MULTIFAMILY DEALS
Grubb & Ellis multi-housing group VPs Bob Helterbran and Linda Simpson repped LNR Partners in the sale of the Oak Gate Apartments in Plano to DP Oaks. Located on 3.2 acres at 623 E 16th St, the seven two-story building complex has 96 units and is 90% occupied.
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Michael Thompson of BMC Capital's Houston office recently closed a $2.7M cash-out refi of the Santa Fe Apartment homes in San Antonio. The loan featured a seven-year fixed rate at 5.07% with a 30-year amortization. The loan was funded through one of BMC Capital's Fannie Mae relationships.
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Safe Capital Investments purchased a 150-unit apartment complex at 3302 Linda Dr in Dallas from LDWC Orix Capital Markets. Chris Dueillet and Nita Stewart of CB Richard Ellis repped the seller.
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HFF arranged $167M in first trust deed and mezz financing for The Breakers Resort, a six-village, 1,523-unit, 96%-occupied Class-A multi-housing community in Denver. HFF worked exclusively for the borrower, a JV between The Bascom Group and Koelbel and Co. The financing involved securing a $132M floating-rate first trust deed through ING Real Estate Finance, and a $35M mezz loan from Blackstone. The non-recourse loan was IO and featured a combined interest rate of 4.6%. Proceeds were used to pay off existing maturing debt and fund capital improvements. The HFF team repping the borrowers was led by director Mark Erland and associate director Charles Halladay in Orange County, and senior managing director Mona Carlton in Dallas.
