TODAY’S DEALS: ARA Brokers Sale of Jacksonville Development Site
ARA brokers the sale of a development site in Jacksonville, Fla.; Walker & Dunlop closes a $50.5 million loan for an acquisition in Florida; and Eastern Mortgage Capital provides $5.1 million for affordable seniors housing.
Jacksonville, Fla.—ARA has brokered the sale of a 23-acre development site in Jacksonville, Fla. TriBridge Residential sold the Seagrass Development Site to an undisclosed buyer. The land is currently entitled for 399 units.
The plot is located in a high barrier-to-entry area in an affluent area of Atlantic Boulevard and San Pablo Road. Seagrass is across the street from high-end retail and three miles from The Mayo Clinic hospital. The average household income within a one-mile radius is $101,093.
“Seagrass is an irreplaceable, truly infill site located in the strongest submarket in the Jacksonville MSA,” says Matt Wilcox, ARA Jacksonville-based vice president. “With high local occupancy rates, rising effective rents and no units slated for delivery in the foreseeable future, Seagrass presents its buyers with an excellent opportunity to take advantage of the tightening market in Jacksonville and be the newest product available to potential residents.”
Walker & Dunlop closes $50.5M loan for Florida acquisition
Altamonte Spring, Fla.—Walker & Dunlop LLC has provided a $50.5 million acquisition loan for Timberlake & The Glades Apartments, a combined 876-unit community located in Altamonte Spring, Fla.
The loan was structured with a seven-year term with two-year interest only and a 30-year amortization under Freddie Mac’s Capital Markets Execution Program. The loan was underwritten to an 80 percent LTV with a 1.25 debt-service coverage ratio.
Timberlake & The Glades Apartments was built in 1986. The assets received over $10 million in upgrades and renovations from 2008 to 2010. Community amenities include four swimming pools, two fitness centers, seven tennis courts, five air-conditioned racquet ball courts, barbecue areas and a billiards room.
Eastern Mortgage Capital provides $5.1M for affordable seniors housing
St. Louis, Mo.—Eastern Mortgage Capital has provided $5,073,500 in permanent financing for Phase I of AHEPA 53, a 117-unit affordable elderly housing facility located in St. Louis, Mo. The 202/223(f) mortgage insured loan was structured as long-term, fixed-rate non-recourse financing.
“In addition to refinancing exiting debt, the loan also provides more than $1.5 million for future capital expenditures to maintain the integrity of this 1982 built property,” says Peter Panagako, director of Eastern Mortgage Capital. “We were very happy to have helped ensure the continuance of the residents’ standard of living while helping obtain attractively priced financing for our client, a national non-profit sponsor of similar communities.”