TODAY’S DEALS: Greystar Picks Up 500-Unit Community in Minneapolis Suburb
Greystar purchases a community in Minnesota for $54.7 million; Beech Street Capital provides $13.8 million in Fannie Mae loans for three Texas communities; and Centerline Capital closes a $11.9 million multifamily refinance in 30 days.
Plymouth, Minn.—Greystar has expanded its Midwestern multifamily footprint with the acquisition of Park Place Apartments, a 500-unit community located in Plymouth, Minn. The $54.7 million purchase price represents $109,350 per unit. The company plans to implement a common area value-add play.
“Park Place Apartments will undergo modest capital improvements to continue to maximize rents and occupancy, providing solid returns to our investors,” says Kevin Kaberna, managing direct of investments at Greystar, who added that his firm is optimistic about Minneapolis fundamentals and is on the lookout for further investment opportunities.
The capital improvement plan is aimed at enhancing the property’s exterior and amenities. Greystar also plans to renovate building entries and common areas, and convert un-used onsite space into storage. The offering of community amenities at Park Place Apartments includes three tennis courts, two pools and elevators in each building.
Beech Street Capital closes $13.8M for three Dallas area communities
Dallas-Fort Worth—Beech Street Capital LLC has continued its expansion into the Dallas-Fort Worth market with three refinancing loans totaling $13.8 million. The Fannie Mae backed loans refinance three apartment complexes with a combined 650 units.
“We’re enthusiastic about the Dallas-Fort Worth market because the fundamentals are extremely strong,” says Larry Sneathern, executive vice president in Beech Street’s Dallas office.
Sneathern added that the company is actively looking for further opportunities in the market. The three properties are located in Arlington, Lewisville and Forth Worth, Texas, and were each financed with fixed-rate conventional loans with 10-year terms.
Centerline Capital closes $11.9M multifamily refinance in 30 Days
Redondo Beach, Calif.–Centerline Capital Group , a subsidiary of Centerline Holding Company, announced today that it processed a new $11.9M Freddie Mac loan from start to closing in 30 days.
Freddie Mac helped immensely by providing a loan commitment in less than a week, according to Centerline. The loan structure was used to refinance the Sea Haven Resort Apartments, a 58-unit community located in South Bay in Redondo Beach, Calif.
The loan was a cash-out refinance that will enable the property owner to fully leverage the value of the facility.
“The borrower needed to close quickly due to a maturing loan, and with the help of Freddie Mac, we were able to turn the facility around in near record time,” says Richard Olrich, a Centerline managing director. “We were thrilled to be able to make this happen for our client.”
The Sea Havens Resort Apartments is a beach front, garden-style apartment complex featuring ocean views. The property is located less than a half mile west of the South Pacific Coast Highway and north of Palos Verdes Boulevard.
“The property is well-located across from the beach in Redondo, and the design of the buildings and units focuses on showcasing the panoramic view of the ocean, making the property in high demand,” adds Olrich. “These factors, combined with the owners’ solid track record made this an attractive deal for Centerline and Freddie Mac.”
The transaction was sourced by Centerline’s team headquartered in San Rafael, California.
