Nov 05, 2020

Thayer Manca adds to portfolio

Local outfit Thayer Manca Residential announced the recent $65.5 acquisition of the Entrada Apartments in Tucson. Joe Manca said in a statement, “We believe Tucson is one of the most vibrant apartment rental markets in the nation. We are thrilled to add this exceptional asset to our Arizona portfolio.” TMR is planning about $5 million in renovations to the complex, slated to include a marketing rebrand, interiors work, more washer/ dryers, modernizing the fitness center, enhancing the pet park and other upgrades. The 424-unit complex is on the north side of town, in the Catalina Foothills neighborhood, near the medical district.

Bellingham apartments land $42M HUD loan

Dwight Capital of New York issued a press release this summer, which summarized nearly $300 million in financing it had secured for various multifamily properties around the county. One was the 339-unit Belleau Woods in Bellingham. Dwight's Josh Sasouness and Josh Hoffman secured the $22.3 million loan from the U.S. Department of Housing and Urban Development. The 35-year, non-recourse HUD 223(f) loan allowed the owner to refinance at a very low rate, which also benefits from Green Mortgage Insurance Premium (“MIP”) reduction of 25 basis points. Developed in 2003 on nearly 16 acres, the complex has 17 three-story buildings plus a community building and fitness center. This is the fourth time that Dwight Capital has secured such a loan for the borrower, a California family group that acquired the complex in 2014 for $14.6 million. Belleau Woods is a little north of downtown, at Exit 257 from Interstate 5.