TODAY’S DEALS: Carroll Organization Completes 15th Florida Buy Since April 2013
Carroll Organization completes a 320-unit acquisition; BMC Capital provides $1.1 million to refinance a Houston community; and NorthMarq Capital arranges a $2.85 million refinance of apartments in Queens, N.Y.
Jacksonville, Fla.—Thanks to the firm’s latest acquisition in Florida, Carroll Organization has completed more than $1.2 billion of transactions in the southeast over the last 18 months. In an off-market transaction announced this week, the Atlanta-based investment, management and development company grabbed Aventine at Town Center, a 320-unit community in Jacksonville, Fla. The purchase represents Carroll’s 15th in Florida since April 2013.
“Location is a critical element of any investment,” says Patrick Carroll, founder & CEO of the Carroll Organization. “Aventine has all of the core components that make a location desirable for our residents: accessibility to top retail, close proximity to quality employers, and easy access to main transportation thoroughfares. When you combine the prime location with a solid value-add strategy, we know both our residents and investors will benefit.”
The 1997-built community will be rebranded ARIUM Town Center. It sits directly across from the corporate offices of Blue Cross Blue Shield, JP Morgan Chase and Merrill Lynch. In addition, the 1.5 million-square-foot St. John Town Center retail center is within walking distance. Amenities include a swimming pool, conference room, business center, a lake and 644 parking spaces.
Carroll continues to be one of the most active buyers in the country, with five multifamily purchases valued at over $260 million so far in 2014.
BMC Capital provides $1.1M for Houston refinance
Houston—Patrick Short of BMC Capital’s Austin office has arranged for a $1.1 million cash out refinance loan for a 22-unit multifamily property located in Houston. The loan featured a seven-year fixed rate at 5.2 percent and a 25-year amortization. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
BMC Capital is the leading lender for small-balance multifamily and commercial loans in the country and anticipates originating at least 150 such transactions in 2014.
NorthMarq arranges $2.85M refinance of apartments in Queens, N.Y.
New York—Charles Cotsalas, senior director of NorthMarq Capital’s New York metro based office secured the $2.85 million refinance of the 41st Street Apartments, a 17-unit set of property located at 34-38 41st Street in Astoria, N.Y.
The transaction was s structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower, StanCorp Mortgage Investors LLC, through its correspondent relationship with a life company.
“StanCorp was able to get their hands around a few mishaps during the Great Recession unlike many other lenders,” notsd Cotsalas. “This is an extremely well-located property; borrower constructed in the heat of Astoria, Queens.”
