(Read more on the multifamily market.)
RICHMOND, VA-Buyers of one of Richmond's highest multifamily trades on a per unit basis have refinanced its short-term acquisition loan through the Chicago office of Holliday Fenoglio Fowler LP. HFF has just secured $22.75 million in financing for Creek's Edge at Stony Point, a 202-unit class A multifamily that traded hands for $32.3 million in August, sold to an affiliate of NTS Development Co., based in Louisville, KY and Creek's Edge Investors LLC, a limited liability company as reported in GlobeSt.com.
HFF director Matthew Schoenfeldt placed the 10-year, fixed-rate loan with Quadrant Real Estate Advisors on behalf of AXA Equitable Life Insurance Co., the original lender. The loan amount is typical of apartment financing, Schoenfeldt tells GlobeSt.com. "Apartments are typically financed between 75% to 80% of their purchase price." This deal, he says, feel within that range.
The 90% occupied building--which is situated on 26.2 acres at 9201 Creek's Crossing Blvd.--was developed and sold by a locally based joint venture between GrayCo Inc. and Commonwealth Properties LLC. Cushman & Wakefield brokered the original transaction. Completed in 2006, the property has one-, two- and three-bedroom units ranging from 794 to 1,406 sf.
One of the attributes that both the buyers and long term lenders liked, Schoenfeldt says, was the nearby retail center. Creek's Edge at Stony Point is adjacent to Taubman Center's Stoney Point Fashion Mall, a high-end shopping destination, Schoenfeldt says. "It is a real driver for the multifamily project and we expect that to be a trend going forward--retail serving as anchors for a nearby residential development."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
