Today’s Deals: Centerline Provides $55M Bridge Loan for Oakland Asset
Centerline provides a $55 million bridge loan to an Oakland asset; a joint venture between Wood Partners and an institutional investor completes a disposition; and GFI sells a Brooklyn apartment building for $1.3 million.
Oakland, Calif.—Centerline Capital Group has arranged for a $55 million bridge loan to recapitalize Domain, a 264-unit asset located in Oakland. The loan was completed with Centerline’s origination partner, C-III Commercial Mortgage LLC, and was provided to Berkshire Property Advisors for the refinancing. Domain consist of four six-story buildings and a 2,500-square-foot ground floor retail space.
“Berkshire purchased the partially completed property in September of 2009 and invested approximately $48.7 million to complete the upgrades,” says Paul Donahue, managing director in the mortgage banking group at Centerline. “The property is currently 98 percent occupied and is considered to be a quality, high-end Class A rental project, thanks in large part to the build-out and wide variety of amenities.”
The property features a host of amenities including a central lobby, on-site management, a rotating art gallery on the ground level, an internet café, community room with billiards and a kitchen, a fitness center, bike repair shop, yoga room, outdoor fireplaces and a pet run.
Wood Partners JV sells Mass. apartments
Alta at Indian WoodsStoughton, Mass.—A joint venture between Wood Partners and an institutional investor has completed the sale of Alta at Indian Woods, a 154-unit asset located in Stoughton, Mass. The deal was brokered by CB Richard Ellis—N.E. Partners LP’s Capital Markets team, who secured the buyer, Fairfield Indian Woods LLC.
Constructed in 2010, Alta at Indian Woods was the first asset built by Wood Partners in the Boston Market. A quarter of the units are affordable, and the Energy Star certified asset features a fitness center, outdoor fire pit, putting green, resident lounge with Internet café and a picnic are with built-in grilling stations.
GFI sells Brooklyn apartment building for $1,350,000
New York—GFI Realty Services Inc., announces the sale of 563 Amboy Street a listing in the East Flatbush section of Brooklyn, for $1,350,000, which translates to 7.5 times the rent roll. The four story walk up apartment building consists of 12 units totaling approximately 12,800 square feet. Shlomo Antebi, a director at GFI Realty Services Inc., represented the seller, RTC Realty Inc. Joseph Landau, an associate broker also at GFI Realty Services Inc., represented the buyer, a local investor.
“The building is very well maintained and most of the apartments have been renovated which drew a tremendous amount of interest from perspective buyers,” said Shlomo Antebi. “We were able to close the deal in just under 60 days.”
“The buyer is a local investor who currently owns many properties in the area. 563 Amboy was a perfect addition to his existing portfolio,” said Joseph Landau.
This multifamily apartment building was built in the 1930’s and is located in close proximity to Brookdale University Hospital and Medical Center as well as Linden Boulevard, a major thoroughfare.
