TODAY’S DEALS: CBRE Sells Luxury Community in Cincinnati
CB Richard Ellis sells a 231-unit high-rise apartment in Cincinnati; Arbor completes a $40.7 million loan that refinances a 654-unit affordable housing community in Newark, N.J.; and Walker & Dunlop closes $8.6M refinance in Las Vegas.
Cincinnati—The Indianapolis-Cincinnati Multi-Housing Group at CB Richard Ellis has negotiated the sale of the One Lytle Place Apartments, a 231-unit luxury high-rise apartment on the Ohio River. The property was put on the market un-priced and received 17 offers.
The One Lytle Place Apartments has 32,000 square feet of commercial space and is within walking distance of Great American Ballpark, Paul Brown Stadium and the corporate headquarters of Proctor & Gamble, Macy’s and The Kroger Co. The building has 11 different unit styles that average 1,119 square feet each. Community amenities include a gated parking garage, private shuttle to downtown Cincinnati, indoor heated pool with jacuzzi and sauna, fitness center, rooftop sun deck, and laundry facilities on each floor.
The Indianapolis-Cincinnati Multi-Housing Group at CBRE has completed the sale of $86 million worth of multifamily property year-to-date and is currently marketing $146 million.
Arbor completes a $40.7M Fannie Mae loan for an affordable community
Newark, N.J.—Arbor Commercial Funding has closed a $40.7 million loan under the Fannie Mae DUS Affordable Housing Loan product line that refinances the First King Apartments in Newark, N.J. The 654-unit complex is currently 95 percent leased. The new 10-year loan amortizes on a 30-year schedule.
Job losses in Newark have been declining since 2009 and Arbor predicts that demand in the rental market will continue to increase. Stephen York, a director at Arbor, originated the loan working out of the group’s New York office.
“Our client in this transaction significantly improved the physical condition and operations of the property over a four year span in order to take advantage of attractive long-term fixed rate financing,” says York. “In an environment where most lenders are shying away from large transactions, Arbor thrives and continues to deliver liquidity to the market.”
Walker & Dunlop closes $8.6M refinance in Las Vegas
Las Vegas–Walker & Dunlop, LLC recently provided a $8,645,000 refinance loan secured by Hidden Canyon Village Apartments located in North Las Vegas.
The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 65 percent loan-to-value with a 1.36 debt-service coverage ratio.
Hidden Canyon Village is a 148-unit garden-style apartment community built in 2001. Each apartment unit has a two-car attached garage, and an additional 145 exposed parking space are available throughout the community. The property was 94 percent leased at closing.
Scott Monroe, Johnson Capital Group, originated the loan. Walker & Dunlop Senior Vice President, Multifamily Finance, Andrew Tapley, and Vice President, Multifamily Finance, Brendan Coleman led the Walker & Dunlop team.