(Read more on the multifamily market.)
RICHMOND, VA-Buyers of one of Richmond's highest multifamilytrades on a per unit basis have refinanced its short-termacquisition loan through the Chicago office of Holliday FenoglioFowler LP. HFF has just secured $22.75 million in financing forCreek's Edge at Stony Point, a 202-unit class A multifamily thattraded hands for $32.3 million in August, sold to an affiliate ofNTS Development Co., based in Louisville, KY and Creek's EdgeInvestors LLC, a limited liability company as reported inGlobeSt.com.
HFF director Matthew Schoenfeldt placed the 10-year, fixed-rateloan with Quadrant Real Estate Advisors on behalf of AXA EquitableLife Insurance Co., the original lender. The loan amount is typicalof apartment financing, Schoenfeldt tells GlobeSt.com. "Apartmentsare typically financed between 75% to 80% of their purchase price."This deal, he says, feel within that range.
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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.
