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$12M Snatches Up 90-Unit MF Portfolio

ARLINGTON, MA-Cornerstone Realty arranged $9.35 million in financing for the acquisition by Arlington Minuteman Towers, LLC.

By Ryan Clark | Updated on July 02, 2009

ARLINGTON, MA-Locally based Arlington Minuteman Towers, LLC is picking up a 90-unit multifamily portfolio–known at Arlington 90–here for $12 million. The portfolio consists of two single-family homes, one two-family home, which total four units, as well as three apartment buildings comprising the 86 additional units. NAI Hunneman brokered the deal, procuring the buyer and representing the seller, ADA Properties, Inc. The original asking price, according to NAI Hunneman’s website was $14 million.

“Even with a slowdown in the national housing market, the Arlington portfolio attracted more than expected bids and interest from potential buyers,” EVP Carl Christie of NAI Hunneman says in a statement. “We were able to get the right price for the property.”

For the purchase, Arlington Minuteman Towers secured a $9.35-million loan from an undisclosed local lender. The loan proceeds were broken up into two traunches of $1.25 million–secured by the three houses–and $8.1 million, secured by the three apartment buildings. The debt on the homes was provided at a 6.25% fixed rate over five years at an 80% loan-to value with the three apartment buildings’ loan was taken at 5.79% fixed for 10 years and debt service calculated on a 30 year amortization. The financing was secured for Arlington by Cornerstone Realty Consultants.

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