TODAY’S DEALS: Archstone Partnerships Grabs 237-Unit D.C. Tower
Archstone buys a luxury tower; Greystone supplies a $45 million loan for affordable housing; and Prudential Mortgage Capital originates $10 million for the acquisition of a Florida condominium.
Washington, D.C.—An Archstone Sponsored partnership has acquired Grosvenor Tower, a 237-unit community located in the North Bethesda submarket of Washington, D.C. The luxury high-rise will be renamed Archstone Grosvenor Tower.
“North Bethesda is a highly desirable place to live in Washington, D.C.,” says Charles Mueller, president and chief operating officer at Archstone. “Our talented operations team is excited about the community’s excellent location and is looking forward to demonstrating our commitment to providing best-in-class customer service.”
The tower, which was most recently renovated in 2008, boast a community amenity package featuring a 24-hour fitness center with a dance studio, a swimming pool with sun deck, business center, and a walking/biking trail with direct access to the Metro.
Greystone originates $45M loan for affordable housing
New York–Greystone Servicing Corp., Inc. announced it has provided a $45 million Fannie Mae MAH DUS loan for Capitol Apartments, a 278-unit property in New York City. The 10-year, fixed rate loan was originated by Rob Meehan, director and Brian Liske, managing director in Greystone’s New York City office, and includes a 53 percent loan-to-value (LTV) and a rate of 3.03 percent.
Leveraging their expertise of the New York City real estate market, Meehan and Liske worked to obtain transaction approval within 30 days of receiving a completed application, along with the requested due diligence, and were able to close the deal in 60 days. The loan was used to refinance an existing loan on the property, which consists of 250 Section 8 senior housing apartments, 28 market rate apartments and 6 ground retail stores.
“Our knowledge of the local market, combined with a close relationship with Fannie Mae, allowed us to successfully meet our client’s financing needs in an efficient and thorough manner,” said Billy Posey, executive vice president of Greystone Servicing. “We’re seeing a lot of growth and potential in the New York City real estate market.”
Prudential Mortgage Capital originates $10M for Florida condo
Jacksonville, Fla.—Prudential Mortgage Capital Co. Has originated a $10.5 million Fannie Mae loan for an affiliate of Palatine Capital Partners Management to finance the purchase of a 180-unit apartment community in Jacksonville, Fla.
The borrower is using the loan to acquire The Villas at Dames Point Crossing, a project that was originally constructed as condominiums in two phases between 2006 and 2007. The Villas, which remains titled as a condo, is the newest built asset in the Arlington submarket of Jacksonville and is 90 percent occupied.
“This was a complicated transaction which transpired over many months,” says Alex Hurst, founder and managing partner at Palatine. “It was a fantastic addition to our 3,500 unit portfolio. We look forward to continuing to grow our footprint in Florida and the Sputheast.”
