TODAY’S DEALS: Beech Street Capital Closes $21.3M for D.C. Apartment Portfolio
Beech Street refinances two D.C. assets; Transwestern brokers a 180-unit sale in Colorado Springs; and NorthMarq Capital’s Raleigh office arranges two apartment acquisitions totaling $13.67 million.
Washington, D.C.—Beech Street Capital has provided $21.3 million in Freddie Mac CME loans to refinance a portfolio of two apartments communities totaling 363 units in Washington, D.C. The borrowers, Fort Lincoln Senior Village No. 1 Associates and Fort Lincoln Senior Village No. 2 associates, took the opportunity to refinance in order to control long term debt and reinvest in the properties.
The 1977- and 1978-built assets known as Fort Lincoln Senior Village I and II recently received PTAC replacements, new boilers and kitchen upgrades. Both communities are located in Northeast Washington, D.C. The 10-year fixed-rate loans have 10 years of interest only and 9.5 years of yield maintenance.
Transwestern brokers 180-unit sale in Colorado
Colorado Spring, Colo.—Transwestern’s Denver office has brokered the sale of Lincoln Springs, a 180-unit apartment community located at 1102 S. Chelton Road in Colorado Springs, Colo. Lincoln Springs Apartments LP, a Delaware limited partnership, picked up the community for $7.1 million. Transwestern senior vice presidents Steve Rahe and Tom Wanberg represented the seller, Arapahoe Partners/Rubyhill Ltd.
“Colorado Springs is definitely on the upswing, with stable rent growth and limited new construction,” says Wanberg. “The seller had owned the property in excess of 20 years, and they are happy to transfer the property to a quality investment group. The buyers’ planned improvements should be well-received by the rental market.”
The 1974-built asset was 97 percent occupied at the time of tale. Amenities include a clubhouse, pool, laundry room, playground and sport court.
NorthMarq’s Raleigh office arranges two apartment acquisitions totaling $13.67M
Raleigh, N.C.—Brett Mason, vice president of NorthMarq’s Raleigh regional office, arranged two financings totaling $13.67 million for the Timberlyne Apartments in Chapel Hill, N.C., and The Crossing at Chester Ridge Apartments in High Point. N.C.
Timberlyne Apartments, located at 200 Westminster Drive, Chapel Hill, N.C, is a 144-unit multifamily financing and was based on a three-year term through a bridge lender.
The Crossing at Chester Ridge Apartments, located at 2122 Crossing Way, High Point, N.C. is a 152-unit multifamily financing that was based on a 10-year term and one-year interest only followed by a 30-year arm. NorthMarq arranged the financing for the borrower through its affiliate Fannie Mae DUS Lender.