TODAY’S DEALS: Watertown, N.Y. Apartment Community Sold for over $4M, and Other Transactions
- Nov 06, 2008
By Anuradha Kher, Online News EditorWatertown, N.Y.–GMH Capital Partners recently arranged the sale of Woodcreek Apartments (pictured), a 104-unit, garden-style apartment community located in Watertown, N.Y., for $4.25 million. Conifer Realty, a Rochester, N.Y.-based real estate development and management company, purchased the property. Woodcreek Apartments features 13 two-story apartment buildings, each comprising eight two-bedroom apartments. It was built in 1990 and was 100 percent occupied at the time of sale.”Woodcreek’s proximity to Fort Drum Military Base is ideal,” says Dave Forrest, senior vice president of investment sales for GMH Capital Partners. “This property has maintained strong occupancy and a stable position in the marketplace over the last couple of years, providing the buyer with an extremely well-positioned asset in a growing community.”Love Funding Secures over $2M for Refinancing Two Multifamily PropertiesColumbia, Tenn.–National mortgage banking firm, Love Funding, recently secured more than $2.4 million in financing to fund repairs and upgrades for two multifamily complexes in Columbia, Tenn. The company closed a $1,309,000 refinance loan for the 52-unit Forrest Acres and a $1,096,500 refinance loan for the 44-unit Colonial Village. Both deals were secured through HUD’s 207/223(f) loan program and included a 35-year amortization.By securing a refinance loan for the 32,440-sq.-ft. Colonial Village, Love Funding allowed the borrower to pay off an existing interest-only loan at a rate of 7.75 percent, lock in a fixed interest rate of 6.110 percent and complete repairs to the property. The repairs will include renovating every unit and upgrading the building’s exterior and common grounds. Love Funding reduced the interest rate for the 44,024-sq.-ft Forrest Acres Apartments. The refinance loan reduced the borrower’s interest rate from an interest-only loan of 7.75 percent to a non-recourse, long-term fixed interest rate of 6.15 percent. The total property repairs totaled $366,521. In addition, each of the 52 units will be renovated, and upgrades to the exterior of the each building and common ground areas will be made. Alliant Capital Closes $2.6M Apartment LoanHouston–Alliant Capital closed a $2.6 million loan for the refinance of Las Brisas Apartments, a 68-unit garden-style community in Houston. The project was built in 1963 and features five two-story residential buildings. Alliant’s loan has an eight-year term with seven years of yield maintenance and a 30-year amortization. The rate is fixed for the first seven years and then adjustable in the final year.