Waterton Associates Re-Enters Phoenix With 576-Unit Purchase
- Aug 22, 2012
Phoenix—Waterton Associates has completed its acquisition of Andante Apartments, a 576-unit community located in Phoenix. The asset, which is Waterton’s third purchase in 2012, marks the company’s return to Phoenix. Built in 1999 and 2001 by SNK Realty Group, the three-story, 32-building community is comprised of one- and two-bedroom garden style units.
“Waterton is excited to re-enter the Phoenix market with the acquisition of Andante,” says Mark Stern, senior vice president of acquisitions at Waterton. “Its superb location relative to top employers, upscale retail and Phoenix Sky Harbor International Airport all reinforce our decision to purchase the asset. We believe Andante is the perfect candidate to receive a light rehab that will modernize the unit interiors, allowing the property to better compete with product already renovated in the submarket.”
The community is the most recently developed multifamily community west of Interstate 10 in the Ahwatukee Foothills. It also benefits from being next to four master-planned communities totaling 14,000 acres. Amenities include three swimming pools, a business center, meditation garden, fitness center and pet park.
Waterton plans to make a value-add play with a physical upgrade renovation program that will incorporate upgraded flooring, steel appliances, new countertops and cabinet hardware, and a plumbing fixture upgrade.
EdR begins $53.6M second phase at Mansfield University
Mansfield, Pa.—EdR has announced the closing of financing and commencement of construction on a $53.6 million third-party student housing development on the Mansfield University campus in Mansfield, Pa. The project is the second phase of the university’s master plan to replace out-dated residence halls. The two buildings in this phase will be built using modular techniques and should open in the summer of 2013, providing 685 beds within 322 fully-furnished suite-style units.
“The EdR team appreciates our trusted and on-going relationship with Mansfield University as well as our excellent reputations across Pennsylvania and the rest of the country for developing high-quality student housing tailored for university and students,” says Randy Churchey, president and chief executive officer at EdR.
The REIT recently completed the 634-bed building in Phase I, which is fully leased for fall 2013.
Centerline provides FHA 223(a)(7) refi mortgage to replace 221(d)(4) loan
Cambridge, Md.—August 21, 2012 — Centerline Capital Group announced it has provided a $2.46 million FHA 223 (a) (7) loan for the refinance of a 144-unit multifamily facility in Cambridge, Md. The borrower is Greenwood Avenue Development, LP.
Located at 515–630 Greenwood Avenue, the Bay Country Apartments comprises seven buildings, including six three-story apartment buildings and a one-story community center and leasing office. The proceeds of the loans will be used to refinance the existing FHA 221(d)(4) loan to extend the loan term, increase loan proceeds for repair needs, and significantly reduce the current interest rate on the loan.
All of the units are subject to a project based Section 8, HAP contract. In addition, the property has LIHTC restrictions at 30 percent, 40 percent and 50 percent maximum average median income levels.
“We received approval very quickly from the Baltimore HUD office which enabled us to provide the borrower with the necessary funds to cover the transaction and property repair costs, all at a much lower interest rate,” noted Cynthia Hannon, senior vice president, Affordable Housing Debt Group at Centerline Capital Group. “We were pleased to deliver the loan in a timely manner, through deal sponsor Osprey Properties, a firm with which Centerline has an established equity relationship.”
Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.