TODAY’S DEALS: IPA Arranges $21.7M Connecticut Sale
IPA arranges a 188-unit sale; and Beech Street Capital closes a $25 million Fannie Mae loan for a Philadelphia community.
Beacon Falls, Conn.—Institutional Property Advisors has arranged the sale of Beacon Mill Village, a 188-unit multifamily asset located in Beacon Falls, Conn. The property, which is located along the banks of the Naugatuck River, was originally built as a mill during the Industrial Revolution. The property was sold by BMV Associates LLC and picked up by UOB Eagle Rock Multifamily Property Fund LP.
“The new owner has acquired an aesthetically beautiful, historic adaptive re-use property in an excellent location with significant upside potential,” says Steve Witten, a first vice president of investments at Marcus & Millichap. “The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in a upscale, suburban location along the Route 8 Corridor. In addition, this property has fully amenitized units and a historically low resident-turnover rate.”
The 184,188-square-foot asset includes eight historic buildings originally constructed between 1851 and 1911 as a mill for the Home Woolen Co. The property was converted to residential in 1988. Amenities include a swimming pool, sun deck, tennis court, fitness center, sauna and locker rooms.
Beech Street Closes $25M for Philadelphia Apartments
Philadelphia—Beech Street Capital has provided a $25 million Fannie Mae conventional loan to refinance Greenbriar Club Apartments, a 346-unit property located in Philadelphia. The transaction was originated by Meridian Capital Group and financed by Beech Street Capital as part of the firm’s correspondent relationship with Meridian. The fixed-rate loan has a 10-year term with 9.5 years of yield maintenance.
Greenbriar Club is located in the Bala Cynwyd neighborhood of Philadelphia. The property was built in 1971 and consists of nine brick, garden-style buildings. Community amenities include a clubhouse with a fitness center. The asset was over 96 percent leased at closing. There is also 15,987 square feet of ground floor retail space in one of the apartment buildings.
