TODAY’S DEALS: Granbridge Closes $31.9M Mortgage Secured by 352-Unit Property
Granbridge closes $31.9 million first mortgage; CBRE sells a 304-unit student-housing community; and HFF closes sale of suburban apartment property.
Houston—Granbridge Real Estate Capital’s office in Houston has closed a $31,875,000 first mortgage loan secured by Camden Heights Apartments, a 352-unit, Class ‘A’ multifamily property in Houston. The seven-year acquisition loan features three years of interest-only and a 30-year amortization. Jim Richard, a Houston-based SVP, originated the transaction, which was funded through Fannie Mae’s DUS loan product.
“Our client needed a quick close on this transaction,” says Richards. “Granbridge had to approve, underwrite and close this loan within 30 days. In order to do that, we had to fully quantify the market and rent comps.”
Camden Heights Apartments, which is located in Houston’s Midtown Height neighborhood, is comprised of one-, two- and three-bedroom units. The property has a resort-style swimming pool, clubhouse with social lounge, modern business center and an athletic club.
CB Richard Ellis sells 304-unit student-housing community
Oxford, Ohio—CB Richard Ellis’ Indianapolis-Cincinnati Multi-Housing group has closed the sale of Candlewood Terrace, a 304-unit student-housing apartment community in Oxford, Ohio. The property sold for $7.9 million, or $25,987 per unit. The sellers were the heirs of the original developer. The buyer was a Virginia-based private student-housing operator who plans to renovate and improve the asset.
Candlewood Terrace is located less than a mile from Miami University of Ohio. The property was constructed in five phase between 1965 and 1978. It features a mix of garden- and townhome-style floor plans. Amenities include a clubhouse, pool and study lounge.
HFF closes sale of suburban Minneapolis multi-housing community
Minneapolis, Minn.–HFF closed the sale of Hampshire Hill Apartments, a 534-unit multi-housing community in Bloomington, a southwestern suburb of Minneapolis, Minn.
HFF marketed the property on behalf of the seller. Westdale Investment Partners, LLC was the purchaser of the community.
Located at 10660 Hampshire Avenue South, Hampshire Hill Apartments is close to Interstates 35 and 494, Highway 169 and the Minneapolis St. Paul International Airport in Bloomington. The 95 percent-occupied property has seven three-story buildings with studio, one- and two-bedroom units averaging 980 square feet each. Community amenities include a clubhouse, pool, business center, fitness center, dry-cleaning service, car-wash facility, dog park and walking/biking trails. Each building includes heated underground parking.
The HFF team was led by Executive Managing Director Matthew Lawton and Managing Directors Sean Fogarty and Marty O’Connell.
Westdale Investment Partners LLC (formerly Redwood Capital Partners) currently owns and operates eight properties totaling more than 4,100 units in various markets throughout the Midwest, Southeast and Southwest.