Mansfield, Mass.—Cushman & Wakefield has arranged the sale of West Village, a 200-unit apartment community developed by Fairfield Residential in Mansfield, Mass. C&W’s Capital Markets Group represented the seller, Fairfield Green, and procured the buyer, Berhinger Harvard West Village Project Owner, LLC.
The 2008-built community is located at the junction of I-95 and I-495, close to commuter rail service via the Mansfield Center Station. The property is comprised of seven three-story garden-style buildings situated on 28.6 acres. There are 92 one-bedroom units, 100 two-bedroom units and eight three-bedroom units. Units average 1,046 square feet in size.
Community amenities include a heated swimming pool with spa, a clubroom with fireplace and television, a business center, fitness center, garage parking, and barbecue grills.
Joint venture begins construction on Alabama student housing
Tuscaloosa, Ala.—Education Realty Trust Inc. and The Edwards Companies have closed construction financing on a $41 million apartment community next to the University of Alabama campus in Tuscaloosa. The conventional construction loan was sourced through Region Bank.
Construction on the property, which is scheduled to open in 2012, has also begun. The Edwards Company provided the development and design build services for the community, which will be owned jointly by both companies. Education Realty Trust is the majority owner and will manage the asset upon completion.
“We are excited to break ground in Tuscaloosa and contribute to the rebirth of this campus after the devastating storms earlier this year,” says Randy Churchey, president and chief executive of Education Realty Trust.
The new student-housing community will consist of 337 units with 774 beds located on the eastern edge of the University of Alabama campus near the Schools of Law and Nursing. The buildings will be three- and five-stories tall. Amenities will include a clubhouse with movie theater, fitness center, study space, game lounge, computer lab, great room with kitchen, and staff offices. Outdoors there will be a pool with a patio and grills.
Walker & Dunlop closes $13.2M HUD 223(f) loan
Atlanta–Walker & Dunlop LLC recently provided a $13.22 million refinance loan insured under the U.S. Department of Housing and Urban Development’s (HUD) Section 223(f) program to Avalon Ridge, an affordable housing community located in Atlanta.
The loan was structured with a 35-year term and a 35-year amortization. The loan was underwritten to an 87 percent loan-to-value with a 1.1x debt-service coverage ratio.
The property is financed with federal and state low-income tax credits and multifamily housing revenue bonds issued by the Housing Authority of Fulton County, Ga. HUD approved a waiver of the three-year rule to allow for refinancing this stabilized mixed-income apartment community.
The borrower, Steven DeFrancis of Cortland Partners, says, “Walker & Dunlop provided us with great service, and as always, I appreciated their attention to detail. They go to bat for us no matter how challenging the deal or the market place. We look forward to our next transaction with them.”
Avalon Ridge is a 222-unit garden-style affordable multifamily community built in 2008. Individual units feature wood cabinetry and granite countertops. Common amenities include a swimming pool, fitness center, business center, laundry center, children’s playground and after-school program, picnic area, and controlled-access security gate. The property was 91 percent leased at closing.
Walker & Dunlop Senior Vice President of Multifamily Finance Stephen Farnsworth originated the loan and led the Walker & Dunlop team.