San Jose, Calif. — Mitch Thurston, senior vice president and managing director, and Andy Ahlers, vice president, both of NorthMarq Capital’s San Francisco Regional office, arranged first mortgage financing of $180 million for The Woods and Cherrywood Apartments containing a combined total of 2,369 multifamily units.
The Woods is located at 4300 The Woods Drive, and Cherrywood Apartments is located at 4951 Cherry Avenue. Both properties are located in San Jose, Calif.
Financing was based on interest only for the length of the term and was arranged for the borrowers, The Woods, L.P. and Cherry Avenue Development Company, L.P., by NorthMarq through its Seller-Servicer relationship with Freddie Mac.
Thurston says this transaction is a full-term interest-only loan with an expansion option. “This is a very flexible loan structure that provides the borrower with the ability to draw additional principal or pay down principal as the need arises,” states Thurston. “We’ve also provided the borrower with an expansion option, whereby the loan amount can be increased by 25 percent at some point in the future.”
C&W sells Mass. community for $10M
Lexington, Mass.—Cushman & Wakefield has arranged the sale of a 48-unit apartment community in Lexington, Mass., for $10 million. C&W’s Capital Markets Group represented the seller, Battle Green Apartments Trust, and procured the buyer, Hamilton Battle Green Apartments LLC, an affiliate of The Hamilton Company of Boston Massachusetts.
Battle Green Apartments was built in 1965 and renovated in 2006. The asset is located 13 miles northwest of downtown Boston in the center of a historic district in Lexington Center. The six two-story colonial-style buildings are situated on 4.1 acres. The unit mix includes 24 one-bedroom apartments and 24 two-bedroom apartments. Units average 888 square feet. There are also 66 surface parking spaces. The units feature parquet wood flooring, remodeled kitchens, crown moldings, tiled bathrooms, two A/C units in each apartment and individually controlled central heat.
Trade Street completes third Chattanooga acquisition
Chattanooga, Tenn.—Trade Street Capital has acquired The Trails at Signal Mountain, a 172-unit apartment community located in Chattanooga, Tenn. The purchase represents the company’s third acquisition in Chattanooga in the last year. The property is located at the base of Signal Mountain less than 5 miles from the new Volkswagen production plant and downtown Chattanooga.
“This acquisition fits well with our strategy to invest in Class A and B assets in Sunbelt markets with growth potential,” says Ryan Hanks, managing director of Trade Street Residential. “We believe the Chattanooga apartment market has significant growth ahead of it. With the new Volkswagen plant about to start production and the recent announcement that Amazon has made about opening up a facility in town, we anticipate several thousand jobs will be created over the next three years.”
The acquisition was funded by a Trade Street Capital fund. CW Capital helped arrange the agency financing. Property amenities include a clubhouse with fitness center and a resort-style pool.