Search
 

Joint Venture Acquires 14 Apartment Complexes for $225 Mil

BOSTON-A string of apartment complexes comprising 14 properties located across six states is financed locally for $225 million and bought by a joint venture between a Colorado-based REIT and an institutional investor.

By Glen Thompson | Updated on September 27, 2001

BOSTON-$225 million in financing has been closed for a joint venture between Colorado-based Archstone Communities and an institutional investor. The two loans are earmarked for a string of apartment complexes.

The loans are financing the venture’s acquisition of 14 multifamily properties located in six states. The complexes were built between 1985 and 2000. Kip Kimble, vice president of national accounts at Berkshire Mortgage finance, was the loan originator for both transactions.

The financing, which comprises two loans, one for $115.85 million and one for $104.49 million, both carry a 6.76% fixed interest rate and were created through Fannie Mae’s Capital Markets Group.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.