TODAY’S DEALS: Prudential Closes $80.5M Loan to Bonaventure Realty
Prudential Mortgage Capital Company closes an $80.5 million loan; Marcus & Millichap sells 26 units in California; and Alliant Capital completes a $1.45 million refinance of an eight-unit building.
Alexandria, Va.—Prudential Mortgage Company has provided an $80.5 million loan to Bonaventure Realty Group that is secured by The Encore, a 461-unit community located in Alexandria, Va. The seven-year, fixed rate refinancing package is the largest Freddie Mac loan closed by Prudential Mortgage Capital Company so far in 2011.
Bonaventure acquired The Encore, which was constructed in 1967 and 1969, in 2005 and launched a major renovation program that completed in 2010. The community is located less than a mile from Mark Center, the new home of the Washington Headquarters Service, which is expected to bring several thousand jobs to the area.
“The strength of Bonaventure Realty Group and the opening of the Mark Center made this an attractive transaction,” says Jason Miller, associate in Prudential Mortgage Capital Company’s metro Washington office.
“The likelihood of thousands of new jobs in the immediate area combined with the recent renovations and the strength of the Northern Virginia/Washington, D.C. market should drive interest and help make The Encore a premiere residential destination in the area,” says Dwight Dunton, president and founder at Bonaventure.
The Encore is comprised of 13 two- and three-story apartment buildings situated on 17 acres. Community amenities include a swimming pool, community clubhouse, theater room, fitness center, business center and a commuter shuttle.
Marcus & Millichap sells 26 units in California
Upland, Calif.—Marcus & Millichap has brokered the sale of Alpine manor, a 26-unit community located in Upland, Calif. The asset commanded a sales price of $2.4 million, or $91,538 per unit.
John Stephens, a vice president investments specialist in the firm’s Ontario, Calif., office, represented the seller, a private investor. The buyer, a private investor, was secured and represented by Albert Le, senior associate, and Anthony Le, associate, also in the Ontario office.
The 1962 built Alpine Manor is located at 525-559 West Alpine Street on a 0.76-acre lot. The property has approximately 18,750-rentable square feet.
Alliant Capital completes $1.5M refi of 8-unit building
San Francisco–Alliant Capital LLC announced the $1.5 million refinance of an eight-unit mid-rise Edwardian-style multifamily property located in San Francisco.
The Fannie Mae DUS Small Loan refinance was closed on November 10, 2011 with a 4.62 percent interest rate and a 10-year fixed rate term with 30-year amortization. “This transaction proved slightly more challenging with the asset being an owner-occupied, hillside location,” says Robert Feldman, Alliant’s Vice President in San Francisco.