WHITE PLAINS-A joint venture comprised of Houlihan-Parnes/iCap Realty Advisors LLC and CLK Management Corp. closed on $110-million refinancing. The portfolio of six multifamily properties totals nearly 2,500 units. The 10-year loans closed at what company officials term "an aggressive interest rate" with a five-year interest only period and a 30-year amortization schedule for the next five years, company officials said.
The properties are located in Baton Rogue, LA; Jacksonville, FL; Overland Park, KS; St. Louis and New Orleans. The firms did not release the identity of the lender in the transaction. The New Orleans property escaped major damage from the Gulf Coast hurricanes of last year and was quickly repaired and brought back to full occupancy, Houlihan-Parnes officials say.
Fred Stahl and Sheldon Stahl of Houlihan-Parnes/iCap Realty Advisors and Craig Koenigsberg of CLK Management Corp. were the principals who completed the refinancing deal on behalf of the ownership. Neil Shapiro and Greg Simon of New York City-based Herrick Feinstein LLP represented the borrower and Corey Tessler of Winston and Strawn LLP of New York City represented the lender.
In December of last year, the pair closed on a $113-million refinancing deal with Wachovia Securities. The deal comprised a total of 2,644 residential units in eight garden apartment communities in Alabama, Florida, Louisiana and Tennessee.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.