TODAY'S DEALS: Berkadia Lands $37M Refinance for Illinois Community
Berkadia provides a $37 million refinancing for a property in Illinois; SBV Communities completes its third acquisition in 2012 with the purchase of a 206-unit community; and Cassidy Turley BRE Commercial negotiates a $6 million sale.
Romeoville, Ill.—Berkadia has continued its 2012 lending spree with a $36.8 million refinancing for a community in a Chicago suburb just days after the firm announced a $23 million construction loan for an asset in Portland, Ore.
The $36.8 million loan was closed by the Chicago office of Berkadia through the HUD 233(f) program, and will be used to refinance an existing mortgage on HighPoint Community Apartments, a 389,900-square-foot community in Romeoville, Ill.
The Berkadia team—consisting of senior vice president Len Deering, vice president Paul Matusiak and senior vice president Tom Sigrist—worked with sponsor Trevor Ryan, director of asset management for the Marquette Companies, to close the loan. The 35-year, fixed-rate loan has an 80 percent loan-to-value ratio and amortizes on a 35-year schedule.
“Berkadia’s experience and strong relationship with the local HUD office positively contributed to the overall process,” says Ryan. “They helped to secure very favorable loan terms, including an attractive interest rate.”
SBV Communities buys 206-unit property in Little Rock
Little Rock, Ark.—SBV Communities has completed the purchase of Avondale Apartments, a 206-unit asset located in Little Rock, Ark. This was the firm’s third acquisition in 2012.
“Avondale fits our investment profile perfectly and we are excited to begin rehabilitating the property,” says Chris Thomson, director of multifamily acquisitions at SBV. “Once complete, we believe a repositioned Avondale will attract hard working families and continue to strengthen the surrounding community.”
Cassidy Turley BRE Commercial negotiates $6M sale
Tempe, Ariz.—Cassidy Turley BRE Commercial is pleased to announce that Executive Vice Presidents David Fogler and Steven Nicoluzakis have completed the sale of The Villas for $6 million, or $43,613 per unit.
The 137-unit apartment community is located at 1718 S. Jentilly Lane in Tempe, Ariz. RND11 LLC out of Irvine, Calif. purchased the multifamily property. The seller was LBUBS 2007-C7 South Jentilly Lane LLC, an entity controlled by LNR Partners out of Florida.
David Fogler and Steven Nicoluzakis, with Cassidy Turley’s Multi-Family Service Group represented the seller in the transaction.
