TODAY’S DEALS: HFF Closes 280-Unit Mid-Rise in Virginia
HFF closes the sale of a 280-unit property near Washington, D.C.; Johnson Capital arranges $20.5 million refinance for Calif. affordable housing; and Bernard Financial arranges $3.45 million loan for mixed-use property.
Alexandria, Va.—Holliday Fenoglio Fowler L.P. has closed the sale of Alexan Carlyle, a 280-unit mid-rise community in Alexandria, Va. The buyer was a fund managed by Prudential Real Estate Advisors. HFF marketed the property on behalf of the seller, a partnership led by Trammell Crow Residential.
“PREI’s acquisition of Alexan Carlyle is the latest example of institutional investors seeking well-located, best-of-class apartment properties in infill, metro-accessible locations across the Washington, D.C. market,” says Dave Nachison, senior managing director at HFF.
Located at 800 John Carlyle Street in the Carlyle neighborhood of Old Town Alexandria, Alexan Carlyle was completed in 2009 and has one- and two-bedroom traditional and loft-style units averaging 868 square feet. Amenities include three lobbies, an internet café, fitness center, game room, resort-style pool, courtyard with grills, parking garage and a full-service concierge. Alexan Carlyle was 93 percent leased at the time of transaction.
Johnson Capital arranges $20.5M refinance for affordable housing
Rialto, Calif.—Johnson Capital has arranged a $20.5 million loan on Orchard Heights Apartments, a 347-unit apartment complex in Rialto, Calif. Greg Richardson, managing director in the firm’s Irvine office, arranged the loan.
Constructed in 1982, Orchard Heights is a garden-style property with a mix of Section 8 and market rate units. The project contains 94 one-bedroom units, 252 two-bedroom units and one three-bedroom unit in 16 two-story buildings. Amenities include a fitness center and two pools and spas.
Fannie Mae provided the 10-year fixed-rate loan. The property is owned by a private investor with experience in the affordable multifamily sector.
Bernard Financial arranges $3.45M loan for mixed-use property
Ann Arbor, Mich.–Bernard Financial Group arranged a $3,450,000 loan for Upland Green.
Upland Green is a 35,533 square foot, mixed use, retail and residential development located in the City of Ann Arbor, Mich.
The borrower is NYAA Capital LLC. The loan was originated by Kevin Kovachevich of Bernard Financial.
