TODAY’S DEALS: Embrey Partners Sells 263 Units in Colorado
Inland Real Estate Group buys a Colorado asset from Embrey Partners; KeyBank provides $28.7 million for a development in North Carolina; and NorthMarq Capital closes on a $10.8 million refinance that won favorable pricing.
Aurora, Colo.—Inland Real Estate Group Inc. has picked up a 263-unit apartment community in Aurora, Colo., known as Saddle Rock. Embrey Partners was the seller. ARA handled the transaction, the price of which was undisclosed.
“The buyer was attracted to the strong suburban location within the Cherry Creek School District which is only 15 minutes away from Denver’s largest employment center, the DTC Business Corridor,” says Terrance Hunt of ARA Colorado. “The property also has great day-one cash flow for a property built in 2008.”
Saddle Rock was 95 percent occupied at the time of closing. The asset was constructed in 2008 by Embrey Partners, and offers access to one of the best school systems in the state, Cherry Creek Schools.
KeyBank provides $28.7M for North Carolina development
Raleigh, N.C.—KeyBank Real Estate Capital has provided a $28.7 million construction loan to The Carroll Companies to develop a 360-unit community in Raleigh, N.C., known as Maystone at Wakefield. The deal represents the third loan provided to The Carroll Companies by KeyBank since 2011. Past deals include a $22 million Fannie loan and a $16 million construction loan on a 312-unit community nearing stabilized occupancy.
The Carroll Companies is a real estate investment firm headquartered in North Carolina. The fully integrated company features a development arm (CIP Construction Co.), a property management arm (RE Carroll Management Co.) and a long-term ownership arm.
NorthMarq Capital closes on $10.8M refinance with favorable pricing
Boston—Doug Nickerson, vice president of NorthMarq Capital’s Boston regional office, arranged the $10.8 million refinance for Birchwood Hills Apartments, a 68-unit multifamily property located in Shirley, Mass.
The transaction was structured with a seven-year term and 25-year amortization schedule and was arranged for the borrower, Birchwood Hills Corporation by NorthMarq through its seller/servicer relationship with Freddie Mac.
“Freddie Mac beat out significant competition on this transaction. They priced the loan aggressively based on an existing relationship with the borrower, proactive property management and superior asset quality,” Nickerson says.
