TIAA-CREF Lands $92.6M Acquisition Financing for Luxury Asset
- Oct 23, 2012
Washington, D.C.—Holliday Fenoglio Fowler has arranged $92.6 million in acquisition financing for MassCourt East End, a 371-unit luxury community located in the Mount Vernon Triangle neighborhood of Washington, D.C. The firm worked on behalf of the borrower TIAA-CREF to secure the 2.88 percent, fixed-rate loan through M&T Realty Capital Corp.
MassCourt East End is within walking distance of three Metro-Rail stations. The 2004-built asset is currently 96 percent leased. Amenities include a rooftop lounge with cabanas, a yoga and aerobics studio, a fitness center, clubroom, rooftop pool and hot tub.
“This is a great case study on the type of financing that can be achieved through the right processes, with strong sponsorship and high quality assets,” says Kevin MacKenzie, a senior managing director at HFF who worked on the deal.
Excel Trust buys 339-unit mixed-use asset in retail portfolio acquisition
Richmond, Va.—Retail focused REIT Excel Trust has acquired a 339-unit mixed-use asset in Richmond, Va., as part of a six shopping center portfolio purchase valued at $263 million.
The Apartments at West Broad is located above a 385,897-square-foot retail/commercial center with major tenants such as Walgreens, CVS, Fifth Third Bank, Regions Bank, Fleming’s, Big Fin, Jos. A. Bank and Ruth’s Chris Steak House.
NorthMarq arranges $14.14M in combined mortgages for two properties
Omaha, Neb.—John Reed, senior vice president and managing director of NorthMarq’s Omaha Regional office, arranged combined first mortgage refinancings amounting to $14.14 million for Standing Bear I & II in Omaha, Neb. The properties contain a combined total of 198 market-rate multifamily units.
Standing Bear I was financed at $6,257,600 and contains 88 units; Standing Bear II was financed at $7,882,400 and contains 110 units. Financing for both of these properties was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrowers by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLL, a Fannie Mae DUS Lender.