TODAY’S DEALS: M&C Properties Looks to Suburban Portland
Holland Partner Group JV completes a $59 million sale outside Portland, Ore.; Walker & Dunlop structures $97 million for eight Ohio assets; and Red Capital provides a $8.9 million construction loan.
Portland, Ore.—M&C Properties has snapped up a 324-unit, Class A, garden-style community in the Portland suburb of Wilsonville, Ore., for $59 million. The seller was a partnership between Holland Partner Group and The Carlyle Group Inc. Salt Lake City-based M&C Properties worked with HFF to secure a $44.3 million fixed-rate loan through Freddie Mac’s CME Program to finance the acquisition. HFF also represented the sellers in the sale.
Jory Trail at the Grove sits on 21.25 acres at 8750 Southwest Ash Meadows Road, which is about 20 miles south of downtown Portland. The 2012-built property was 94-percent leased at sale. Amenities include walking trails, WiFi, a 24-hour fitness center, swimming pool and heated spa.
Walker & Dunlop structures $97M for Ohio assets
Columbus, Ohio—Walker & Dunlop Inc. has provited $97 million to Cortland Partners LLC for the acquisition of the Parkwood portfolio: eight properties located in the greater Columbus, Ohio, area. The eight, 10-year fixed-rate loans featured five years interest-only, and 80 percent LTV.
Cortland has a value-add strategy in the mix, though the acquisition was also described as a means to grow their geographically diverse management platform. Cortland’s primary portfolio is located in the southeastern United States and Texas.
Red Capital provides $8.9M construction loan
Allen, Texas–RED Capital Partners LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED CAPITAL GROUP, LLC, recently completed an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374 unit Class A apartment community in Allen, Texas, a suburb of Dallas.
The $51.3 million construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners, and $8.9 million in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.
Bella Terra at Twin Creeks will be a luxury complex surrounded by lush amenities conveniently located near major shopping, large school districts and key transportation corridors within the Dallas / Fort Worth Metroplex. DLCR owns and manages seven Class A apartment communities, and is in the predevelopment stage with five additional assets in both Texas and Minnesota. The high-end multifamily communities developed and managed by DLCR typically reach stabilized occupancy prior to 100 percent completion.