Today's Deals: CBRE Secures $47.5M for N.J. Redevelopment
CBRE provides financing for a large adaptive reuse project in N.J.; Cushman & Wakefield brokers a $64.9 million sale; and Centerline arranges a $12.2 million Fannie Mae refinance loan.
Bloomfield, N.J.—CBRE’s Capital Markets’ Debt & Equity Finance group has secured $47.5 million in construction financing on behalf of Prism Capital Partners LLC for The Parkway Lofts at Watsessing Station, a 361-unit to-be-built redevelopment located in Bloomfield, N.J. The loan was provided by U.S. Bank on a three-year term with a single one-year extension.
The asset is being built in a 365,000-square-foot loft warehouse building with a plan that preserves original architectural features such as 15-foot quilt-paneled windows. Phase II of the build-out will include a high-density residential village with 150 for-sale townhomes.
“From the start, we recognized the potential of The Parkway Lofts as a signature redevelopment—one that will illustrate how adaptive reuse can serve to both preserve our state’s rich history and set the stage for its future,” says Eugene Diaz, principal partner at Prism Capital Partners LLC.
Invesco sells 232-unit asset for $64.9M
Cambridge, Mass.—Cushman & Wakefield Inc. has successfully brokered the sale of Walden Park, a 232-unit asset located in Cambridge, Mass., on behalf of Invesco. The services firm also procured the buyer, EQR-Walden Park LLC, an affiliate of Equity Residential.
Walden Park is a 100 percent market-rate urban infill community located less than a mile from Harvard Square. The property is comprised of two seven-story apartment buildings situated on 3.69 acres of land. The unit mix includes 52 studio apartments, 128 one-bedroom units and 52 two-bedroom apartments. Community amenities include a new pool, fitness center with entertainment area and billiards table, bicycle storage, and a barbecue and picnic area.
Cushman & Wakefield’s Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin handled the transaction.
Centerline arranges $12.2M Fannie Mae refinance loan
Evansville, Ind.—Centerline Capital Group provided a $12.2 million Fannie Mae facility to refinance the Copper Creek Apartments in Evansville, Ind.
Copper Creek Apartments is a Class A garden style multifamily facility that comprises 16, two- and three-story buildings with a combined total of 291 units. The loan is a 10-year fixed rate facility with a 30-year amortization period. The loan proceeds will be used to pay off the combined existing debt and yield maintenance that will mature in 2012.
Centerline is one of the nation’s leading Mortgage Banking institutions in the multifamily sector. The borrower is a single asset, Indiana limited partnership that is led by a well-established property owner in this tertiary market, and a long-time client of Centerline.
“Evansville enjoys one of the most stable economies in the country, due to the diversity in size and nature of existing businesses and industries in the area. Over the past year, Evansville has shown improvement, experiencing both rent growth and an overall decrease in vacancy,” comments Steven Cox, senior vice president, Commercial Real Estate at Centerline. “Copper Creek Apartments is also a well-maintained, owner developed facility that has a very high occupancy rate of 95.9 percent.
“These factors, combined with borrower’s relationship with Centerline and solid track record in the industry and local market, made this an attractive deal for Centerline,” adds Cox. The multifamily facility is situated on 23.99 acres in Evansville, which has grown to become Indiana’s third largest city.
Completed in 2002, property amenities include a club house with fitness center, patio and balcony with outside storage, and include 496 open parking spaces, 112 covered spaces and 43 garage spaces. The apartment complex is located approximately 176 miles southwest of Indianapolis, 156 miles north of Nashville, Tennessee, 126 miles west of Louisville, Ky.