LUBBOCK, TX – Preferred Apartment Communities announced that it bought The Bloc, a newly constructed 140-unit, 556-bed, student housing community serving Texas Tech University in the highly desirable Overton District of Lubbock, Texas. PAC bought this asset through its wholly-owned subsidiary Preferred Campus Communities.

“We remain focused on our multifamily community operations, including our student housing subsidiary,” said Daniel M. DuPree, Chairman and Chief Executive Officer of Preferred Apartment Communities, Inc.  Mr. DuPree added, “This acquisition increases the size of the PCC portfolio to seven student housing communities across four states.

” Paul Cullen, Chief Executive Officer of PCC, added, “The Bloc is one of Texas Tech’s premier and newest student housing locations offering both three and four bedroom apartment homes with townhome and traditional garden flat options.  The community features the only rooftop lounge in Lubbock, a resort style pool with cabanas, a 24-hour fitness center and resident study rooms.”

The Company financed the acquisition utilizing a non-recourse first mortgage bridge loan from TH Commercial Mortgage LLC managed by Pine River Capital.  The first mortgage loan is approximately $29.0 million, bears interest at a floating rate of 355 basis points over the 30-day LIBOR and has an interest only three-year term.  There are no loan guaranties provided by PAC or our operating partnership.

Preferred Campus Communities is a wholly-owned indirect subsidiary of Preferred Apartment Communities. PCC was formed to buy off-campus student housing communities in select targeted markets with growing enrollments throughout the United States.

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BROOKLYN, NY – Forest City Realty Trust announced that a joint venture between the company and Madison International Realty has closed the acquisition of Forest City’s partner’s 49 percent interest in DKLB BKLN, a 365-unit apartment community located at 80 DeKalb Avenue in Brooklyn, New York. Forest City, which owns the remaining 51 percent interest, developed the property in partnership with a comingled fund managed by National Real Estate Advisors, LLC (National). DKLB BKLN opened in 2009.

The transaction values National’s share of the property at a total of $93.5 million, including assumption of debt.

“Brooklyn continues to be one of the strongest rental apartment markets in the country, and DKLB BKLN has quickly become both a landmark in the Fort Greene neighborhood and a valuable and productive asset for our company,” said David J. LaRue, Forest City president and chief executive officer. “All of that makes acquiring our partner’s interest a compelling opportunity and a low-risk capital allocation choice.” 

The New York City metro area is Forest City’s largest core market by net operating income. In addition to DKLB BKLN, the regional portfolio includes the 11-building MetroTech Center office campus in Brooklyn, the New York Times Building and New York by Gehry in Manhattan, and the Tata Innovation Center at Cornell Tech on Roosevelt Island, among other properties. 

Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.0 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. 

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LOS ANGELES, CA – Walker & Dunlop announced that it recently structured $392,384,000 in green financing for three multifamily properties in southern California. The Medici and The Orsini I, two Class A multifamily communities in downtown Los Angeles, California, were financed through $233,587,000 in Freddie Mac Green Up loans. The third transaction in the portfolio, The Colony Townhomes, was completed on a compressed timeline through Fannie Mae’s Green Rewards program, rate locking in 14 days and closing in 32 days. The 752-unit garden-style community located in Santa Clarita, California received $158,797,000 in financing. 

Led by Trevor Fase, Walker & Dunlop’s team worked quickly to refinance the existing loans on the properties, all of which are owned and were originally developed by the borrower, G.H. Palmer Associates. Each transaction provided cash out to the borrower and was structured as a ten-year, non-recourse loan with interest-only for the entire term. 

Mr. Fase commented, “We are pleased to continue working alongside G.H. Palmer. These transactions are just a few examples of many deals we’ve completed for the borrower over the past three years.” He added, “Our team was able to provide fantastic rates by leveraging our deep understanding of the GSEs’ green programs.”

The Medici is a mid-rise, 632-unit multifamily property consisting of two buildings that are connected by a sky-bridge. The community offers studios and one-, two-, and three-bedroom units with nine-foot ceilings and balconies or patios. The Orsini I is one part of a three-phase development located on Sunset Boulevard. Unit offerings include studios and one- and two-bedroom apartments with individual balconies or patios, solid oak doors, premium appliances, and granite countertops. Both properties boast top-of-the-line amenities, including outdoor swimming pools, spas with saunas and steam rooms, fitness centers, tennis courts, a jogging track, golf facilities including a putting green and golf driving cages, a regulation-size indoor basketball court, clubhouses, a sand volleyball court, and picnic areas with barbeque grills and a playground. 

The Colony Townhomes is ideally located just off of the Antelope Valley Freeway in Santa Clarita. The picturesque northern Los Angeles property comprises 94 buildings on a 40-acre site and features 5 swimming pools, a state-of-the-art fitness center, spa, dog park, playgrounds and picnic areas. Residents have the option of two-car direct access garages, balconies and patios, gas fireplaces, as well as scenic views of the surrounding canyons.

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