The sale, which was valued at roughly $127,000 per unit, netted $47.5 million in proceeds (after closing costs and $58.5 million in secured debt payment). The weighted average historical cap rate on the sale is 6.9 percent after the application of a 2.7 management feed and before capital expenditures.
"The sale of Cider Mills is consistent with our strategy to lighten our Washington, D.C., geographic concentration," says Edward Pettinella, president and CEO of Home Properties.
Pettinella says that the REIT still has 28 percent of their units in the D.C. region, and plans to maintain roughly that portion of units moving forward. He added that the sale generated a higher cap rate than average for 2013 dispositions, and attributed that fact to substantial property upgrades and its location in the weakest submarket of the firm's D.C. regions.Dougherty Mortgage closes $12.1M for Minneapolis seniors housing
Minneapolis, Minn.-Dougherty Mortgage LLC has originated a $12.1 million HUD 233(a)(7) loan for the refinancing of Minnehaha Senior Living, a 77-unit senior living community for residents 62 and older in Minneapolis.Dougherty Mortgage closes 35-year refi loan for project-based Section 8 property
The 40-year term, 40-year amortization loan was arranged by Dougherty's Minneapolis, Minnesota office for Covenire Care Nokomis, LLC. The Minnehaha Senior Living property provides a full spectrum of care options and is located just north of Lake Nokomis and Minnehaha Falls, easily accessible from all areas of the Twin Cities. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
Minneapolis-Dougherty Mortgage LLC originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors, a 127-unit rental property for residents aged 62 and older, as well as disabled residents, regardless of age.
The property, located in Roseville, Minnesota, has a Section 8 Housing Assistance Payments (HAP) contract in place which covers 100 percent of the units. The 35-year term, 35-year amortization loan was arranged by Dougherty's Minneapolis, Minn. office for Good Neighbor Senior Apartments Limited Partnership LLLP.