The $58.6 million seven-year mortgage, provided by a regional balance sheet lender, features an interest-only component and a floating-rate that was swapped to a fixed-rate for a portion of the term. This transaction was negotiated by Meridian Executive Vice President Aaron Birnbaum and Managing Director Seth K. Grossman, who are based in the company’s New York City headquarters and Carlsbad, Calif. office, respectively.
The property, located at 15 Cliff Street in Manhattan’s Financial District, contains 156 apartments along with ground floor retail space.
“The complexities of this transaction were multifaceted as the apartments and retail portions of the building were held in separate condominium interests, and Carmel Partners’ business plan includes a significant renovation program to augment income,” says Grossman. “Closing this financing is a reflection of the lender’s creativity and flexibility for loans to market-leading sponsorship,” Grossman adds.
Miller-Valentine lands financing for Georgia apartments
Pine Lake, Ga.—The development team at Miller-Valentine Group is proceeding with a new 96-unit community in Pine Lake, Ga., now that financing is in place. Funding for what will be the centerpiece of Pine Lake’s statutory redevelopment plan comes via a combination of $4.3 million of HOME, 4 percent tax credits from Georgia’s Department of Community Affairs, and $8.5 million in bonds from the Housing Authority of DeKalb County.
Known as The Villas at Pine Lake, the asset will serve working families who are looking for quality affordable housing. Located at 4656 Rockbridge Road, the new community will feature a mix of one-, two- and three-bedroom apartments complete with energy-efficient features and a nice set of amenities.
“The level of community support this project has is truly amazing,” says Brian McGeady, Partner & President of Miller-Valentine Affordable Housing Development. “We’re thrilled to be able to work with the City of Pine Lake on this project.”
Ground will break in July with completion slated for the following summer. The Villas at Pine Lake will feature on-site management, a community room for events and entertainment, a business center and outdoor living areas.
Champion wraps up 304-unit purchase in Ohio
Delaware, Ohio—Champion Real Estate Services has successfully purchased all 304 apartments at Troy Farms in Delaware, Ohio. The company acquired the units in three phases over the course of a year from 20 different sellers, and now is the sole community owner.
“We have been the property management company for Troy Farms since May of 2013, and it has always been our intention to purchase the entire site,” says Brian Yeager, president and CEO at Champion. “With recent growth in population in Delaware we have seen a high demand for apartments. Troy Farms is one of only a few apartment communities that have been built in the city in the last 10 years.”
Champion landed a Freddie Mac loan for a fixed-interest rate of 4.61 percent over a 10 year term for the project.