TODAY’S DEALS: HFF Closes $18M Sale of Suburban Indianapolis Community
HFF completes sale of Indiana community for $18 million, and Beech Street Capital funds $9.9M loan via Meridian Capital Group.
Avon, Ind.—Holliday Fenoglio Fowler LP has completed the sale of Washington Quarters Apartments, a 256-unit, Class A multi-housing community in Avon, Ind. The firm marketed the community on behalf of Crossmann Properties LCC. Thiemann Real Estate bought the property for $18 million. HFF worked on behalf of the buyer/borrower to secure new debt on the property through Freddie Mac.
Washington Quarters was constructed in 1999 in the suburban community of Avon, located about 12 miles west of downtown Indianapolis. The property has a mix of one-, two- and three-bedroom units that average 956 square feet. Washington Quarters is 95 percent occupied and offers a clubhouse with fitness room, billiards, and a swimming pool. Additional community amenities include a car wash station, sand volleyball court, basketball court and picnic area.
HFF Managing Director John Sebree and Senior Managing Director David Keller represented the seller. HFF Managing Directors Kevin Mackenzie and Jon Everson represented Thiemann on the financing side of the transaction.
Beech Street funds $9.9M, seven-year, Fannie Mae loan
Culpeper, Va.–Beech Street Capital, LLC provided a $9.9 million Fannie Mae DUS loan to refinance the Friendship Heights Apartments in Culpeper, Va. The transaction was originated by Meridian Capital Group, LLC and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
The fixed-rate loan has a term of seven years, with 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.
The garden-style apartment complex consists of 210 units built in 1987. Amenities include a basketball court and a playground, as well as proximity to the Culpeper trolley stop. Located in Central Virginia at the foot of the Blue Ridge Mountains, Culpeper is a short drive from Shenandoah National Park, Civil War battlefields, and the homes of Thomas Jefferson, James Madison, and James Monroe.
Beech Street is a Fannie Mae DUS lender, a Freddie Mac Program Plus Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) lender.