STAMFORD, CT-The Detroit office of Berkadia Commercial Mortgage has arranged $67.5 million in acquisition financing for 101 Park Place, a 15-story luxury multifamily property that's part of the Harbor Point mixed-use development here. The 10-year loan covers 50% of the $135-million acquisition cost.
GlobeSt.com first reported in early January that Chicago-based Capri Capital Partners LLC, acting on behalf of an institutional investor, bought the asset from its developers, a partnership of Building & Land Technology and Lubert-Adler Real Estate Funds.
Berkadia SVP Ernie Katai worked with Capri to arrange the interest-only loan, which features a 4.4% interest rate and a 50% loan-to-purchase ratio. “We worked with multiple lenders to deliver attractive quotes within days of the borrower's request,” Katai says. He adds that Berkadia's established relationship with Capri, along with strong lender relationships, “enabled us to meet the buyer's tight deadline for the rate lock and acquisition.”
Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre transit-oriented community still under development in Stamford. The 15-story, 336-unit building has a high retention ratio and a 94% average occupancy.
When complete, Harbor Point will include about two million square feet of space for office and retail tenants, 4,000 units of housing, restaurants, a full-service marina, new parkland and a public river walk along the Mill River on the development's western side. This past summer, BLT and Lubert-Adler sold the 242-unit Infinity Apartments to an entity controlled by Clarion Partners for $98.8 million.
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