TODAY’S DEALS: Bridge Investment Group Bullish on San Antonio
ARA Newmark brokers a San Antonio sale; Silverwing Development Corp. lands permanent financing in Reno; and NorthMarq Capital's Kansas City office provides supplemental financing.
San Antonio—Bridge Investment Group Holdings has acquired a 320-unit Class A apartment asset in San Antonio for MTC Partners Ltd., doing business as Millrock. ARA Newmark represented the seller, a private investment group based in Atlanta.
Regency at Lookout Canyon was built in 2007 in north central San Antonio. The community features one-, two-, three- and four-bedroom units. Resort-class amenities include a swimming pool, sauna, picnic and grilling areas, a children’s playground, resident center and a clubhouse complete with a business center, media room, game room and billiards.
Silverwing lands permanent financing in Reno
Reno, Nevada—Silverwig Development Corp. has landed $17.7 million in financing for The Bungalows at Sky Vista, its newly-built 188-unit community located in Reno. HFF worked to secure the seven-year, 2.42 percent, floating-rate loan through Freddie Mac’s CME Program. Proceeds will be used to pay off the existing construction loan.
The Bungalows at Sky Vista is a two-phase multi-housing community that currently has 188 single-story units with direct access to attached garages and will eventually expand to a total of 338 units. The first phase was completed in 2014 and includes a resort-style lap pool and spa with controlled access, clubhouse with big screen TV and business center, 24-hour fitness center, on-site community garden, playground and two private dog parks.
Silverwing Development Corporation, which operated in California, Texas and Nevada, has now relocated to Reno, Nevada, with focus on growth in Northern Nevada markets. Its principals have developed properties in 11 states throughout the nation.
NorthMarq’s Kansas City office provides supplemental financing
Kansas City, Kans.– Greg Duvall, senior vice president/managing director of NorthMarq Capital’s Kansas City based regional office finalized supplemental financing for three multifamily family properties totaling $20.196 million.
The properties, Hideaway at Greenbrier (Chesapeake, Va.), Park at Steele Creek (Charlotte, N.C.) and Breckinridge Point (Richardson, Texas), contain a combined 1,078 units. The term of each loan was co-terminous with the senior mortgage (approximately seven years) with a 30-year amortization schedule.
NorthMarq arranged financing through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.