TODAY’S DEALS: Griffis Residential Bullish on Boulder
Fairfield Residiential affiliate completes Boulder County sale; NorthMarq arranges $14.7 million for a Jacksonville buy; and Grandbridge closes $6 million for a Dallas seniors acquisition.
Lafayette, Colo.—Griffis Residential has picked up Strathmore Park, a 208-unit apartment community located in Lafayette, Colo., within the county of Boulder. Why Lafayette? Well, vacancy in the submarket has averaged 4.3 percent for the last 13 quarters—a historic low. As a result, average market rents increased to $1.41 per square foot, a 5.22 percent increase year-over-year.
ARA brokered the $39.9 million sale on behalf of the seller, an affiliate of San Diego-based Fairfield Residential. Strathmore Park was built in 1999, was 96 percent leased at the time of sale, and will give Griffis the potential for a value-add play.
NorthMarq arranges $14.7M for Jacksonville buy
Jacksonville, Fla.—NorthMarq Capital’s Los Angeles office has negotiated $14.7 million in financing for the acquisition of Park South at Deerwood, a 240-unit asset located at 7932 Southside Boulevard in Jacksonville, Fla.
The loan represented 75 percent of the purchase price, and was structured with a 10-year term with five-years interest only followed by a 30-year amortization schedule. The financing was originated by Ory Schwartz, senior vice president & managing director of NorthMarq’s L.A. regional office. The borrower was a west coast-based private investor. The loan was provided by a CMBS lender.
Grandbridge closes $6M for Dallas seniors buy
Dallas—The Atlanta-based Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital has closed a $6 million loan secured by Acadia Assisted Living, an 88-unit seniors community in Dallas. The loan was provided through BB&T Real Estate Funding’s structured loan program.
Senior vice president Richard Thomas and vice president Meredith Davis originated the transaction. Grandbridge’s dedicated Seniors Housing and Healthcare Finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide. The team has nearly 60 years of combined seniors housing experience and has closed more than $5 billion in seniors housing loans, sales and advisory transactions in the past 10 years.
