TODAY’S DEALS: HFF Arranges $47M for an Austin Apartment Community
Suburban Homes lands a $47 million loan for a 528-unit asset; NorthMarq arranges a $14.6 million refinance for a Phoenix apartment community; and Houlihan-Parnes brokers the acquisition of a row house-style community.
Austin, Texas—HFF has arranged $47 million in financing for Regency Park Apartments, a 528-unit, Class A asset located in Austin, Texas. The fixed-rate loan was provided by JP Morgan Chase Bank N.A. to the borrower, Suburban Homes Inc. The 2003-built property is located at 401 Little Texas Lane between South Congress Ave. and Interstate 35. Regency Park was 98 percent occupied at the time of the transaction, and it has averaged 97 percent occupancy throughout the past decade. Amenities include a fitness center, two swimming pools, a spa, sand volleyball court, picnic and barbecue areas, a dog park, business center, clubroom and billiard room.
“The ownership’s focus on community and taking care of its tenants has created a very friendly atmosphere, earning rave reviews from the residents who reward the management with long term loyalty,” says HFF’s Douglas Opalka, senior managing director at HFF. “This made the asset all the more attractive to lenders.”
NorthMarq lands a $14.6M refi for a Phoenix multifamily asset
Phoenix—NorthMarq’s Los Angeles regional office has arranged refinancing for $14.6 million for Esteban Park Apartments, a 204-unit market-rate property located at 5611 South 32nd Street in Phoenix. The loan was based on a 35-year term and a 35-year amortization schedule. Mark Grace, vice president at NorthMarq, arranged the financing through his firm’s relationship with a Fannie Mae HUD lender.
“NorthMarq was able to close this HUD refinance with no changes to reserve requirements,” Grace says. “The borrower was able to lock in a very low rate and achieve significant savings at the property with no material costs to refinance the asset.”
Houlihan-Parnes brokers acquisition of row house-style community
Monticello, N.Y.—Ed Graf of Houlihan-Parnes Realtors LLC has arranged for the acquisition of a 69 unit, multifamily property located at 475 West Broadway in Monticello, N.Y. The asset is composed of 10 two-story, brick-row-house style buildings. The community was constructed in 1965.
New ownership has an extensive capital investment program planned for the newly minted Woodlands Village.
The transaction was handled by Steve Tierney of Woods, Oviatt, Gilman LPP.