TODAY’S DEALS: Equity Residential Sells Atlanta Apartment to CBRE Global Investors
JLL brokers Equity Residential's sale of an Atlanta apartment community; Greystone closes a $60.5 million bridge loan in Georgia; and NorthMarq Capital provides refinance loans totaling $17.4 million for two apartments in Minnesota.
Atlanta—CBRE Global Investors is the proud new owner of Alexander on Ponce, a 330-unit midrise apartment community located in Atlanta. The group picked up the asset for an undisclosed price from Equity Residential in a transaction brokered by Jones Lang LaSalle.
The property sits on an infill site located at 144 Ponce De Leon Ave. NE. One of its biggest amenities is the fact that it is within walking distance of Piedmont Park, the second largest city park in the country. Its own amenity package includes panoramic city views, two garden courtyards, a fitness center and a large business center.
“Alexander on Ponce is located in the thriving Midtown submarket of Atlanta which not only has walkability to major employers but also a variety of retailers, dining options and entertainment venues,” says Derrick Bloom, managing director at JLL. “This offers its residents a highly desirable ‘live, work, play’ environment.”
Bloom worked alongside fellow JLL managing director David Gutting in handling the sale. According to Gutting, the community’s rent has increased six percent year-to-date for 2013, and has had a consistent occupancy rate at 95 percent.
Greystone closes $60.5M Bridge loan for Atlanta asset
Roswell, Ga.—National multifamily and healthcare mortgage loan provider Greystone has closed a $60.5 million bridge loan for a 664-unit multifamily asset located in Roswell, Ga. Details on the transaction were sparse, though a prepared statement by Martin Lanigan, head of Greystone’s portfolio lending group, said that the deal was executed in a timely manner.
In 2013, Greystone was ranked first in combined multifamily and healthcare FHA lending. In addition, the company ranked first in small loans and third in affordable housing as a Fannie Mae DUS lender in 2013, and is a top-5 Freddie Mac lender for seniors housing.
NorthMarq Capital refinances two apartments in Minnesota totaling $17.4 million
Minneapolis—Patrick S. Minea, senior vice president/managing director of NorthMarq Capital’s Minneapolis based regional office secured refinancing totaling $17.4 million for Park Meadows Apartments and Fair Oaks Apartments:
Fair Oaks Apartments, located at 2415 Third Avenue South, Minneapolis was refinanced at $8.8 million. Financing for the 224-unit multifamily property was arranged for the borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
Park Meadows Apartments, located at 408 Park Meadows Drive, Waite Park, Minn. was refinanced for $8.7 million. Financing for the 360-unit multifamily property was arranged for the borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.