By Anuradha Kher, Online News Editor, Multi-Housing News and Tonie Auer, Southwest Correspondent, Commercial Property News Chula Vista and Orange, Calif.; Atlanta; Chicago and Durham, N.C.–Taking advantage of a good interest rate, Trumbull Property Fund refinanced six Class A multifamily properties throughout the country as part of a $207 million refinancing effort.The Hartford office of Holliday Fenoglio Fowler L.P. secured first mortgage financing totaling $206.99 million for six Class A multifamily communities–a total of 2,157 units–located in Chula Vista and Orange, Calif.; Atlanta; Chicago and Durham, N.C.HFF worked exclusively with UBS Realty Investors in arranging the five-year, fixed-rate loans through MetLife Real Estate Investments on behalf of the Trumbull Property Fund.“This was a refinance deal and our clients liked the interest rates,” Brome tells CPN. “These assets were unleveraged and it is a good time in the market to take advantage of the rates.”Brome says the lender selection process was competitive despite the current financial market situation. He says the low leverage and diversity of markets served as an enticement for lenders. MetLife was selected because of its rapid rate lock and streamlined closing process.UBS Realty Investors L.L.C., a subsidiary of UBS AG, manages the Trumbull Property Fund. KeyBank Real Estate Capital Closes $19 Million in Loans for Boston-Area Multifamily PropertiesKeyBank Real Estate Capital recently closed two loans totaling approximately $19 million for two multifamily properties in the Boston area. The first is a $10.6 million Freddie Mac-backed loan originated by KeyBank Real Estate Capital for Captain Parker Arms. Captain Parker Arms is a 94-unit Class B apartment building built in 1966 in Lexington, Mass. The loan will be used for recapitalization. The borrower, Captain Parker Arms, LLC, is now full owner of the property. KeyBank Real Estate Capital was able to meet the needs of the borrower by closing the loan less than 45 days after receiving the application. The second loan was an $8.8 million Fannie Mae refinance transaction for Point of Pines Apartments (pictured), a 72-unit Class A multifamily property built in 2000 in Revere, Mass.Mid-America Multifamily Fund I Will Not Expand FurtherMemphis, Tenn.–Mid-America Apartment Communities Inc.’s Mid-America Multifamily Fund I LLC, or Fund I, its joint venture in which it has a one-third interest, will not make additional acquisitions. Fund I plans to maintain its ownership of the two properties which it previously purchased and to continue their scheduled redevelopment plan.Eric Bolton, chairman and CEO, says, “We’re pleased with the progress of the venture; however, Fund I will not to expand any further at this time. MAA will continue to acquire properties for its own account, and anticipates putting in place a new acquisition fund. We don’t expect this decision to necessitate any change in our current FFO guidance for 2008.”MAA is a self-administered, self-managed apartment-only real estate investment trust, which owns or has ownership interest in 42,211 apartment units throughout the Sunbelt region of the U.S.
TODAY’S DEALS: Trumbull Property Fund Re-Finances Sixe Properties for $207M, and Other Transactions
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