389-Unit Apartment Property Opens in Morgan Hill, Calif.
April 24, 2024
SL Green to Sell Palisades, N.Y., Event Space for $26.25Mln
April 24, 2024
Chemical Bank of Detroit provided a $5 million loan to the buyer.
Bethpage Federal Credit Union of New York provided $10.6 million of acquisition financing.
The Bank of New Hampshire provided $48.375 million of financing for the buyer's purchase.
The neighboring properties have been rebranded as Jupiter Isle.
CBRE Capital Markets provided $46.4 million of Freddie Mac financing for the purchase. The properties are the 119-unit Shell Trace Apartments and the 240-unit Mallard Cove Apartments.
98 percent leased. The New York apartment specialist used a $56 million loan from Metropolitan Life Insurance Co. to help fund the property's purchase.
94 percent leased. Ocean Bank provided $17.5 million of debt for Orion's purchase of the 24.2-acre property. The property backed $29.7 million of securitized debt that's securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2006-LDP7.
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© 2023 Commercial Real Estate Direct All rights reserved..