Trade Street Acquires Raleigh Apartments
- Mar 17, 2014
Raleigh, N.C.—Trade Street Residential has picked up The Estates at Wake Forest, a 288-unit community in Raleigh, N.C., for $37.3 million. The Aventura, Fla.-based firm bought the property from Woodfield Investments, a developer and operator of multifamily and mixed-use assets. ARA’s Carolinas office brokered the sale on behalf of Woodfield.
The deal was inked before vertical construction began. Terms called for Trade Street to close once Woodfield had received final certificates of occupancy. This was the third transaction between the two companies in the last nine months since Trade Street Residential’s IPO in May 2013.
The Estates at Wake Forest features high-end finishes like granite countertops, stainless steel appliances and condo-caliber lighting and plumbing fixtures. The asset is still in lease up.
NorthMarq Capital finalizes $10M in bank finance for newly constructed property
San Francisco—Dennis Williams, managing director and Brian Esquivel, assistant vice president of NorthMarq, arranged a $10 million refinance of a recently constructed 15-unit multifamily property with a ground floor La Boulange Café & Bakery at 1266-1270 9th Avenue in San Francisco. The transaction was structured with a seven-year fixed rate loan and was arranged through NorthMarq’s relationship with a national bank.
“NorthMarq placed the financing with a bank that provided aggressive proceeds, attractive pricing and prepayment flexibility,” says Williams.
HFF secures financing for Marquette asset in Houston
Houston—HFF has secured financing for Piney Point, a 319-unit, Class A community in Houston’s Uptown/Galleria District. The firm worked on behalf of the the borrower, Marquette Cos., in placing a seven-year fixed-rate loan with Allianz Real Estate of America. Proceeds were used to acquire the property and fund a capital improvement program focused on unit interiors and common areas.
Piney Point is located at 9100 Westheimer Road. Built in 2004, the property has units that average 919 square feet in size. Amenities include a pool, clubhouse, 24-hour fitness center, business center and a parking garage. Occupancy stands at 96 percent.