TODAY’S DEALS: The Abbey Group Lands $123.6M for Boston Apartment Development
HFF arranges a $123.6 million construction loan; UC Funding provides a $16.8 million loan for a San Antonio acquisition; and Principal Real Estate Investors completes a $15 million disposition in Arizona.
Boston—The Fenway/Kenmore neighborhood in Boston is set to gain 342 units of Class A housing thanks to a $123.6 million construction/permanent loan that HFF has arranged for The Abbey Group. The loan was placed with AXA Equitable through its advisor Quadrant Real Estate Advisors.
1282 Boylston Street is due for completion in summer 2015. The asset will offer studios and one-, two- and three-bedroom units averaging 750 square feet in size. Thirty-eight units will be designated as affordable. Amenities include a fitness center, 24-hour concierge, a common area deck on the 10th floor with views of Fenway Park and a 260-space parking garage.
The HFF team representing The Abbey Group was led by senior managing director Bob Herron and director Porter Terry.
UC Funding provides $16.8M for San Antonio acquisition
San Antonio—UC Funding has closed a $16.8 million acquisition bridge loan to be secured by a first mortgage on a 304-unit garden-style Class B community located in San Antonio. The sponsor, a repeat borrower, plans to implement a $2.2 million capital improvement plan over the next 12 months. Renovations will target unit interiors, new siding, roofing upgrades and exterior painting. Amenities at the property include three swimming pools, a park, lake, two laundry facilities and a combination leasing office and clubhouse.
The sponsor has invested in San Antonio over the past few years, having acquired five properties totaling 1,054 units in the MSA. The loan represented 95 percent of the capital needed to acquire the community.
Cushman & Wakefield completes $15M sale in Arizona
Tempe, Ariz.—Cushman & Wakefield has completed the $15 million sale of Versante Apartments. The 1971-built asset features 240 units totaling 184,752 square feet. Occupancy was 94 percent at the time of sale. Gelt Inc. acquired the community from Principal Real Estate Investors.
“This sale is representative of a recent trend with older properties,” says Jim Crews, senior director with Cushman & Wakefield. “Investors seeking excellent returns and better locations are able to purchase great infill properties such as Versante. After a few modest interior improvements, this asset will provide residents and Gelt with an appealing apartment building in an outstanding location.”
