TODAY’S DEALS: Vornado Refinances Massive D.C. Asset
Vornado completes a $308 million refinance; Lowe Enterprises and First Capital Advisors acquire Silk Factory Lofts; and Greysteel arranges a 120-unit sale in Texas.
Arlington, Va.—Vornado Realty Trust has completed a $308 million refinancing of RiverHouse Apartments, a three-building, 1,670-unit community located in the Pentagon City neighborhood of Arlington, Va., in the D.C. metro area. The loan is interest-only at LIBOR plus 1.28 percent, and it matures in 2025. Net proceeds were approximately $43 million.
RiverHouse – Google Street View
The asset was previously encumbered by a 5.43 percent, $195 million, seven-year mortgage that matured in April 2015, and a $64 million mortgage at LIBOR plus 1.53 percent maturing in 2018.
The community was part of Vornado’s acquisition of H Street Building Corp., completed in April 2007.
Lowe JV grabs Silk Factory Lofts from Morgan Properties
Lansdale, Pa.—A joint venture between Lowe Enterprises and First Capital Advisors has acquired Silk Factory Lofts, a 116-unit luxury apartment community located at 200 S. Line Street in Lansdale, Pa. The property was built in 1922 as the Interstate Hosiery Mill, and it was registered as a national historic building shortly before being renovated for multifamily use in 2008.
The seller, Morgan Properties, picked up the asset back in late 2012. Greystar will manage the property. JLL represented Morgan Properties in the sale.
The property was 99-percent occupied at the time of sale. It is located 25 miles outside of Center City Philadelphia. Amenities at the property include a fitness center, community room and landscaped courtyards. LEI and FCA will upgrade unit finishes and complete improvements to common areas.
Greysteel arranges Texas sale
Euless, Texas—The Greysteel Co., a Washington, D.C.-based investment services firm, has arranged the sale of Royal Terrace, a 120-unit asset located at 306 Martha Street in Euless, Texas. Copperstream Investments was the seller, and Amar Patel was the buyer. Greysteel’s Boyan Radic, Doug Banerhee, Andrew Mueller and John Marshall Doss advised the seller in the transaction.
Royal Terrace is centrally located offering residents easy access to both Dallas and Fort Worth via Highway 183 (Airport Freeway) and Highway 360. The property has undergone recent improvements including two brand new chill-water systems, brand new electrical room panels and wiring, new shingle mansards and exterior paint.
