TODAY’S DEALS: Waterton Picks Up 300 Units in Plano
Waterton Associates grabs a 1999-built asset in Plano, Texas; HFF arranges the sale of a $31.6 million loan secured by a trio of Michigan apartment communities; and NorthMarq secures $10 million for a North Carolina asset.
Plano, Texas—Waterton Associates has added 300 units to its portfolio with the acquisition of Sheridan Park at Spring Creek, a 1999-built asset located north of Dallas in Plano, Texas. ARA arranged the transaction on behalf of the seller. The sales price was not disclosed. Chicago-based Waterton picked up the asset through its value-add multifamily fund.
“Sheridan Park’s dynamic Plano location near so many major employment centers represented an attractive investment opportunity wherein buyers could improve unit interiors and realize rental rate increases,” says ARA’s Brian O’Boyle Jr., who, along with Brian O’Boyle Sr. and Brian Murphy led the exclusive marketing effort. “The proximity to State Farm’s new headquarters and the thousands of jobs that will be created through that relocation led to considerable excitement among potential buyers.”
The property was 93.3 percent occupied at the time of sale.
HFF arranges sale of $31.6M loan secured by three Michigan assets
Southfield & Oak Park, Mich.—HFF has arranged the sale of a senior mortgage loan secured by three apartment properties located in Southfield and Oak Park, Mich. Providence Green Providence Tower and Providence Place total 1,312 units built between 1965 and 1968. As of August, combined occupancy stood at 65 percent. The properties are located near the intersection of West 9 Mile Road and Greenfield Road approximately 10 miles northeast of the Detroit CBD.
HFF marketed the $31.6 million loan on behalf of a major financial institution. The loan was originated by the lender in 2006 to fund the acquisition of the three collateral properties and an additional property that was later sold by the borrower. The loan had an original funding balance of $41.3 million before it was later reduced from the sale of the fourth property. The loan is set to mature in May 2014.
NorthMarq Capital secures $10M Freddie Mac refinancing
Charlotte, N.C.—Bill Matone, senior vice president/managing director of NorthMarq Capital’s Charlotte regional office, arranged refinancing of $10 million for the Ashbrook Village Apartments, a 423-unit, multifamily property located in Gastonia, N.C.
Financing was based on a 10-year term and 20-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.