Columbus, Ohio—PCCP has provided a $29.5 million senior loan to a private high net worth investor for the acquisition and lease-up of The Heights, a newly built two-building, Class A apartment and office building in the Worthington suburb of Columbus, Ohio.
The seller was Crawford Hoying, a local developer who began building the asset back in September 2013. The smaller, 59-unit building was finished in September 2014, while the larger, 134-unit apartment building with 23,320 square feet of office space was completed this April.
Located at 160 West Wilson Bridge Road in Worthington, The Heights is within one of the top Columbus submarkets, as demonstrated by a 3 percent vacancy rate and above-market rent growth. The property’s unit mix includes 80 one-bedroom units; 103 two-bedroom units; eight three-bedroom units; and two three-bedroom townhouses.
Community amenities include a business center, clubhouse/tavern, fitness area, rentable storage space, a courtyard with fire pits and grills, and a rooftop swimming pool and lounge, as well as enclosed garage parking and open-air structured parking, in addition to surface parking.
Greysteel arranges 57-unit sale in Texas
Grand Prairie, Texas—The Greysteel Co. has arranged the sale of Rose Garden, a 57-unit community located at 2718 Sherman Street in Grand Prairie, Texas. NYE LLC was the seller. Intelligent Investments LLC was the buyer.
The community was built in 1968. It features six buildings with 33 one-bedroom units and 24 two-bedroom cities. Greysteel’s multifamily investment sales team led by Boyan Radic, Doug Banerjee, Andrew Mueller, and John Marshall Doss served as exclusive adviser and agent to the seller.
Pillar originates $9.2M for acquisition of affordable property
Frisco, Texas–Pillar announced that it has originated a $9.2 million Fannie Mae acquisition loan for Stonebrook Village, a multifamily affordable housing property.
Stonebrook Village consists of one-, two- and three-bedroom apartment units located in Frisco, Texas. The property was developed in 1994 and is close to full occupancy. Pillar is a Guggenheim Partners affiliate and an industry leader of financing solutions for affordable and conventional multifamily properties.
Marc Cesare, director of Pillar in the Dallas, Texas office and member of Pillar’s national multifamily affordable team, originated the fixed rate, 10-year term loan with a 30-year amortization rate and one-year interest only.
The Stonebrook Village loan origination required a very creative structure due to the ground-lease, extended use agreement and because the client had to form a partnership with a non-profit owner to secure the loan and low-income housing credits, said Cesare. “We worked closely with all parties involved to structure the transaction to meet all of the state’s ground-leased land requirements for this complex project.”
Stonebrook Village is located near the North Dallas Tollway and just north of the new Dallas Cowboys world headquarters scheduled for completion in 2016.