TODAY'S DEALS: MAA Picks Up an Asset in San Antonio
MAA buys a 436-unit asset; SBV Communities enters the Oklahoma City market with a 119-unit purchase; and NorthMarq Capital completes a $10 million Freddie Mac refinance of a three-year loan.
San Antonio—MAA has completed its acquisition of Haven at Blanco, a 436-unit upscale apartment community located in San Antonio, Texas. The property was developed in 2010 and is located a few minutes from San Antonio’s northwest job corridor.
“We are pleased to be expanding our footprint in the San Antonio market,” says Al Campbell, executive vice president and chief financial officer at MAA. “We believe or operating platform in this economically diversified area will generate attractive investment returns for our shareholders.”
The Haven at Blanco has apartment units that average 1,063 square feet in size. Community amenities include a swimming pool with cabanas and a hot tub, and both attached and detached garages.
SBV Communities buys 119-unit community
Oklahoma City, Okla.—SBV Communities has purchased a 119-unit asset Oklahoma City, Okla. This marks the owner and operators fifth purchase in 2012. The purchase and sale agreement was made on July 13 and the transaction was closed on August 29. The firm now has a presence in 13 markets.
“Oklahoma City is an exciting market with a lot of positive changes happening,” says Chris Thomson, the director of multifamily acquisitions at SBV. “The continued redevelopment of its downtown, its commitment to its public schools and the job growth we’ve seen—specifically in the energy and aerospace sectors—is really encouraging and we’re obviously interested in getting involved.”
NorthMarq completes $10M Freddie Mac refinance of 3-year loan
Phoenix—Dennis Sidbury, senior vice president/senior director of NorthMarq’s San Francisco regional office, arranged refinancing of $10 million for the Crossroads Apartments, a 316-unit multifamily community located at 2222 West Beardsley Road in Phoenix.
Financing was based on a 10-year term with years one to three interest-only and years four to 10 based on a 30-year amortization schedule. NorthMarq arranged the financing for the borrower, Olympus Property, through its seller-servicer relationship with Freddie Mac.
“The borrower bought this property in 2009 at a time when Phoenix was struggling. We financed the purchase with a moderately leveraged adjustable-rate Freddie Mac loan. This new loan refinanced that debt. The borrower’s strategic timing and operating expertise coupled with a dramatic market recovery in the greater Phoenix area over the last several years resulted in a new financing that cashed the borrower out just three years after acquiring the property,” said Sidbury. “Freddie Mac’s execution was flawless and the client got a new 10-year deal at an incredibly attractive interest rate.”