TODAY’S DEALS: Greysteel Refinances D.C. Portfolio
The Greysteel Co. arranges a $21.5 million portfolio refinance via a conduit lender; Northland acquires its 21st property in Florida; and Eastern Union and Investors Bank facilitate $22.5 million for the purchase of a Bronx, N.Y., landmark.
Washington, D.C.—The Greysteel Co. has arranged $21.5 million to refinance a three-property portfolio in the Capital Hill East area of Northeast Washington, D.C.
Greysteel’s Mid-Atlantic Capital Markets team, led by Mark Bittenbender, Matthew Schwartz, Ari Firoozabadi and Paul Pierre, served as exclusive advisor and agent to Capitol East Partners in the successful refinancing of the 193-unit portfolio. The loan was funded by a conduit lender.
Northland acquires 21st Florida Property
Newtown, Mass.—Northland Investment Corporation has acquired Grandeville on Saxon, a 316-unit asset located in Orange City, Fla. Over the past six months, Northland has acquired six properties in Florida, bringing its total holdings in the Sunshine State to 5,981 units between 21 communities. The firm’s overall portfolio in Florida, Texas and New England now totals more than 21,000 units.
The newest edition is located at 741 Saxon Boulevard. Completed in 2005, the property features 21 buildings and community amenity package including a fitness center, business center, barbecue areas, athletic courts, garages and wireless Internet.
Eastern Union, Investors Bank facilitate $22.5M for purchase of a Bronx, N.Y., landmark
Bronx, N.Y.—Eastern Union Funding arranged financing for a circa-1927 building on 975 Walton Avenue in the Bronx on behalf of City Life Realty. Eastern Union’s client scooped up the property’s 185 multifamily units and one commercial space from E & M Associates for $30 million.
The prewar property survived a severe fire in 2012, rebuilt, and remains a neighborhood fixture. It is throwing distance from Yankee Stadium and a landmark in The Bronx.
Eastern Union’s David Eisen brokered a non-recourse $22.5 million loan with Investors Bank. The deal has a 12-year term with the first seven years fixed. The deal is also the latest in a slew of mid-to-large New York City acquisitions facilitated by Eisen, who said this property has a distinguishing trait: namely size.
“You don’t find buildings like this anymore. It’s big. Big boxy building with big units—they don’t build such large units today,” Eisen said.