TODAY’S DEALS: ARA Denver Brokers Largest Multifamily Sale of Over $9M in 2009 in the Denver Metro Area, and Other Transactions

By Anuradha Kher, Online News EditorArvada, Colo.–Apartment Realty Advisors (ARA) recently brokered the sale of a 182-unit property located at 6066 Lamar St. in Arvada, Colo. The buyer, a California private investor, purchased the property for a price of $9,200,000. This represents a price per unit of $50,549 and a price per square foot of…

By Anuradha Kher, Online News EditorArvada, Colo.–Apartment Realty Advisors (ARA) recently brokered the sale of a 182-unit property located at 6066 Lamar St. in Arvada, Colo. The buyer, a California private investor, purchased the property for a price of $9,200,000. This represents a price per unit of $50,549 and a price per square foot of $82.22, making LaMar Village the largest apartment transaction in the Denver metro area in 2009. LaMar Village was built in 1975, 1978 and 1982.According to Terrance Hunt, “Financing this deal was a challenge. It is no secret that it is tough to get even a straight forward deal done in this environment and this transaction was no different. The property had an existing loan with a small LTV and a sizeable pre payment penalty for the seller, the initial equity requirement was too high for the asset to be attractive and the bank was not willing to allow a second loan on the property due to concerns it would make the property more difficult to sell.”  The buyer was able to acquire a 58 percent interest in the property with the understanding that the remaining 42 percent would be acquired upon the refinancing of the property when the note comes due. NorthMarq Capital Arranged $5.3M Mortgage for Yerba Buena Commons San Francisco–NorthMarq Capital recently arranged a $5.3 million first mortgage for Yerba Buena Commons, a 257-unit multifamily complex, located in San Francisco. The property was developed by the borrower in 1997. The Veterans Administration is a tenant on the ground floor of the complex. Financing was based on a 15-year term with a 30-year amortization schedule and was arranged for the borrower, YBC Development II, LP, by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The property is subject to a regulatory agreement that requires 100 percent of the units to remain affordable based on the low-income housing tax credits that were originally used to develop the complex.

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