TODAY’S DEALS: HFF Arranges Financing for BMC Investments
HFF provides acquisition financing; Balfour Beatty and Block Multifamily jointly buy property; and NorthMarq Capital completes refinancing for a combined $33 million.
HFF worked on behalf of BMC Investments (BMC) to place a $26.368 million, 10-year (three years interest only), 3.65 percent, fixed-rate loan for Lakeview Apartments through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Lakeview Apartments, at 3701 West 68th Avenue, is situated on 15.12 acres at the intersection of West 68th Avenue and Lowell Boulevard within three blocks of a to-be-built light rail station in Westminster, Colorado, a town less than 10 miles north of downtown Denver. The property is composed of 12 four-story buildings with an average unit size of 836 square feet.
Balfour Beatty, Block Multifamily buy property
Malvern, Pa.—Balfour Beatty Communities, a provider of property management, development and related real estate services for the multifamily, military and student housing markets, and Block Multifamily Group (BMG), a national multifamily management services company, announced their acquisition of Ranch at Pinnacle Point, a 392-unit multifamily community in Rogers, Arkansas. As part of the joint venture, Balfour Beatty Communities will deliver comprehensive asset management services and Block Multifamily will perform all property management services.
Ranch at Pinnacle Point consists of one, two and three bedroom units that range from 650 to 1350 square feet. The apartment homes boast walk-in closets, washer/dryer connections, fireplaces, a balcony, deck or patio, and garage parking. Community amenities include a pool, fitness center, billiards room, movie theatre, business center, clubhouse, dog park and a sand volleyball court.
As part of a relationship established in 2013, Balfour Beatty Communities and Block Multifamily Group are jointly pursuing multifamily property acquisition and management opportunities in select geographies across the United States. The two multifamily leaders are looking to grow this joint portfolio by more than 12,000 units over the next three years, an effort being directed by Paul Hannan, vice president of business development for Balfour Beatty Communitie, Bill Larson, president of BMG, and Grant Reves, principal of Block Funds.
NorthMarq Capital completes refinancing for a combined $33 million
Minneapolis–Patrick S. Minea, senior vice president/managing director of NorthMarq Capital’s Minneapolis based office arranged refinancing of a combined $33 million for two multifamily properties in Minneapolis and Roseville, Minn.
ElseWarehouse Apartments: This mixed-use building contains 116 apartment units with five commercial spaces. The property is located at 730 Washington Avenue North in Minneapolis. NorthMarq arranged the $21 million financing for the borrower through its Seller-Servicer relationship with Freddie Mac.
This 80-unit seniors housing property, located at 2996 Cleveland Avenue North in Roseville, Minn., received $12 million in refinancing. NorthMarq arranged financing for the borrower through its Seller-Servicer relationship with Freddie Mac.