DealMaker of the Day  (Via Email)

MBA (11/14/2005) Murray, Michael

Bulls Capital Partners LLC, Vienna, Va., secured financing of $3.6 million for a 164-unit, four-property portfolio in Columbus, Ga. The four properties run along the border of Georgia and Alabama and near Fort Benning.

The outlook for the local apartment market recently improved dramatically as Fort Benning announced it would be adding nearly 20,000 military and civilian workers because of recent base realignments.

The portfolio includes 21-unit Forest Court Apartments, 36-unit Gentian Village Apartments, 53-unit Park Place Apartments, and 54-unit Woodcliff Apartments. All of the multifamily complexes are in good condition and offer standard amenity packages, according to Bulls Capital Partners, a Fannie Mae DUS lender.

The loan was originated out of the Atlanta headquarters of SunTrust Bank, Richmond, Va., by Vice President Fred Neely. Jack Key, a principal representing the borrower in the transaction, said there were obstacles to overcome.

"We had a challenging situation in that the apartments we were refinancing were 30 and 40 years old and were not your typical candidates for the type of low-interest, long-term loan we wanted," Key said.

"The major restationing of soldiers and civilians from overseas locations will result in a significant increase in demand for rental housing, according to Herman Bulls, president and CEO of Bulls Capital Partners.

"Our mortgage origination team continues to find strong demand for Fannie Mae DUS financing from multifamily owners," said Mark Van Kirk, co-founder and CFO of Bulls Capital.

Bulls Capital Partners also worked with SunTrust Bank to provide financing of $2.6 million for The Park Residences, a 43-unit apartment property in Hendersonville, N.C., located near Asheville.

Park Residences consists of 43 apartment units in five two-story buildings, each with a basement and some with garages. Constructed in 2005, the property totals 48,788 rentable square feet. Units feature spacious floor plans, large walk-in closets; a standard appliance package and washer/dryer hookups in all units. Community amenities include an on-site laundry facility and a fitness center.

The loan was originated by David Howard, vice president of SunTrust Bank. Howard noted that the borrower was attracted to Fannie Mae's ability to deliver supplemental financing in the future.