VIZZDA—July 20th,
2012 – Danny Gabriel of Colrich was signatory to the sale of the San Ventura
Apartments, a 272-unit apartment complex at 3600 W Ray Rd, Chandler which was
purchased by J Jeffrey Riggs of Baron Properties, for $29,650,000 or $109k per
door on July 19th, 2012. Baron Properties put $9,260,000 down,
secured a $3,278,500 Freddie Mac Multifamily Loan originating with Holliday
Fenoglio & Fowler (HFF), and assumed an existing $17.18M loan (5.08% A.P.R.
fixed, maturing April 1st, 2018) originated by HFF as an FHLMC loan
March 3rd 2011 and assigned to Citibank September 16th,
2011.
The 2-story
apartment complex consists of 34 buildings built in 1995 on 14.67 acres. The
apartments’ exterior was renovated in 2006 and Colrich has been renovating the
apartments’ interiors as they have turned over. The individually-metered
complex features a unit mix of 104 1Br/1Ba (921 ft2), 144 2Br/2Ba
(1,173 ft2) and 24 3Br/2Ba (1,442 ft2). The community is
94% occupied.
The apartments
were acquired by Colrich on May 10th, 2007 for $40.7M with $10.2M
down and $30.5M debt with Capmark Finance; per affidavit of value, $2.035M of
the sale price was for the furnishings.
The Capmark debt was modified September 18th, 2008 by
splitting it into two notes: note A $19.32M & note B $11.18M. Colrich then
took on $19.45M debt March 23rd, 2009 with California Bank &
Trust in two notes: note A $17.225M & note B $2.225M. Colrich used the
proceeds to pay off the Capmark
Note A debt on March 23rd, 2009 and the remaining debt on April 23rd,
2009.
On March 1st,
2010 Colrich transferred the ownership of the San Ventura apartments to a
second Colrich-owned entity recording a sale price of $20.475M with $3.39M down
and the assumption of the California Bank & Trust notes. With this
assumption, however, Zions First National Bank now holds Note B ($2.225M) and
must be paid off first. On March 3rd, 2011 . Holliday Fenoglio
Fowler originated a $17.18M FHLMC loan (fixed 5.07% rate, maturing April 1st, 2018)
which was securitized (CMBS) and to be serviced by HFF. This debt was assigned to Citibank September 16th, 2011
and assumed by Baron Properties in the current sale.
By:
Ed Moore
Research Analyst
emoore@vizzda.com
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