L Hodson, Goldstein & Cochrane lead transaction of Leesburg, VAmultifamily M&T Realty Capital Corp. lends $23.5M for near-stabilization financing apt. property
ISSUE HIGHLIGHTS Volume 32, Issue 6 March 27 - April 9, 2020
EESBURG, VA — M&T Realty Capi- tal Corporation has closed a $23.5 million Fannie Mae Near-Stabilization loan for the permanent financing of Jefferson Somerset Park Apartments, a 150-unit class A multifamily property lo- cated in Leesburg on behalf of Jefferson Apartment Group . Jefferson Somerset Park Apartments offers one-, two-, and three-bedroom apart- ments, as well as, two- and three-bedroom townhomes for rent. Unit amenities include stainless steel appliances, built-in pantries, private bal- conies or patios, and full-size in-unit washers and dryers. The 7-year, fixed-rate loan is structured with five years of interest-only payments, fol- lowed by a 30-year amortiza- tion. The transaction was led by managing directors Mat- thew Hodson and Debra NEWARK, NJ — Alpha Realty announced the sale of a 255-unit multifamily portfolio located in Newark. The portfolio consisted of 8 buildings totaling 251,000 s/f. The properties 624, 729, 737, 747, 773, 777, 784 Martin Luther King Jr Blvd. & 92 Quitman St. sold as a pack- age for $22.2 million yielding
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Doug Cochrane of M&T Bank’sWashington, DC office. “Fannie Mae’s Near-Stabi- lization program is ideal for recently constructed projects, as it offers borrowers the Jefferson Somerset Park Apartments
ability to take advantage of the current low interest-rate environment with occupancy rates lower than those typi- cally required at rate lock,” adds Hodson.
Goldstein of M&T Realty Capital Corporation’s Falls Church, VA and Washington, DC offices, respectively, in collaboration with commercial senior relationship manager
Alpha Realty’s Mavashev brokers 8-building package for $22M located in Center City, Phila.
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255-unit multifamily portfolio located in Newark
deal. “With the such a favorable cap rate and price per door, this was a very attractive deal for the buyer, especially given the size and location” said Mavashev. In light of the slumping market conditions in New York City, Alpha Realty has
a 7.7% cap rate. The buyer is a New Jersey based owner/ operator of multifamily build- ings specializing in affordable housing, while the seller is a Brooklyn-based landlord liq- uidating his holdings in NJ. Lev Mavashev brokered the off-market transaction and represent both sides of the
broadened its market partici- pation horizons, completing numerous deals this year out- side the NYC market, includ- ing deals in NJ and Florida. Alpha Realty’s Private Capital Group , spearheaded by Alex Onishchenko , ar- ranged a bridge loan of $18.5M to finance the transaction.
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