TODAY’S DEALS: Salmanson Capital Completes $15.2M Off-Campus Buy
Salmanson Capital buys 50 off-campus assets near Lehigh University; Beech Street provides $10.9 million for a Philadelphia portfolio refinance; and Alliant Capital closes two loans for borrower to pay off bank loan and capitalize equity.
Bethlehem, Pa.—Salmanson Capital has purchased a portfolio of off-campus housing next to Lehigh University for $15.2 million. The 50 property acquisition included both apartment and townhome assets that total 108 units with 394 beds. All the properties were within a few blocks of campus.
Citibank provided a 10-year fixed-rate acquisition loan that was arranged by Ackman Ziff. The purchase brings Salmanson’s total portfolio to 452 units totaling 1,336 beds.
Beech Street provides $10.9M for Philly portfolio refinance
Philadelphia—Beech Street Capital has provided $10.9 million in Fannie Mae DUS loans to refinance a four-property apartment portfolio totaling 230 units located in Philadelphia. The transaction was originated for Meridian Capital Group.
The borrower has owned the 1950s- and 1960s-built properties since 2004. The properties are located in the Olney/Oak Lane submarket of Philadelphia and consist of low-rise, brick veneer buildings. Major capital improvements have been completed in the past five years for all four properties and they are 100 percent occupied. The uncrossed, fixed-rate loans have a seven-year term with 6.5 years of yield maintenance.
Alliant closes two loans for borrower to pay off bank loans and capitalize equity
Chicago– Alliant Capital LLC, a leading national debt financier for the multifamily industry, announces the two multifamily loan closings for the same borrower totaling over $9 million. Proceeds from these two refinance transactions were used to surrender existing short-term bank financing and provide the borrower with a recapitalization of equity. These transactions were originated by Aaron Abelson, Alliant’s senior vice president for the Midwest Region, in Chicago Metropolitan office.
The loans were closed on Sept. 21, 2012. Details are as follows: Fitch Commons, a 60-unit mid-rise apartment, built in 1954 is located in Chicago. The loan amount is $4,000,000 with a 4.20 percent interest rate and a 10-year fixed rate term. Riverwest Commons, a 105-unit mid-rise apartment, built in 1962 is located in Elgin, Ill. The loan amount is $5,250,000 with a 3.70 percent interest rate and a seven-year fixed rate term.