units and penthouses than range from 1,579 to 2,036 square feet. Amenities include roof top decks and a full-size basketball and volleyball court. CBRE brokered the sale.

Hunt provides $8.4M for Orlando buy

Orlando, Fla.—Commercial real estate lender Hunt Mortgage Group has provided an $8.4 million Fannie Mae loan for the acquisition of The Park at Vittoria, a 208-unit garden-style asset located at 5224 Long Road in Orlando, Fla. The borrower is a Florida-based single asset entity.

Loan terms include seven years with two years interest only, 30-year amortization and an 80 percent LTV. The property was developed in 1991 and features 33, three-story buildings situated on 16.4 acres of land. The new owner has a renovation play in the works.

Greystone closes first Fannie Mae M-PIRE mortgage loan

New York– Greystone announced it has closed the first Fannie Mae M-PIRE (Multifamily Property improvements to Reduce Energy) loan for a Bronx rental building. The $865,000 loan was originated by Robert Meehan of Greystone and Jeff Rueb of North Coast Funding for 2705 Colden Avenue in Baychester.

The Fannie Mae M-PIRE mortgage product is available to affordable and market-rate cooperative and conventional rental housing owners in the five boroughs of New York City. The loan offers an efficient and cost-effective way to both make improvements and comply with NYC energy requirements (Local Law 43 Clean Heating Oil, Local Law 84 Energy Benchmarking, and Local Law 87 Energy Audits and Retro-commissioning).

M-PIRE permits property owners to access more capital than a traditional Fannie Mae mortgage because it counts projected energy and water savings toward underwriting requirements. Typically, energy and water costs can account for as much as 20-35 percent of a property’s operating expenses. Property owners can quantify and track their energy and water usage over time using ENERGY STAR Portfolio Manager.