Los Angeles—Charles Dunn Company has closed a $17 million sale of a 199-unit multifamily portfolio in the Mid-Wilshire submarket of Los Angeles. The four properties are all non-rent controlled. A Los Angeles-based investment company bought the assets from 4D Development. The closing cap rate was 7.16 percent.
“We won the listing based on our successful sales track record and knowledge of the local market,” says Janet Neman of Charles Dunn. “We quickly identified a buyer who owned similar product in the area and put in a strong offer before the portfolio officially hit the market.”
The properties are all renovated 1920s Art Deco architecture buildings and include 97 studio units and 102 one-bedroom units.
SL Green closes JV with Stonehenge
New York—SL Green Realty Corp. has closed on the acquisition of seven commercial and multifamily properties from its $193.1 million joint venture with Stonehenge Partners. The transaction was previously announced in October 2011.
Two of the residential properties, which encompass 385 units, were financed with 7-year fixed-rate mortgage financings totaling $100 million. A retail property located at 762 Madison Avenue in New York was financed with a 5-year, fixed rate $8.5 million mortgage loan. The other four assets were bought without any financing.
NorthMarq Capital arranges $20.1M mortgage/bridge loan for portfolio
Eugene, Ore.—Stuart Oswald, senior vice president and managing director of NorthMarq Capital’s Seattle Regional office, arranged first mortgage/bridge loan of $20.1 million for a senior housing portfolio with a combined total of 136 units.
The portfolio consists of two assets – a 49-unit/79-bed Memory Care Facility in Eugene, Ore. and an 87-unit Independent Living and Assisted Living Facility in Klamath Falls, Ore. Financing was arranged for the borrower by NorthMarq through its relationship with an institutional bridge lender.
According to Oswald, this cross-collateralized loan enabled the borrower to refinance the first asset and purchase the second asset with a non-recourse loan, with a competitive rate and flexible prepayment and release provisions.
