San Jose, Calif.—Berkadia Commercials Seattle office has originated $27.2 million in fixed-rate debt through the HUD 223(f) program for the refinancing of two apartment properties in San Jose. The non-recourse mortgages featured 35-year terms amortizing at a fixed-rate of 3.91 percent.
The Portofino Apartments are located in southwest San Jose and were originally built in 1969. The $15.2 million loan allowed the owner to refinance the property’s existing debt and fund interior and exterior renovations. The 174-unit was 99 percent occupied at the time of funding.
River Walk Apartments, a 164-unit asset located in Campbell, Calif., received $12 million in refinancing. The borrowers will use the funds to complete renovations including seismic retrofitting. The property was also built in 1969 and was 98 percent occupied at the time of sale.
Brooklyn Condo Hits 90 Percent Sold Mark
Brooklyn, N.Y.—The Edge, a new condo located in Williamsburg (widely considered the hippest neighborhood in the city), has reached the 90 percent sold mark. There were 30 sales completed at the property in January alone.
“We are extremely proud to have reached the 90 percent sold mark,” says Jeffrey Levine, chairman of Douglaston Development, the building’s developer. “Time is running out to live in one of the most sought-after condominiums in Brooklyn—maybe the entire city.”
The Edge also recently closed on its first combination penthouse for $2.9 million. The buyer of the four-bedroom, four-bath home was represented by Corcoran Sunshine Marketing Group.
Amenities at the property include an indoor/outdoor pool, onsite spa, golf simulator, basketball court, screening rooms, and a children’s playroom.
Hendricks & Partners brokers sale of property
West Covina, Calif.—Hendricks & Partners announced the sale of the 140-unit Waterstone on Sunset, located at 725-755 North Sunset Avenue in West Covina, Calif.
Waterstone on Sunset, built in 1964, is located close to retail and services, including the West Covina Mall, as well as being close to the San Bernardino (I-10), San Gabriel (I-605), and Foothill (210) freeways.
The seller was a private California investment firm. The buyer was a private California investment firm based in Los Angeles. The transaction was negotiated by Shane Shafer of the Newport Beach office of Hendricks & Partners on behalf of the seller.