TODAY’S DEALS: Venterra Realty Lands Financing for Houston-Area Buy
HFF arranges financing for an acquisition in Texas; Urban Land Conservancy buys land for an affordable TOD in Denver; and NorthMarq Capital arranges a $10.5 million cash-out refinance.
Humble, Texas—Southern investor and operator Venterra Realty has picked up a 252-unit asset in Humble, Texas, with the help of acquisition financing arranged by Holliday Fenoglio Fowler. The seven-year, 3.07 percent, fixed-rate loan was provided by a national life insurance company.
The property, Carrington at Park Lakes, is a 252-unit Class A asset located about 14 miles northeast of Houston’s CBD. Completed in 2012, the asset features one-, two- and three-bedroom floor plans that average 1,125 square feet in size. Amenities include a pool, business center, fitness center, game room, and barbecue area. Carrington at Park Lakes was 94 percent leased at the time of transaction.
Urban Land Conservancy completes 9.4-acre acquisition for affordable housing project
Denver—The Urban Land Conservancy, in partnership with The Piton Foundation and Gary Community Investment Co., City of Denver and HUD, has purchased 9.4 acres of land in the Park Hill neighborhood of Denver to develop 156 affordable housing apartments. ULC financed $3.7 million of the $6 million acquisition using Denver’s TOD Fund. The transaction was ULC’s largest land purchase and the largest acquisition using Denver’s $15 million TOD Fund, the country’s first fund created specifically to preserve and develop affordable housing near public transit.
“Not only will 156 new affordable homes be built at this rail station, but ULC sees this as a model for community-driven real estate development,” says Debra Bustos, director of real estate for ULC. “Our partnership with the city of Denver and HUD provides the opportunity for new housing, and Piton and GCIC will work with us to address a variety of community needs, making this a truly transformational development.”
The property will be known as Park Hill Village West. It is located adjacent to the 40th/Colorado station on the East rail line of FasTracks. The East line is currently under construction and is expected to open in 2016 and run between Denver Union Station and Denver International Airport.
NorthMarq arranges $10.5M cash-out refinance
Los Angeles—Robert Hervey, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $10.5 million for Hillside Terrace Apartments, a 79-unit market-rate multifamily property located at 7245 Hillside Avenue in Los Angeles (Hollywood), Calif. Financing was based on 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.
“This transaction was a cash-out refinance of an existing Freddie Mac portfolio loan that will mature later this year,” says Hervey.
