Malden, Mass.—Mack-Cali Realty Corp. has completed its previously announced acquisition of Alterra at Overlook Ridge IB for approximately $88 million. The company had previously acquired the sister building, Alterra at Overlook Ridge IA. Both assets are located in the master planned community of Overlook Ridge in Revere and Malden, Mass., part of the Boston MSA. Combined, the two acquisitions total $149.3 million.
Overlook Ridge IB contains 412 rentals units and is currently 96.1 percent leased. As with Alterra 1A, the property was acquired from a Prudential Insurance Company of America joint venture. Mack-Cali’s recently acquired Roseland-subsidiary-developed Alterra IB in 2008 for the venture, and it has managed the property since its completion.
Overlook Ridge offer residents resort-style amenities, including heated outdoor pools, fitness centers, lounges with billiards, business centers, cinema screening rooms and direct-access parking garages. The Overlook Ridge community is located just five miles north of downtown Boston.
VWF arranges $16M for three Texas assets
Arlington, Galveston & Conroe, Texas—California-based Venture West Funding Inc. has arranged three loans totaling $16 million for the refinance of three apartment buildings located in Arlington, Galveston and Conroe, Texas. The loans were arranged through Berkadia Commercial Mortgage for three single-asset entities managed by Steve Grott, a Colorado-based investor. The loans were secured at a non-recourse 10-year fixed rate with rates as low as 3.82 percent.
“We were able to maximize loan proceeds through aggressive, common-sense underwriting,” says Matt Douglas of Venture West Funding. “The borrower timed his refinancing well in this low interest rate environment with two of the three loans coming due within 30 days.”
The 405 units, divided between three projects, are all 1980s construction with similar amenities. All three properties are managed by Centra Partners, which is based in Houston.
Hudson Realty funds $17M for acquisition of industrial building in DUMBO
Brooklyn, N.Y.—Hudson Realty Capital LLC funded a $17 million first-mortgage loan secured by a three-story, vacant industrial loft building in the DUMBO section of Brooklyn. In addition to utilizing loan proceeds to acquire the property and establish reserves, the borrower also has secured a $2.5 million upsize option from Hudson, contingent upon obtaining certain NYC Landmarks Preservation Commission approvals.
“This repeat, experienced client approached Hudson because of the atypical complexities associated with this particular asset acquisition,” says Spencer Garfield, managing director, originations. “Our flexible financing and surety of execution allow the borrower to pursue the necessary approvals and renovations in order to firm up the business plan and secure conventional financing.”
Located on Water Street, between Jay Street and Bridge, the 81,805-square-foot building is situated in what is emerging as an increasingly residential neighborhood three blocks from Brooklyn Bridge Park. A former factory built in 1913, building plans include converting and repositioning it for multifamily use. The borrower is seeking landmark approvals to alter the façade and add additional floors.
The property is centrally situated within the historic Brooklyn waterfront district, formerly known as Fulton Ferry, which is rapidly attracting an influx of new residents, office tenants and retailers contributing toward a 24-hour community. The area is easily accessible via subway, bus, ferry and highway links.
Currently operating out of its fifth fund, Hudson is targeting middle-market debt investments in the $5 million to $50 million per-asset range. These include performing and non-performing debt acquisitions; financing for borrower discounted payoffs, third-party debt acquisitions and debtors in possession, new loan originations and good bank/bad bank recapitalizations. Hudson also is focused on large loan-portfolio acquisitions and asset management activities.