TODAY’S DEALS: Waterton Residential Buys Class A Community in Florida
Waterton Residential buys a 384-unit Class A community; NorthMarq Capital helps property refinance with a $21 million mortgage; and Red Mortgage Capital provides a $13.4M construction loan.
Kissimmee, Fla.—Waterton Residential has completed the purchase of Verano, a 384-unit community located in Kissimmee, Fla. The 2008-built asset consists of 16 wood-framed, three-story buildings with 144 one-bedroom, 192 two-bedroom and 48 three-bedroom units.
The property was picked up from its original developer, Lane Co. The transaction was financed with a Fannie Mae loan at a 65 percent LTV. Verano was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
“We are thrilled to have acquired such a high-quality physical asset in Verano and especially in the Orlando apartment market, which is strengthening,” says Maxwell Peek, senior vice president, acquisitions, Waterton Residential.
The Verano features electronic gated access, a large lake with fountains, pool with sundeck and outdoor kitchen, a WiF- enabled clubhouse, a fitness center, playground, dog park and a picnic area with barbeque grills.
“With Verano’s resort-class amenities, convenient proximity and access to the Turnpike and exciting nearby retail development under construction, we feel this community is extremely well positioned to provide residents with a tremendous quality of life,” Peek adds.
NorthMarq helps property refinance with a $21M mortgage
Burlington County, N. J.–Gary Cohen, senior vice president of NorthMarq Capital’s Northern New Jersey Regional office arranged first mortgage refinancing of $21 million for a 296-unit multifamily property located in Burlington County, N. J.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.. Cohen states, “The borrower took advantage of low interest rates and built-up equity in the property to refinance.”
Red provides $13.4M construction loan for Kentucky asset
Shepherdsville, Ky.—Red Mortgage Capital LLC has arranged a $13.4 million non-recourse loan for The Reserve at Thomas Glen Apartments, a 192-unit Class A property in Shepherdsville, Ky. The fixed-rate financing covers the construction loan period as well as the 40-year amortizing permanent loan.
“This is the second FHA-insured new construction project we have completed in roughly the past six months in the Louisville area and we’re pleased to see it come to fruition,” says Ryan Duling, who served as the lead banker on the financing.
The Reserve at Thomas Glen Apartments is being built on 17 acres in Bullitt County near the growing I-65 corridor and Fort Knox. Poe Cos. is the sponsor/developer for the project. The community will include one-, two- and three-bedroom units situated in eight, three-story walk-up buildings.
