Atlanta—StoneBridge Investments has acquired Spalding Crossing, a 252-unit luxury community that sits between Atlanta’s Sandy Springs and Dunwoody neighborhoods. Equity was provided by an offshore investment group, along with a co-investment by a StoneBridge affiliate based in the Netherlands. SunTrust Bank provided a $24.3 million acquisition loan.
“Spalding Crossing represented an ideal opportunity to acquire a well-located asset, experiencing significant organic rent growth, yet under-rented relative to other properties in the area,” says Kees Bruggen, StoneBridge’s managing director. “This is an ideal opportunity for us to implement an interior renovation plan to further distinguish the property, and to create value in the process.”
The renovation will involve up to $2.7 million aimed at upgrading both exterior elements and unit interiors. Community amenities include a fitness center, swimming pool, clubhouse, controlled access, barbecue grills and picnic areas, and a complimentary coffee bar.
NorthMarq arranges $13.6M mortgage for an affordable asset
Puyallup, Wash.—NorthMarq’s Seattle office has secured a $14 million first mortgage refinancing for Glenbrooke Apartments, a 225-unit community located at 701 43rh Ave. in Puyallup, Wash. The affordable housing property had a complex ownership structure with multiple partners, and the transaction facilitated a refinance for a limited partner buy-out.
Financing was based on a 10-year term and a 30-year amortization period with three years interest only. Ron Peterson, senior vice president and managing director at NorthMarq, arranged the financing for the borrower through the firm’s relationship with Freddie Mac.
Amenities at the property include a fitness center, heated outdoor pool, a full-sized basketball court and a cedar sauna.
Centerline provides $6.7M bridge loan to refinance, build-out 24-unit property
New York—Centerline Capital Group announced it has provided a $6.7 million bridge loan to refinance and provide funds to expand a multifamily facility located in Chicago.
The property is a 24-unit, five-story mid-rise apartment property located at 914 West Hubbard Street in Chicago. Built in 2006, the property is currently 95.8 percent occupied and contains 25 garage parking spaces. Proceeds from the floating rate loan will be used to retire existing debt and complete the build out of several new units.
The borrower is a local Chicago based developer. “The property is situated in an excellent location just outside of the Chicago Loop and within walking distance of the downtown entertainment and restaurant district,” Joseph Markech, vice president, Mortgage Banking Division at Centerline Capital Group, says. “The borrower needed to close quickly in order to pay-off an existing loan and avoid a significant penalty to extend. We were pleased that we could provide the borrower with a great deal, close in a timely fashion, and save them from a costly extension at the same time.”
The deal was brokered by Anthony Longo, Managing Partner at Alpha Alternatives LLC.
Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of debt and equity.