Hines Global Income Trust Inc. has paid $98 million, or $356,364/unit, for the 275-unit Alloy by Alta apartment property in the Washington, D.C., suburb of College Park, Md. The property is 97.5 percent leased.
Scion secured $154 million of Freddie Mac financing to help fund the acquisition. The loan, which Walker & Dunlop arranged, matures in November 2028.
91 percent leased.
Interstate said it would fund the acquisition with cash on hand by drawing against its line of credit.
Allfirst Mortgage Corp. provided Fannie Mae acquisition financing; GMAC provided $32,77Mln of equity
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