CAPRE’s Commercial Real Estate Headlines for November 21, 2019
Check out the latest deals and developments in commercial real estate for November 21, 2019:
- Hunt Real Estate Capital Provides a $5.25 Million USD Fannie Mae DUS Loan to Refinance a Multifamily Property Located in Provo, UT: Hunt Real Estate Capital has provided a Fannie Mae DUS conventional loan in the amount of $5.25 million to refinance a multifamily property located in Provo, UT. Lakeview Court Apartments is a 44-unit, garden-style apartment complex comprised of three, three-story apartment buildings. The property was developed in 2015 and has 42,988 square feet of rentable space. Situated on a 2-acre parcel of land, Lakeview Court offers 88 parking spaces and is currently 97% occupied. The borrower is Geneva Road 44, LLC. The loan is a standard delivery facility with a 12-year term, amortization based on a 30-year schedule, and 24 months of interest only. Yield maintenance will apply during the first 138 months. The Provo-Orem Metropolitan Statistical Area is in central Utah, within the Wasatch Front. The MSA is comprised of the counties of Juab and Utah, and is anchored by the cities of Provo and Orem. Highways serving the MSA include Interstate 15, U.S. Routes 6, 89 and 189, and State Routes 68 and 77.
- Harbor Group International Sells 400-Unit Multifamily Property in Atlanta Submarket: Harbor Group International has announced its sale of the Preserve at Mill Creek, a 400-unit multifamily property located in suburban Atlanta, for $75 Million USD, a 34% increase from the $55.95 Million USD purchase price HGI paid in 2016. This sale follows a $3.875 million investment by HGI to increase the property’s overall curb appeal as well as renovate many of the interior units, increasing the property value by $19.05 million compared to the initial purchase price. HGI continues to actively pursue multifamily portfolio transactions with value-add potential, recently demonstrated through its $50.5 Million USD purchase of and planned improvements to The Cedars at Elm Hill, a garden-style apartment project in Nashville, TN.
- LMC Announces Establishment of New Portland Office: LMC, a Lennar company as well as a leader in apartment development and management, has established a regional office in Portland and has hired Scott Rasmussen as senior development manager to oversee the market operations. The strategic additions occur as LMC enters the Portland market with two new apartment developments, Denizen and Amara. Both are currently under construction with Denizen set to open in 2020 followed by Amara in 2021. The new office represents LMC’s commitment to Portland and supports the company’s strategy to develop a sizable portfolio of apartment communities in the market. LMC plans to build upon the momentum gained from Denizen and Amara with future projects and aims to establish itself as a long-term participant in the Portland commercial real estate community.
- Mohr Capital Sells 460,000-Square-Foot Single-Tenant Office Building In Cleveland: Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a 460,000-square-foot net leased office building in Mayfield Heights, Ohio, a suburb of Cleveland, in an off-market transaction for $61.1 million. The property is 100 percent leased to Rockwell Automation, Inc. for 13 years.
- People’s United Bank Leads $64 Million Construction Facility for Roseland Residential Trust: People’s United Bank, N.A., has announced its Commercial Real Estate and Capital Markets Divisions provided a $64 million Construction Facility to Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation. Roseland is an owner, manager and developer of luxury lifestyle-oriented multi-family and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. The Facility provides Roseland with capital to construct a 195-unit luxury residential development with a 391 space parking garage in Short Hills, New Jersey, increasing their market-share and supporting economic and community growth locally and state-wide.
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