Vantage Lands Maryland High-Rise Management Gig
- Jun 30, 2014
Silver Spring, Md.—Guardian Realty Investors has picked Vantage Management to run operations at The Premier, a newly constructed 14-story apartment tower in Silver Spring, Md. The Premier officially opened its doors in January 2014 and includes 160 units and retail space. Vantage will resume lease-up for the building.
“The Premier is located in a thriving Silver Spring market that is saturated with a number of new apartment communities in lease-up, so we have our work cut out for us,” says Brad Marson, EVP & COO at Vantage. “Bringing this property on board is in line with our growth strategy in the greater DC market. It’s an opportunity for us to demonstrate our expertise to lease up a new luxury building and compete in an established market like Silver Spring.”
The LEED Silver property features studio, one- and two-bedroom floor plans. Amenities include a pet-friendly, smoke-free atmosphere, as well as a 24-hour concierge.
Vantage currently has nearly 4,000 units in its management portfolio in the greater Washington, D.C., region.
Centerline refinances Pittsburgh apartment asset
Pittsburgh—Centerline Capital Group has provided a $5.5 million FHA loan to refinance The Reserve at Summerset Apartments, a market-rate apartment community located in Pittsburgh. The 2003-built community features 40 units.
“The new funding enables the borrower to retire existing indebtedness with attractive long-term financing at a lower interest rate,” says Jim Gillespie, managing director at Centerline Capital Group. “The property is in good condition and has been well maintained.”
The property is managed by Pennrose Management Company. Headquartered in Philadelphia, Pennrose has provided results-oriented multifamily property management throughout the Mid-Atlantic, currently managing over 140 properties comprising 9,000 units.
Capital One Multifamily Finance closes $11.1M FHA 223(f) refinance that fixes long-term rate
Bethesda, Md.—Capital One Multifamily Finance announced that it has provided a $11.1 million 223(f) loan to refinance Grandview Meadows Phase II, a 120-unit garden-style apartment complex in Longmont, Colo.
The transaction was originated by Chuck Christensen, senior vice president of originations headquartered in Capital One Multifamily’s Newport Beach, Calif., office. M. Timm Development Inc., the sponsor, is a fully integrated real estate development company founded in 1984. This was Timm’s second transaction with Capital One Multifamily in less than a year.
Grandview Meadows II was built in 2002 and consists of eight, two-story residential buildings. It is the second phase of a multi-phase apartment project currently containing 434 units that Timm began developing in 2000. Grandview Meadows II amenities include a clubhouse, fitness center, two swimming pools, hot tub, picnic area and playground. The community’s superior amenities, excellent condition and location 10 miles from Boulder and 30 miles from Denver have driven extremely high average occupancy over the past three years.
“Although phased assets can be difficult to finance,” says Christensen, “we were convinced that Grandview Meadows II was an excellent candidate for 223(f) financing. As HUD was quick to see, it’s an extremely attractive property in an ideal location, developed and managed by an experienced owner and operator.“
Timm was pleased with the results. “Our goal was straightforward: obtain long-term financing at the lowest possible rate,” says Matt Easter, vice president at Timm. Although new to HUD financing, Timm was willing to consider it based on their previous experience with Capital One Multifamily. “We’re really happy we pursued it,” Easter says. “Capital One Multifamily guided us smoothly through the process and the results were exactly what we were hoping for.”
The fixed-rate loan has a 35-year term.