TODAY’S DEALS: Pinnacle Sells 304-Unit Apartment Near Dallas
Cortland Partners buys Texas asset from Pinnacle; CBRE/New England brokers the $7.8 million sale of a Section 8 property in Massachusetts; and BMC Capital provides a $2.8M loan and enables lower interest on foreclosed property.
Colony, Texas—The Pinnacle Family of Cos. has completed its sale of Bristol Oaks, a 304-unit Class A multifamily community located in the Dallas suburb of The Colony. ARA handled the sale. Cortland Partners was picked as the buyer. The 1998-built property carried an undisclosed price.
“This should be a great asset for the buyer for years to come,” says Brian Murphy of ARA’s Dallas Office. “The submarket is on fire, with the construction of Nebraska Furniture Mart and the new State Farm headquarters both located nearby. The buyers stood out due to their ability to close quickly.”
Occupancy at the time of sale stood at 93.5 percent.
Massachusetts Section 8 community sells for $7.8M
Framingham, Mass.—CBRE/New England’s Capital Markets team has completed the sale of Tribune Apartments, a 53-unit, Section 8 seniors apartment community located in downtown Framingham. An affiliate of John M. Corcoran Co. sold the asset to Preservation of Affordable Housing for $7.8 million.
“We are pleased to have facilitated this transaction on behalf of John M. Corcoran Co.,” says Biria St. John of CBRE/New England. “This transaction represents the sale of an asset that had been developed and owned by John M. Corcoran Co. for over 30 years. As part of the transaction, it was imperative that the affordability be preserved.”
The building was originally constructed in 1910 but was redeveloped into apartments by John M. Corcoran Co. in 1983. Despite the property having been very well maintained, the buyer plans to invest considerable resources to upgrade the apartments and building systems and preserve the long-term affordability of the community. The property benefits from a long-term project-based Section 8 HAP Contract covering 100 percent of all units that mature in 2023.
BMC Capital provides $2.8M loan, enables lower interest on foreclosed property
Dallas—Patrick Short of BMC Capital’s Austin office has arranged a $2.8 million loan for Regency Manor, a 97-unit multifamily property located at 5042 Wildflower San Antonio.
The borrower was able to pull out his original equity from a property that was foreclosed upon by a servicer three years ago, while lowering his rate by more than 1 percent on a loan that was scheduled to mature in two years.
BMC Capital is the leading lender for small-balance multifamily and commercial loans in the country and it anticipates originating at least 150 such transactions in 2013.
