SL Capital Arranges $34 Million CMBS Loan for Acquisition of Class A Student Housing Portfolio

Constantine Scurtis

 MIAMI, FLI – (Jan. 21, 2013) —SL Capital, an exclusive correspondent of Cantor Commercial Real Estate (CCRE), has provided financing that accelerated the purchase of a four-property, Class A student housing portfolio located in four separate states.

 A $33.5 million collateralized mortgage-backed security (CMBS) loan for the properties has a fixed rate, 10-year term, amortizes over 25 years and has 24 months of interest-only payments. The purchase price was $46.5 million.

 The buyer, Campus Evolutions, had initially sought financing from Freddie Mac. However, lender requirements stalled the buyer from closing on time. SL Capital stepped in and provided the financing needed to help the sale go through.

 “SL Capital can be more flexible and close faster than a government agency. We can be competitive with all lenders on this and other types of properties,” said SL Capital co-chairman and CEO Constantine Scurtis. 

The properties serve college students in Murray, KY, Ruston, LA, Warrensburg, MO, and Spartanburg, SC. All four student housing complexes were built in 2008 by the same developer and are all located within one mile from main campus. Almost all leases are based on a 12-month academic calendar.

For a complete copy of the company's news release, please contact:

 Media Contact:

Todd Templin

Boardroom Communications

954-370-8999 or 954-290-0810

ttemplin@boardroompr.com

Marcus & Millichap Announces Sale of 71,000-SF Self-Storage Facility in Fort Myers, FL

71,229-SF Self-Storage Facility, Fort Myers, FL

FORT MYERS, FL,Jan. 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 71,229 square foot self-storage facility located in Fort Myers, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Charles “Chico” LeClaire, a senior vice president investments in Marcus & Millichap’s Denver office and Michael A. Mele, a first vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in California. 

Charles LeClaire

The Florida-based buyer was also secured and represented by LeClaire and Mele.

This self-storage facility was built in 2007 and is situated on approximately 4.8 acres of land. This investment has 537 self-storage units, of which 351 are climate controlled units, 116 are non-climate controlled units and 70 are RV/boat parking spaces.  Storage units range from 20 to 480 square feet. 

  The facility consists of one two-story building and three one-story buildings of concrete block with stucco finishing, garage-style, roll-up doors and steel seam roofs. 

Michael A. Mele

Amenities are top-of-the-line and include climate controlled units, drive-up units, security cameras, computerized gate entrance, roll-up doors, a manager’s office and a manager’s apartment above the front office.

“We were inundated with sellers demanding to close by year end to avoid the raise in capital gains tax in 2013,” says Mele.  “This self-storage transaction is a direct result of that push.”

  

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers Sale of Robinswood Apartments in Orlando, FL

Robinswood Apartments, Orlando, FL

ORLANDO, FL, Jan. 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Robinswood Apartments, a 33-unit garden-style community located in Orlando, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $713,000 or $21,606 per unit.

Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and also represented the buyer.

Robinswood Apartments is located at 800 North Hastings Street.  Built in 1966 and 1969, the property consists of a two-story apartment building with 25 units and four duplexes. 

“The Robinswood Apartments was a classic value add sale that was unique because it included a 25-unit building and four duplexes, which were separately parceled,” says Donaldson.

“A seasoned foreign private investor purchased the property intending to stabilize the occupancy level and further capitalize on the desirable location just off West Colonial Drive and situated next to a recently renovated YMCA,” adds Donaldson.

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

Julian Villas in Leesburg, FL Sold by Marcus & Millichap for $772,200

   

Julian Villas, Leesburg, FL

 LEESBURG, FL, Jan. 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Julian Villas, a 35-unit multifamily community located in Leesburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset commanded a sales price of $772,200 or $22,062 per unit.

Michael Donaldson, a senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller and buyer, both limited liability companies.

Michael Donaldson

Julian Villas was built in 1984 and is located at 1103 Bentley Road.  The property has a unit mix of one, two and three bedroom units and is situated on 4.19 acres tangent to US-441, Leesburg’s main thoroughfare.

“Julian Villas received a large amount of interest from the investment community due to the 1980s construction, desirable unit mix and the fact that it was being offered well below replacement cost” says Donaldson.

“Even with the high number of offers generated, getting a buyer to the closing table proved to be a challenge due to the fact that there were two mortgage holders involved, both of whom were required to approve the short sale.

“Ultimately, we ended up closing with a very patient non-profit buyer with intentions of performing an extensive capital infusion upon takeover, that would provide future residents with a truly desirable place to call home,” concludes Donaldson.    

Press Contact:

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700