The new ownership has $2.6 million in planned upgrades that will take place over the next three years. Renovation work will target the clubhouse, pool, exterior lighting, interior paint and some value-add unit interior improvements.
While Security Properties is best known for its business in the Northwest, the company has been active in the Phoenix Metro and its surrounding submarkets for over a decade, and cites the area’s continued population growth and employment diversification into health, technology, alternative energy and semiconductor sectors as key reasons for being there.
“Sonora Canyon provided us and our partner with a unique opportunity to buy an asset we knew extremely well at a significant discount to replacement cost along with the potential to add numerous value add upgrades and the catalyst of a light rail station being completed within walking proximity to the property in 2018,” says David Dufenghorst, chief investment officer at Security Properties.
HFF secures JV equity, financing for Texas apartment portfolio
Austin, Texas—HFF has secured joint venture equity and financing for a six-property apartment portfolio in Texas. The service firm worked on behalf of Commerce Capital Partners (ComCapp) to secure joint venture equity through Harbert United States Real Estate Fund V. In addition, HFF placed six separate 12-year, four-year, interest-only, Fannie Mae loans with M&T Realty Capital Corp.
The HFF debt and equity placement team representing ComCapp was led by Associate Director Robert Wooten, Senior Managing Director Doug Opalka and Managing Director Matt Kafka. The capitalization will facilitate property improvements and the implementation of ComCapp’s repositioning plan for the properties.
Founded in 2007, ComCapp is a private real estate management and investment firm focused on commercial real estate in the Sun Belt—primarily Texas. HUSREF V is sponsored by Harbert Management Corporation (HMC), an alternative asset management firm with approximately $4 billion in assets under management as of June 1, 2014.
Cohen Financial arranges $12.44M for properties in Cincinnati
Chicago—Cohen Financial, a national real estate capital services firm, announced that Dan Rosenberg, managing director of Cohen Financial in the Chicago office, has secured $12.44 million in acquisition financing for two multifamily properties located in Cincinnati.
The properties include the 352 unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316 unit Towerview Apartments located at 5313 East Knoll Court. Both properties are well leased.
Rosenberg secured two 10-year, fixed rate loans with a CMBS lender. The borrower is an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.
“Cohen Financial did an outstanding job of working with us, and the lender to ensure the best possible financing for our two transactions,” says Alon Yonatan, chairman and CEO of The Ferndale Realty Group.