TODAY’S DEALS: HFF Secures $34M Refi for SoCal Asset
HFF secures a $34 million refinance for a 306-unit community; Beech Street Capital provides $40 million in financing for a Baltimore-area portfolio; and Essex brokers sale of mixed-use property for $1.6 million.
Rancho Cucamonga, Calif.—HFF (Holliday Fenoglio Fowler LP) has secured a $34 million refinancing for Carmel Apartments, a 306-unit Class A community located in Ranch Cucamonga, Calif. The 12-year, 5.01 percent, fixed-rate loan was placed with Northwestern Mutual on behalf of Lew Operating Corp., a member of the Lewis Group of Cos. The HFF team was led by Don Curtis, senior managing director, and Charles Halladay, associate director.
Carmel Apartments is comprised of 21 building situated on 15.8-acres. Community amenities include a pool, clubhouse, business center, fitness center and playground. The property is located near Victoria Gardens Center, the LA/Ontario International Airport and Interstates 210, 15 and 10.
Beech Street provides $40M financing for Baltimore-area portfolio
Baltimore–Beech Street Capital is finding a healthy amount of business on both coasts. The firm has just announced its provision of $40 million in Fannie Mae DUS financing on a three-property portfolio located in and around Baltimore. The transaction was originated by Jacob Katz of Meridian Capital Group LLC.
“Beech Street was able to rate-lock the low leverage transaction in under 48 hours of application,” says Jacob Katz of Meridian Capital. “The borrower and I were pleased with the experience and responsiveness demonstrated by the Beech Street team.”
The fixed-rate loans have a 10-year term and a 30-year amortization schedule. The three assets total over 1,200 units and are located in Baltimore, Glen Burnie, Md., and Essex, Md.
The news comes on top of Tuesday’s announcement that Beech Street provided a $12.5 million refinance on two communities in Southern California.
Essex Brokers Sale of Mixed-Use Property for $1.6M
Chicago–Essex Realty Group Inc. has announced the sale of a mixed-use property located in Chicago’s Wicker Park neighborhood, in the heart of the Division Street commercial and entertainment corridor.
The building, located at 1914 W. Division and formally known as the Russian and Turkish Bath House, is currently 100 percent vacant and consists of 6,000 square feet of first-floor commercial space (divided between two spaces), 6,000 square feet of garden-level commercial space and five apartments on the second story. Apartments include five two-bedroom units.
Doug Fisher and Jason Fishleder of Essex were the brokers in the transaction. The price was approximately $1,650,000.