TODAY’S DEALS: IPA Brokers $55.3M Sale in Reno
IPA brokers AG Spanos' sale of a 350-unit luxury asset in Reno; NorthMarq arranges a $36.3 million refinance for an apartment in Orlando; and Houlihan Parnes brokers a $1.6 million loan for a Monticello, N.Y., community.
Reno, Nev.—Institutional Property Advisors has brokered the sale of The Alexander at South Virginia, a 350-unit luxury property in Reno, Nev. Executive vice president Stanford Jones and vice presidents Philip Saglimbeni and Salvatore Saglimbeni advised the seller, AG Spanos. Kenneth Blomsterberg, first vice president in Marcus & Millichap’s Reno office, also worked on the deal. The group also advised the buyer, RPM Co.
“The investment appeal of this asset is driven by stable operations, a favorable yield, free and clear delivery and embedded upside through loss-to-lease capture,” says Jones. “Supply-constraints in the Reno market and strong demand for apartment living should continue to place upward pressure on rents.”
The 2009-built gated community is located at 11380 South Virginia Road in Reno. Amenities include a fitness center with sauna and tanning bed, a swimming pool, spa, clubhouse, media room, movie theater, business center, billiards room and concierge services.
NorthMarq arranges $36.3M Orlando refinance
Davenport, Fla.—NorthMarq Capital’s Orlando regional office has negotiated the $36.3 million refinance of Victoria Park Apartments, a 348-unit community located at 1000 Victoria Park Blvd. in Davenport, Fla. Transaction details include a 10-year term and three-year interest only period with a 30-year amortization schedule. A CMBS lender provided the loan.
“This is a Class A multifamily complex located near Orlando’s resorts and attractions,” says Melissa Quinn, senior vice president and managing director at NorthMarq. “Due to small amount of vacation rentals at the property, this transaction was not a fit for the agencies, but a great fit for the CMBS market. Our client has done an excellent job of maximizing revenue at the property which enabled us to obtain maximum proceeds.”
Quinn worked alongside David Schofield, senior vice president and senior direct, is closing the transaction.
Houlihan brokers $1.6M five-year loan with option to extend
Monticello, N.Y.—Ed Graf of Houlihan Parnes Realtors LLC, has arranged a $1.6 million first mortgage on the 70-unit apartment community at 475 West Broadway, Monticello, N.Y. The garden apartment-style property consists of 10 two-story brick buildings built in 1965.
The five-year loan is fixed at 3.4 percent interest with a 30-year amortization schedule and was done at par. The loan is prepayable throughout the term on a declining schedule, and the borrower has a five-year option to extend.
The transaction was handled by Steve Tierney of Woods Oviatt Gilman LLP.