Seattle and Houma, La.–Alliant Capital LLC recently completed the acquisition financing of Spring Lake in Seattle and the refinance of Misty Bayou Apartments in Houma, La., for a total of $7.7 million.
Spring Lake Apartments was acquired with a $4,457,100 first mortgage with a 10-year term and a 30-year amortization. The 69-unit community was built in 1986 and is located in Lake City, a mixed-use neighborhood four miles north of the University of Washington, eight miles north of downtown Seattle and 15 miles northeast of Bellevue. Although the Seattle-Bellevue-Everett MSA is decelerating, it is considered an above-average performer in relation to the nation’s economy, offering greater occupancy potential for the property.
Located in Houma, La., a small town approximately one hour southwest of New Orleans, Misty Bayou offers 200 one, two and three-bedrooms units. The community, built in 1975, was refinanced for $3.3 million with a 10-year term and a 30-year amortization.
Currently, the Houma economy is in a minor recession. As an oil-dependent town, it has succumbed to the cyclical pressures of oil and trade. Despite the unstable economy, the rental market has remained very stable with steady rents, strong occupancy and no concessions required in obtaining new residents, according to Alliant.
Avant Capital Partners Closes $2.85M Bridge Loan for Acquisition, Renovation of 304-Unit Rental Community
Dallas–Avant Capital Partners (AVANT) recently closed a bridge loan of $2,853,301 for the acquisition and renovation of a 304-unit apartment complex in Dallas. The loan was based upon 70 percent loan-to-cost and included the acquisition and renovation costs, as well as an interest reserve. The 24-month interest-only loan was secured through AVANT’s relationship with a local bank and carried an interest rate of 7 percent. The loan also featured a 24-month extension option.
This property was 70 percent occupied at the time of acquisition, but the attractive price per unit presented the sponsors with substantial upside. The sponsors are experienced multifamily investors with a strong operational presence in the Dallas-Fort Worth market.