Trending Multifamily News
Greystone, a leading national commercial real estate finance company, has provided a $49,680,000 HUD 223(f) loan to refinance a 360-unit multifamily property in San Antonio, Texas. The financing was originated by Reuben Dolny, Director at Greystone, on behalf of The Bascom Group, a repeat client of the firm.
Built in 2001, The Anthony at Canyon Springs in Bexar County consists of 37 garden-style buildings with one-, two-, three- and four-bedroom units. Amenities include a beautiful clubhouse, resort style pool, tennis court, exercise room, sauna, movie theater, and putting green. The $49.7 million HUD-insured loan carries a 35-year term, 35-year amortization and a low, fixed rate. The property also qualifies for a 35-basis point reduction in Mortgage Insurance Premium (MIP) for achieving green standards. The class A property will go through an interior and exterior renovation plan, and the tenants will not only benefit from the renovations, but will also see a reduction in utility consumption.
“We are thrilled to work on another HUD loan for The Bascom Group and are delighted to get them the proceeds and terms they needed in order to set the property up for continued long-term success,” said Mr. Dolny. “We strive to earn our client’s trust in each new transaction by coupling our deep lending platform and multifamily capabilities with exceptional service and care.”
“It’s no secret that we value Greystone’s guidance and expertise in multifamily financing – it’s why we first turned to Reuben and his team to finance this property in 2014 and now we are able to reinvest in the property,” said Mr. Jerry Fink, Managing Partner at The Bascom Group. “On every transaction, our Greystone team is responsive, tenacious and committed to a level of service and execution that surpasses anyone else. We view Greystone as a true partner and look forward to working with our team again.”
“It was a pleasure working with Reuben and his extensive support team to close this phenomenal new loan on desirable terms. Greystone’s expertise is invaluable, and this new loan allows us to position the asset as best-in-class for many years to come,” added Mr. Tony Ferrell, Senior Principal of Operations for The Bascom Group.
Enclave at Lake Ellenor sold to a joint venture between East Hill Capital Partners
& The Bascom Group
Berkadia announces it has arranged financing for the acquisition of Enclave at Lake Ellenor, a 320-unit value-add garden-style apartment community located in Orlando. Senior Managing Director Charles Foschini and Managing Directors Chris Apone and Scott Wadler of Berkadia Miami secured the financing on behalf of the buyer, a joint venture between East Hill Capital Partners & The Bascom Group. The property was 97.5 percent occupied at the time of sale.
Starwood Property Trust originated the $59 million, four-year, floating-rate bridge loan, with full-term interest only and one 12-month extension option. The loan includes $54 million in initial funding and $5.83 million of future funding.
According to Berkadia’s 3Q21 Report Card, the Orlando market saw rents climb 19.5 percent year to date, making it one of the strongest rent growth markets in the country.
“Our client was fortunate to find this deal in an off-market transaction and identify numerous aspects of the community where there approach could add substantive value,” said Foschini. “Working under a tight time frame between the major holidays, we were able to source a lender who provided both extremely aggressive terms and leverage, as well as the follow capital needed to raise the asset to the next level.”
Located at 2100 W. Oak Ridge Road, Enclave at Lake Ellenor was originally built in 1973 with two new buildings in 2020 delivering an additional 24 luxury units.
Located on 25 acres, the property consists of several garden-style (two- and three-story buildings) in a waterside setting in a low-density, infill location. Of the property’s total 320 units, 296 are available for considerable renovations and offer considerable upside. The property offers modern studio, one-, two- and three-bedroom floor plans with chef-inspired kitchens, designer cabinetry and upgraded appliances, oversized bedrooms and large closets, and in select units, wood-style plank flooring, valued ceilings, sunken living rooms and full-sized washer/dryer.
Community amenities including two resort-style swimming pools, lushly landscaped grounds, a modern fitness center with kid’s playroom, package lockers, pet park, and ample space for additional amenities. Located just five miles from downtown Orlando, Enclave at Lake Ellenor offers extraordinary access to more than 100,000 jobs in the CBD, along with the top demand drivers/employers including Orlando Health Regional Medical Center, the upscale Mall at Millenia shopping district, and Universal Orlando Resort.
FLORHAM PARK, NJ – July 25, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $17.65 million sale of Columbus Park Apartments, a six-story, 37-unit apartment property in Hoboken, New Jersey.
The HFF team marketed the property exclusively on behalf of the seller. Spirit Bascom Ventures purchased the property free and clear of existing debt.
Columbus Park Apartments encompasses a mix of studio, one- and two-bedroom units, many with loft or duplex layouts. In addition, the property includes a 37-space secured parking garage and a detached three-story townhome unit with a private garage parking space and roof deck. Columbus Park Apartments is located at 1024 Clinton Street, one block from Columbus Park, which includes picnic areas, a dog park, ball fields and playgrounds. The property is also located along the bus route to Port Authority, which provides residents with direct commuter access to Manhattan.
The HFF investment advisory team representing the seller included senior director Steve Simonelli, managing director Kevin O’Hearn, senior managing director Jose Cruz and senior director Michael Oliver. This is the team’s second closed deal in Hoboken in the last three months. The HFF team worked on this transaction in conjunction with James Giaccio and Kevin Helinski of The Chelsea Group.
“The strength of the Hoboken rental market continues to attract aggressive capital,” Simonelli stated. “The property was highly sought after due to the irreplaceable location along with clear upside in the rents.”
RealtyMogul.com, one of the leading online marketplaces for real estate investing, announced today that it has closed an investment into a $21.6 million acquisition. The platform helped finance the acquisition of The Edison Apartments, a mid-rise multifamily property in Chicago, by Spirit Bascom Ventures, a sponsorship joint venture between Stamford, Connecticut-based Spirit Investment Partners and Irvine, California-based The Bascom Group.
The sponsorship group, which specializes in distressed and value-add multifamily investments, plans to rehabilitate and renovate the building with the goal of increasing its revenue to levels comparable with those of similar renovated properties in the market. The 223-unit building, currently 97-percent occupied, is situated in the rapidly transitioning Edgewater neighborhood and also boasts 8,850 square feet of ground-floor retail space.
“With this acquisition, we saw potential for our investors to benefit both from the market expertise of Spirit Bascom Ventures and from the submarket’s growing Millennial population,” said Jilliene Helman, CEO of RealtyMogul.com. “As the neighborhood undergoes a demographic transition, we believe the rehabilitation project will allow the property to tap into rising rental rates in the market.”
In this transaction, RealtyMogul.com contributed limited partner common equity. Since its inception, RealtyMogul.com has invested more than $25 million in Chicago-area property transactions.
“We specialize in investing $1 million to $5 million into joint venture equity, preferred equity, mezzanine loans and bridge loans, so this investment was a perfect fit for our joint venture equity program,” Helman added. “Through the democratizing force of real estate crowdfunding, we look forward to connecting more investors to opportunities like this one.”
Spirit Bascom Ventures is one of RealtyMogul.com’s largest sponsors to date, representing over $10 billion in combined transactions.