TODAY’S DEALS: CLAL, Waterton Buy Stamford Apartments for $120.5M
CBRE brokers a $120.5 million apartment sale in Stamford; Colliers International completes a $6.4 million sale in Phoenix; and Capital One Bank closes a $22 million FHA refinance loan.
Stamford, Conn.—A joint venture between CLAL and Waterton Associates has picked up 75 Tresser, a 334-unit Class A community located in Stamford, Conn., for $120.5 million. CBRE’s Institutional Properties represented the sellers, Greenfield Partners and Post Road Residential, in the sale of the newly constructed trophy asset.
75 Tresser contains the most extensive set of onsite amenities in the Connecticut city, including a heated pool, 5,000-square-foot fitness center, two courtyards and 9,000-square-feet of tenant club space that includes meeting and dining rooms, a catering kitchen and business center.
“Post Road Residential and their institutional partner have developed an iconic Stamford landmark that is transforming the standard for apartment living in this community,” says Jeff Dunne of CBRE. “The expansive resident amenity space, cutting edge design and irreplaceable location have created a buzz in town that is rare. Interest from tenants is strong with over half of the new residents coming from out of state and less than 30 percent moving from within Stamford.”
Dunne worked alongside Gene Pride and Patrick Carino on the transaction. Their multifamily investment team has sold six apartment communities and development sites in Stamford since 2010 that total over 1,750 units valued at over $560 million.
Colliers completes $6.4M Phoenix sale
Phoenix—Colliers International in Greater Phoenix has completed the sale of Villa Serena, a 137-unit Class B apartment community, for $6.4 million. Janet LePage of North Vancouver, BC, purchased the community, which is located at 4221 W. Dunlap Avenue, from Bligh Group LLC, of Rancho Santa Fe, Calif. Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily, served as the brokers for the buyer and the seller.
“Villa Serena provided the buyer with a good opportunity to acquire a clean building with solid cash flow and an upside through modest interior improvements,” says Sherman.
Built in 1982, the garden-style 117,732-square-foot apartment property is situated on 5.04 acres and consists of one-, two- and three-story buildings.
Capital One Bank closes $22M FHA refinance loan
Bethesda, Md.—Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, announced that it has provided a $22.0 million HUD 232/223(f) loan to refinance a 304-bed skilled nursing facility in Illinois. The transaction was originated by Joshua Rosen, senior vice president of originations, who leads Capital One’s agency healthcare lending from the company’s Chicago office.
“In this interest rate environment, a 232/223 (f) loan is a fantastic opportunity,” Rosen says. “This loan has a term of 35 years at an attractive interest rate. In fact, interest rates have been two and three times as high for more than a decade over the past 35 years.” Rosen also notes that 232/223(f) loans are fully assumable for qualified buyers.
Capital One has provided a series of 232/223(f) loans to this borrower. “Having worked repeatedly together, we have a solid appreciation for the borrowers’ business model, and they understand HUD’s priorities,” Rosen points out. “The borrowers not only get a great rate. They get a great process.”