TODAY’S DEALS: Berkeley Point Capital Arranges $63M for Texas Apartment Acquisitions
Berkeley Point Capital arranges financing for the Steadfast acquisitions; IPA brokers a $47 million sale in Los Angeles; and BMC Capital provides a $1.29 million cash-out refinance loan.
Houston—Berkeley Point Capital recently facilitated $63 million in acquisition financing for three apartment communities: Carrington Place, Carrington at Champion Forest and Carrington Park at Huffmeister. The assets are located on the northwest side of the Houston Metro in the Cypress-Fairbanks area. Financing for each property was funded as a 10-year, adjustable rate loan under the Fannie Mae DUS program.
Steadfast Income REIT was the sponsor, and is a repeat Berkeley Point Capital client. Over the past 12 months, Berkeley Point Capital has provided Steadfast Income REIT with approximately $110 million in financing.
This particular transaction was closed by Berkeley directors Charlie Haggard and Kevin Mignogna.
IPA brokers $47M Los Angeles sale
San Dimas, Calif.—Institutional Property Advisors has arranged the sale of Waterstone San Dimas, a 288-unit asset located in the Los Angeles County city of San Dimas. The property carried a price of $47 million, or $163,000 per unit. CNS Focused Investments, a newly formed joint venture comprised of NNC Apartment Ventures and Shane Shafer, picked up the property from a private California investment firm.
“Waterstone San Dimas is a sizeable asset in a primary market with an attractive going in yield,” says Gregory Harris, executive vice president investments at IPA. “The acquisition provides the new owners with a value-add opportunity in a market where luxury apartment homes are in demand.”
The property is located alongside interstates 210 and 57, which provide access to employment centers in the San Gabriel Valley and Orange County. Amenities include two swimming pools and spas, tennis courts, a dog park, barbecue and picnic areas, a fitness center, resident lounge, clubhouse and covered parking.
BMC Capital provides $1.29M cash-out refinance loan
Plano, Texas—BMC arranged a $1.29 million cash-out refinance loan for Belleview Apartments, a 45-unit multifamily property located in Plano, Texas.
The loan represented a cash-out refinance, 5.52-pecent, 10-year fixed rate and a 30-year amortization. BMC arranged the permanent loan through an agency correspondent to give the owner a long-term fixed rate on a non-recourse basis.