TODAY’S DEALS: Beech Street Closes $22.1M for Orlando Community
Beech Street Capital closes acquisition financing for a 348-unit asset; CBRE Group Inc. secured $23 million for a Fort Worth community; and NorthMarq Capital arranges a $23.85 million mortgage for a fully leased seniors housing property.
Orlando, Fla.—Beech Street Capital has closed a $22.1 million Freddie Mac CME loan for the acquisition of Highpoint Club, a 348-unit garden-style community located in Orlando, Fla. Senior Vice Presidents Mitch Sinberg and Michael Wallace originated the transaction.
“The borrowers were concerned about the time it would take to complete the transaction,” says Wallace. “We were able to move things along quickly so that they closed within the terms of their purchase and sale agreement.”
Community amenities at the 43-building property include a swimming pool with spa, tennis and basketball courts, picnic area with grills, a clubhouse with business center, a private dock on a lake, pool-side Wi-Fi and a 24-hour fitness center.
CBRE arranges $23M for Forth Worth acquisition
Fort Worth, Texas—CBRE Group Inc. has arranged $23 million in acquisition financing for Republic Park Vista, a 308-unit community located in Fort Worth, Texas, on behalf of Miami-based borrower MREF Republic. The 10-year loan was secured through Freddie Mac, and features partial interest only and represents a 75 percent loan-to-value ratio.
“The property was highly prized and aggressively competed for. As a result, the due diligence time frames that the seller set for the buyer were extremely stringent and execution of this loan required a high degree of coordination to underwrite, commit the loan and fund the purchase,” says Charles Foschini, CBRE vice chairman. “Working together CBRE and Freddie Mac were able to deliver to the borrower both exceptional terms and a window of margin in that time frame to differentiate momentum from a highly qualified best and final buyer pool and close the acquisition ahead of schedule provided for in the contract.”
Republic Park Vista is a Class A asset located at 8625 Bay White Road in the high-growth corridor of north Fort Worth. Amenities include a lounge with billiards, controlled access entry, a business center with a conference room, sand volleyball court, resort-style pool, Wi-Fi, a fitness center and pet park.
NorthMarq arranges a $23.85M mortgage for fully leased seniors housing
Bollingbrook, Ill.—Sue Blumberg, senior vice president and managing director of NorthMarq’s Chicago regional office, arranged first mortgage refinancing of $23.85 million for Greenleaf Apartments, a 321-unit, affordable housing community for seniors located at 502 Kildeer Drive in Bollingbrook, Ill.
Financing was based on a 19.33-year fully amortizing loan for borrower requested terms. NorthMarq arranged the financing for the borrower, Greenleaf Limited Partnership, through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie May DUS Lender.
“This is a picture perfect property that has an age-restricted Seniors Section 8 contract,” Blumberg says. “The property has always been 100 percent occupied and has a waiting list several years long.”