Arlington, Va.—A joint venture between UDR, Inc. and Kuwait Finance House has completed the acquisition of Twenty400, a 217-home luxury apartment community located in Arlington, Va. The $84 million sales price represents $387,096 per unit. The five-story property was developed in 2010 and is in the final stages of lease up.
“We’re pleased to announce the acquisition of Twenty400 as it allows us to further enhance the quality of our portfolio in Washington, D.C., as well as provides us an enhanced return potential through fees and promotes earnings through our joint venture with KFH,” says Tom Toomey, president and chief executive officer of UDR.
The acquisition was funded through a new five-year $49.5 million interest-only loan at 3.39 percent from Fannie Mae, a 70 percent equity contribution by KFH of $24.15 million, and a 30 percent equity contribution by UDR of $10.35 million.
Tewnty400 is located two miles from the Pentagon, less than a mile from UDR’s 241-unit community Delancey at Shirlington Village. Community amenities at include a central courtyard, swimming pool, fitness center, resident lounge, and an on-site 329-space parking garage. The community is currently 91 percent occupied with an average rents at $2,140.
Walker & Dunlop arranges $93M mortgage
Washington, D.C. — Walker & Dunlop Inc. subsidiary Walker & Dunlop LLC has provided a $93,000,000 loan for Vaughan Place at McLean Gardens located in Washington, DC, on August 12, 2011. The loan was structured with a 10-year term with one-year interest only and a 30-year amortization.
Vaughan Place at McLean Gardens is a 389-unit class A mixed-use apartment community, comprised of high-rise, mid-rise and garden-style residential buildings and 46,357 square feet of office and retail space. Amenities include 24-hour concierge service, outdoor swimming pool, state-of-the-art fitness center, and community ballroom.
This luxury apartment complex is situated on 10 tree-lined acres in Northwest Washington, DC and features views of the nation’s capital and the neighboring National Cathedral. Vaughan Place at McLean Gardens was 97 percent leased at closing.
HFF lands $7.5M refinance for California community
Riverside, Calif.—Holliday Fenoglio Fowler has secured a $7.5 million refinancing for University Hills, a 116-unit multifamily asset located near the University of California at Riverside in Riverside, Calif. HFF placed a 10-year, 4.38 percent, fixed-rate financing with Freddie Mac on behalf of the borrower, Riverside University Hills Apartments. Loan proceeds are replacing existing floating rate debt on the property.
“The borrower was able to take advantage of an extremely low rate environment and lock in long-term fixed-rate financing,” says Charles Halladay, an associate director at HFF who led the transaction team with director Mark Erland.
University Hills has four residential buildings situated on 2.5 acres. Community amenities include a pool, recreation room and on-site laundry. The property is currently 91.3 percent leased with 23 percent student occupancy.