TIAA-CREF Buys a 276-Unit Community in Burbank
- May 14, 2013
Burbank, Calif.—Institutional Property Advisors has arranged the sale of Empire Landing, a 276-unit asset located in Burbank, Calif. The firm, a multifamily brokerage division of Marcus & Millichap, represented the seller, a joint venture between Casden Properties and PCCP, as well as the buyer, TIAA-CREF. Terms of the sale were not disclosed.
“The Tri-Cities apartment market is one of the most desirable in Los Angeles County and Empire Landing is the standard bearer for multifamily housing in the area,” says Ron Harris, executive vice president investments at IPA. “Built in 2010, the property was the first new market-rate apartment asset developed in Burbank in more than 20 years.”
Apartment units include 9-foot ceilings, limestone-finished gas fireplaces, in-unit stacked washers and dryers, walk-in closets and private patios. Community amenities include a clubhouse with business center and conference room, a fitness center, lounge and an outdoor pool with a sun deck.
Cohen Financial secures $37M equity financing for a Miami condo development
Miami—National capital services firm Cohen Financial has secured $37.8 million in equity financing for the land acquisition and development of the Biscayne Beach Club. The 2.4-acre site is located in the Edgewater neighborhood of Miami. The project will be a 42-story condominium tower with 394 luxury, ground-up condo units built in two phases.
Kevin O’Grady, senior managing director of Cohen Financial and head of the company’s equity placement practice and Matt Grant, vice president—both in the firm’s Miami office—secured the structured financing from GTIS Partners. The borrower is Eastview Realty Advisors, a Florida commercial real estate development company.
NorthMarq arranges $40.5M in Freddie Mac loans
Hayward, Calif.—Ory Schwartz, senior vice president and senior director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $17.7 million & $22.8 million, for Austin Commons Apartments and Gateway Apartments, respectively.
Austin Commons is a 208-unit, market-rate multifamily property located at 50 Austin Avenue in Hayward, Calif. and Gateway Apartments is a 236-unit, primarily market-rate property located at 902 Davis Street in San Leandro, Calif.
Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.
“NorthMarq was able to get Freddie Mac comfortable with the combination of cash out, primarily month-to-month leases at the subject properties, and the TIC borrower structure. Despite the material prepayment penalties on the existing loans coming due in 2015, the sponsor wanted to lock in on the low interest rates available in the current market vs. the unknown of rates and underwriting parameters in 2015,” Schwartz says.