TODAY’S DEALS: CB Richard Ellis Brokers $40.5M Multi-Housing Sale to Home Properties
CB Richard Ellis completes the sale of The Commons at Haynes Farm in Shrewsbury, Mass., and NorthMarq arranges a $33.5 million mortgage on behalf of Prometheus Real Estate Group.
Shrewsbury, Mass.–CB Richard Ellis/New England completed the sale of The Commons at Haynes Farm, a 10-building, 302-unit apartment community located in Shrewsbury, Mass. GE and John M. Corcoran and Co., one of New England’s top multifamily owners and operators, sold the asset to New York-based apartment real estate investment trust, Home Properties.
CBRE/NE Vice President Travis D’Amato, now spearheading the multi-housing investment sales efforts in Boston, represented GE and John M. Corcoran and Co. and procured the buyer in the transaction. The rental units at The Commons at Haynes Farm, which are currently 97 percent occupied, traded hands for $40.5 million.
“We are extremely pleased to have facilitated this transaction on behalf of GE and John M. Corcoran and Co.,” says CBRE/NE’s Travis D’Amato.
Built in 1991, The Commons at Haynes Farm is a meticulously maintained apartment community strategically located adjacent to Route 9 in Shrewsbury. The Commons at Haynes Farm consists of 10 wood-frame, garden-style apartment buildings with an exceptional amenity package including a pool, indoor basketball court, tennis courts and a fitness center.
The property is six miles from downtown Worcester, approximately 30 miles from Boston and 45 miles from Providence, Rhode Island–making the community highly accessible to three of New England’s largest employment hubs. The Commons at Haynes Farm also offers access to many retail and restaurant amenities located along Route 9 and is near a variety of recreational attractions including Lake Quinsigamond and Green Hill Park.
NorthMarq arranges $33.5M mortgage via Allstate
Lake Oswego, Ore.–Jeffrey Weidell, executive vice president and managing director of NorthMarq Capital’s San Francisco Regional office, arranged first mortgage financing of $33.5 million for One Jefferson Apartments, a 342-unit multifamily community located at One Jefferson Parkway in Lake Oswego, Ore.
Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower, Prometheus Real Estate Group, by NorthMarq through its correspondent relationship with Allstate Investments LLC. According to Weidell, this transaction required a quick close from submission to funding. He states, “Allstate was able to complete the transaction smoothly and efficiently despite the short time frame.”