TODAY’S DEALS: MetLife Adds 300-Unit Asset to D.C.-Area Portfolio
MetLife buys a property in Lorton, Va.; Berkeley Point Capital closes a $25 million refinance for a property in North Carolina; and Delshah Capital Sells Stated Island Properties to The Arker Companies.
Lorton, Va.—MetLife Inc. has acquired Broadstone Laurel Highlands, a 300-unit, Class A apartment/townhome community located in Lorton, Va. Alliance Residential Fund I was the seller.
“Broadstone Laurel Highlands is an outstanding asset and fits well into our strategy of expanding our portfolio in high growth metro areas such as Washington, D.C.,” says Steve Taylor, regional director for MetLife. “Alliance built a great product and we’re pleased to add this property to our portfolio.”
The 2011-built community is located 20 minutes south of downtown Washington, D.C., near I-95. Broadstone Laurel Highlands features 289 multifamily units and 11 townhomes. Amenities include a fitness center, movie theater, outdoor pool, outdoor fireplace, business center and dog park.
Berkeley Point Capital closes $25M refinance for N.C. property
Morrisville, N.C.—Berkeley Point Capital has closed a $25 million loan to refinance Grace Park, a 128-unit, Class A asset located in Morrisville, N.C. The mixed-use asset is located close to Research Triangle Park, which is a significant growth engine for the area. Financing was arranged under Freddie Mac’s CME program as a seven-year deal term and 30-year amortization schedule.
The co-sponsors, Ed Kalikow of Kalikow Group and Ellis Coleman of EYC Companies, began the development of Grace Park in 2005 with a free-standing retail building, anchored by Starbucks. Complementary retail and apartment buildings were added in 2009-2010. Currently there are 20 retail tenants.
Delshah Capital Sells Stated Island Properties to Arker Cos.
Staten Island, N.Y.—DelShah Capital LLC, a full-service real estate debt acquisition, development and management company, announced the sale of 195 Steuben Street and 231 Steuben Street in Staten Island to The Arker Companies for $27 million.
The seven-story, 98,700-square-foot rental buildings are each comprised of 99 apartments (for a total of 197,400 square feet and 198 units), with a private parking lot behind both. Heidi Burkhart of Dane Professional Consulting Group represented the buyer, and DelShah Capital represented itself in the transaction.
Arker Companies, an affordable housing preservation buyer, purchased 195 and 231 Steuben Street from DelShah as part of a tax-exempt bond financing deal.
“We are pleased to sell 195 and 231 Steuben Street to The Arker Companies, one of the leading developers, owners and managers of affordable housing in New York,” states Michael Shah, principal of DelShah Capital.
