TODAY’S DEALS: Berkadia Provides Financing, Negotiates $40M Sale
Berkadia announced the financing and sale of two properties in Oregon; Hunt Mortgage supplies a $43.65 million acquisition loan; and a Bascom/Oaktree venture closes in a Dallas suburb.
Portland, Ore.—Berkadia announced the financing and sale of The Union and sale of The Commons at Pilot Butte, both located in Oregon. The seller for The Union was project^ and the buyer was Horizon Realty Advisors. Sellers for The Commons at Pilot Butte included several private trusts and Evergreen Housing Development Group was the buyer.
Senior Vice President Jeff Stuart of Berkadia’s Seattle office arranged a $12.4 million acquisition loan for The Union, a student housing community located at 2750 NW Harrison Boulevard in Corvallis, Ore. Stuart secured the seven-year, fixed-rate, interest-only loan through Berkadia’s Freddie Mac Program. National Director of Student Housing and Partner Kevin Larimer, Partner Phil Oester and Vice President Joe Nydahl of Berkadia’s Portland office negotiated the sale of the property, which sold for $19.1 million on Jan. 9, 2015. The sale price reflects a per-unit price of $280,882 or $301 per square foot.
Oester and Nydahl also negotiated the sale of The Commons at Pilot Butte, a multifamily property built in 2004, which sold for $20.9 million on Jan. 8, 2015. The sale price reflects a per-unit price of $102,328 or $111 per square foot.
Hunt Mortgage supplies $43.65M acquisition loan
New York—Hunt Mortgage Group announced that it has provided a $43.65 million Fannie Mae fixed rate loan to facilitate the acquisition of a multifamily property located in Grapevine, Texas.
The property–925 Main Street – is a Class A trophy asset that is comprised of two, three-story and one, four-story residential buildings and a five-level parking garage. Situated on a 5.5-acre lot and built in 2008, the property has a total of 251 units and eight ground-floor retail spaces totaling 19,664 square feet.
The borrower is 925 Main LP, a Texas limited partnership, which is managed by Roland Stewart. The loan term is 10 years with five years interest only, followed by a 30-year amortization period and 9.5 year yield maintenance. The loan-to-value is 80 percent.
Bascom/Oaktree venture closes in Dallas suburb
Irvine, Calif.—The $250 million venture by Bascom and funds managed by Oaktree Capital Management LP has acquired The Timber Links, a 480-unit apartment community located at 5201 Par Drive, Denton, Texas.
The sale closed on January 30, 2015. GE Capital Bank provided financing to acquire the property. The debt financing was sourced by John Brownlee and De’on Collins of HFF. Roberto Casas of HFF represented the seller on the transaction. The property will be managed by Entrada Partners.
