TODAY’S DEALS: Walker & Dunlop Provides $71.3M for SoCal Apartments
Walker & Dunlop provides MG Properties with two loans; Centerline Capital refinances a 131-unit Manhattan asset; and HFF closes a $29 million sale of a development site on Biscayne Bay in Miami.
Ontario, Calif.—Walker & Dunlop has provided $71.3 million in financing for Terracina, a 736-unit community located in Ontario, Calif. The 1988-built asset was recently picked up by MG Properties Group, who split the community into two independently run properties—Terracina Archibald and Terracina Riverside. Combined occupancy was over 92 percent at closing. The two loans were arranged by Bryan Frazier, senior vice president at Walker & Dunlop.
“Because of the unique nature of this deal, the borrower required a partner that knew their business and had a strong relationship with Fannie Mae,” Frazier says. “These relationships are what made this financing possible. We structured the financing to provide maximum marketability and attract a larger investor base for MG Properties Group, a valued client since 1998.”
Centerline Capital refinances NYC property with $6M loan
New York—Centerline Capital Group has originated a $6 million Freddie Mac loan to refinance The Kenilworth, a 131-unit, 25-story apartment building located on East 80th Street in Manhattan’s Upper East Side. Chad Musgrove and Kris Molloy handled the transaction.
The Kenilworth was built in 1973. The Class A property has two retail tenants located in a subterranean plaza. The borrower is a single-purpose, New York Corporation owned by its shareholders.
“The Kenilworth is in excellent physical condition with a modern lobby and doorman service that creates exceptional curb appeal,” says Musgrove, an associate at Centerline Capital Group. “The unit interiors were recently renovated by the coop shareholders and the property has a furnished roof deck that is a superior amenity in the market.”
HFF closes $29 million sale of development site on Biscayne Bay in Miami
Miami–HFF announced that it has closed the sale of a 4.5-acre development site along Biscayne Bay in Miami.
HFF marketed the property exclusively on behalf of the seller, Equity Residential. The Related Group purchased the site for $29 million.
The property is located between NE 31st and NE 32nd Street in the Biscayne Corridor close to the American Airlines Center, Arsht Center and downtown Miami. The 3.1-acre south parcel abuts Biscayne Bay with 180 linear feet of water frontage. The north parcel has 1.4 acres and can be developed with a maximum of 219 residential units. Once developed, the units will feature direct views of Biscayne Bay, Miami Beach, downtown Miami, Brickell and the Atlantic Ocean.
The HFF investment sales team representing the seller was led by executive managing director Manuel de Zárraga and director Jaret Turkell, and supported by real estate analysts Scott Wadler and Maurice Habif.
“This is a favorable transaction for both parties and further evidences the strength of the Miami real estate market,” Turkell says.
HFF’s Florida multi-housing and land group has closed more than $780 million of multi-housing transactions for the 12 months ending December 31, 2012, and the firm was also ranked as a top capital markets intermediary nationally by the Mortgage Bankers Association for the past five years.