TODAY’S DEALS: Dezer Pays Off $265M Mortgage on Miami Beach Trump Towers
Dezer pays off a $265 million mortgage on two of the Trump Towers in Miami Beach, Fla.; Arbor closes six Fannie Mae deals totaling $23.6 million; and Walker & Dunlop closes a $4.2 million acquisition loan secured by a 50-unit property in Minnesota.
Sunny Isles Beach, Fla.—An affiliate of Dezer Properties LLC has paid off a $265 million mortgage on Trump Towers II and III. The company assumed the existing loan in March 2010 from a development partnership. The three-tower, 813-unit condominium development is located at 16001 Collin Avenue in Sunny Isles Beach, Fla.
When Dezer assumed the loan the two towers had 475 vacant units. There are now just slightly more than 100 units remaining, which are all expected to sell in the range of $650,000 to $2.2 million.
“This is extremely positive news for South Florida’s luxury residential real estate market,” says Gil Dezer, president of Dezer Entities. “When we assumed this obligation in March 2010, the bank gave us a four-year time frame to sell the remaining units based on current absorption rates from the area. We look forward to completing the sales of the remaining units well before that time frame.”
Dezer’s marketing strategy included price adjustments on the new economic realities of the marketplace, with values ranging as low as $350 per square foot to $600 per square foot. The Trump Towers in Sunny Isle Beach were the second branded development between real estate mogul Donald Trump and the father-and-son team of Michael and Gil Dezer.
Arbor closes 6 Fannie Mae deals totaling $23.6M
Astoria, N.Y.–Arbor Commercial Funding LLC recently funded six loans totaling $23.63 million under the Fannie Mae DUS Loan and Fannie Mae DUS Small Loan product lines from New York to California. The loans include:
-The L at 30th Drive, Astoria, N.Y.: This 39-unit complex received $8,900,000 funded under the Fannie Mae DUS Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.
-Ludlow Street Apartments, New York: This 27-unit complex received $1,800,000 funded under the Fannie Mae DUS Small Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.
-Stones Crossing, Rock Hill, S.C.: The 160-unit complex received $5,400,000 under the Fannie Mae DUS Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.
-Hartford Hills Apartments, Los Angeles: This 102-unit complex received $3,645,000 funded under the Fannie Mae DUS Small Loan product line. This seven-year refinance loan amortizes on a 30-year schedule.
-232 Union Place Apartments, Los Angeles: This 50-unit complex received $2,700,000 funded under the Fannie Mae DUS Small Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule.
-2352 Glendale Boulevard, Los Angeles: This 16-unit complex received $1,186,000 funded under the Fannie Mae DUS Small Loan product line. This seven-year refinance loan amortizes on a 30 year schedule.
All of loans were originated by Ronen Abergel, vice president in Arbor’s full-service New York office.
Walker & Dunlop closes a $4.2 million acquisition loan
Burnsville, Minn.—Walker & Dunlop LLC has provided a $4.2 million acquisition loan secured by Wyngate Townhomes. The 50-unit property is located in Burnsville, Minn. The loan was structured with a 10-year term and a 30-year amortization. It was underwritten to an 80 percent loan-to-value.
The loan was originated by Jason Rice at Grandbridge Real Estate Capital. Andrew Tapley, senior vice president at Walker & Dunlop, led the Walker & Dunlop team.
Wyngate Townhomes was built in 2002. Each unit has a two-car attached garage, fireplace, walk-in closets and laundry. The community was 92 percent leased at closed.