TODAY’S DEALS: Levin Realty Advisors Completes 320 Unit Sale to L3C Partners
L3C Partners picks up a Class A asset in Illinois from Levin Realty Advisors; and NorthMarq Capital secures $16.9 million new construction loan for the Cookie Factory.
Aurora, Ill.—Levin Realty Advisors has completed its disposition of Hunter’s Glen, a 320-unit Class A community located in Aurora, Ill. The asset was picked up by L3C Partners LLC. HFF marketed the property on behalf of the seller and arranged acquisition financing for the buyer via M&T Realty Capital Corp.
Hunter’s Glen is located at 245 North Oakhurst Drive within 10 minutes of two Metra stations offering direct access into Chicago’s CBD. Situated on approximately 16 acres, the property includes one- and two-bedroom floor plans averaging 886 square feet each. Community amenities include a heated resort-style swimming pool and sundeck, sauna/spa, fitness center, tennis court, sand volleyball courts, clubhouse and children’s playroom.
L3C Capital was founded in 2009 and has since completed more than $300 million of transactions.
NorthMarq secures $16.9M new construction loan for the Cookie Factory
Harrison, N.J.—Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey based regional office closed a $16.9 million 30-month construction loan for the Cookie Factory, a 104-unit multifamily property to be built on Essex Street in Harrison, N.J.
The transaction was arranged for the borrower, Bergen Street Urban Renewal LLC (a joint venture between an affiliate of the Hampshire Companies and the CrownPoint Group), by NorthMarq through its relationship with First Niagara Bank.
The project will consist of two, four-story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rental of approximately $1,900.
“There was a lot of demand for this deal, and First Niagara Bank structured a competitive loan to win the business,” says Cohen.
