TODAY’S DEALS: Cushman & Wakefield Sells Boston Area Apartment for $7.8M

Cushman & Wakefield brokers sale of 32-unit apartment near Boston; Boston Capital invests in to-be-built Texas affordable seniors housing; and Walker & Dunlop advances $21 million Freddie Mac CME loan for a just-stabilized property.

31-35 South Street

Brighton, Mass.—Cushman & Wakefield has brokered the sale a 32-unit apartment building near Boston College. The firm’s Capital Markets Group represented the seller, The Mount Vernon Company and secured the buyer, J&W South Street LLC. The $7.8 million price tag represents $243,750 per unit.

The property, 31-35 South Street, is comprised of two three-story apartment buildings with a mix of one-, two- and three-bedroom units with an average size of 873 square feet. The Mount Vernon Company invested $450,000 into the property over the last three years, funds that allowed unit renovations, window replacements and common area improvements.

31-35 South Street is located six miles from downtown Boston but enjoys close access to the MBTA Green Line.

Boston Capital invests in the construction of Texas affordable seniors housing

Deer Park, Texas—Boston Capital has invested in the construction of Providence Town Square Apartments, a to-be-built 188-unit multifamily development for seniors in Deer Park, Texas. The project’s general partner is Providence Town Square Housing Ltd., and the general contractor is Blazer Building Inc. Boston Capital, the largest owner and investor in apartment properties in the U.S., has already invested in 20,600 units of affordable housing in Texas.

“Boston Capital and Blazer Building are committed to helping seniors with low incomes live independently in affordable, high-quality housing,” says Jeff Goldstein, COO and director of real estate at Boston Capital. “Boston Capital’s equity investment in Providence Town Square Apartments adds another outstanding property to our portfolio while offering seniors in Houston and its surrounding communities a superior housing option in terms of unit design and amenities.”

The property is located on 6.8 acres and will offer 133 one-bedroom and 55 two-bedroom units, all featuring ceiling fans, emergency call systems, dish washers and patios or balconies. Amenities will include a 10,560-square foot, three-level common area with an outdoor lap pool, community room, media room, business center and exercise room. The community will be available to seniors ages 55 and older at 60 percent or less of the area median income.

Walker & Dunlop closes $21M Freddie Mac CME loan for just-stabilized property
Lauderhill, Fla.–Walker & Dunlop LLC provided a $21,000,000 permanent/refinance loan for the Glen at Lauderhill located in Lauderhill, Fla.

The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to a 70 percent loan-to-value with a 1.25 minimum debt-service coverage ratio.

The property was in the lease-up phase following a recent renovation when the sponsor, Priderock Capital Partners LLC, applied for refinancing. By closing, the property had reached a stabilized occupancy level, and Walker & Dunlop was able to lock rate and provide the borrower with full loan proceeds.

Priderock Capital Partners LLC, Principal David Khoury comments, “Walker & Dunlop provided us with great service, and I appreciated their attention to detail. In addition, Walker & Dunlop’s strong relationship with Freddie Mac allowed us to get in front of the right people within the Freddie Mac organization to generate excellent loan terms.”

The Glen at Lauderhill is a 405-unit garden-style apartment community built in 1989 and renovated in 2009. Amenities include a main clubhouse building, outdoor pool, tennis courts, lake views, fitness center, business center, playground and car wash area. The property was 95 percent leased at closing.

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