News:
Brokerage
Posted: January 12, 2009
Capmark originates $32.5m in refinancing for The Highlands Apts.
Capmark Finance Inc. originated $32.5 million in fixed-rate debt through its Freddie Mac program for the refinance of The Highlands Apts., a multifamily property in Oklahoma City. The 6.3% fixed-rate, 80% LTV loan features a 10-year term with two years of payments followed by a 30-year amortization.
Located on 40 acres on N. Pennsylvania Ave., The Highlands is an 896-unit, Class B complex.
The property is 98 percent occupied at an average monthly rent of $590 per unit.
Stewart Campbell of Capmark's New York City office originated the transaction. Campbell, with 15 years experience in originating Freddie Mac loans, utilized the Freddie Mac Capital Markets Execution product to deliver maximum proceeds at a very competitive spread. The loan closed within 60 days of application.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
