TODAY’S DEALS: Douglas Emmett Expands in Hawaii
Douglas Emmett happily drops $146 million on a Honolulu buy; and Walker & Dunlop lends $500 million for properties in Colorado in 2014.
Honolulu—Though best known as an office investor, Douglas Emmett will pounce on a good multifamily opportunity when one arises. Yesterday the public REIT announced it has acquired Waena Apartments, a 468-unit community located in Honolulu, for $146 million, or approximately $312,000 per unit. With a portfolio of 3,336 units and 15.3 million square feet of office space located in Los Angles and Honolulu, Douglas Emmett is no stranger to The Aloha State.
Waena is located at 1320 Aala Street, and it was 97 percent leased at the time of sale. The asset recently saw a $22 million enhancement program that updated interiors, added a community center, and installed a solar electrical system. Douglas Emmett closed the purchase using its credit line, but intends to obtain permanent financing on the property in the near future.
Walker & Dunlop lends $500M for properties in Colorado in 2014
Bethesda, Md.—Walker & Dunlop Inc. announced it has provided more than $500 million in 2014 for several multifamily properties in Colorado.
The company states: “With current real estate market trends, financing options and increased population growth, Colorado has become a premier destination for employment, residency and recreational activities. With the region’s current unemployment rate at 5.3 percent, the necessity for rental properties has increased, resulting in above average occupancy rates. Investors have expressed additional interest in attractive loan options for value added sales and recently Colorado has seen a surge in out of state investors.”
Andrew Gnazzo, managing director, originated a 10-year Fannie Mae loan for Windsor at Broadway Station, in Denver. “Walker & Dunlop’s expedited processes allowed the borrower to achieve rate lock and closing on a tight timeframe for 1031 exchange purposes,” Walker & Dunlop says.
Ellen Kantrowitz, senior vice president, led the Walker & Dunlop team, arranging a $59 million HUD loan for 300 East 17th Avenue Apartments, in Denver.
Trevor Fase, senior vice president, originated a supplemental loan for the Preserve at City Center, in Aurora, Colo. Walker & Dunlop generated the first loan on the property, a 10-year fixed-rate loan in 2013, and this year the borrower was able to obtain a $6.35 million supplemental loan for value add amenities.
