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Bonaventure Acquires Two VA Multifams with $85M Fannie Mae Credit Facility
Alexandria, VA-based Bonaventure has acquired VA apartment communities Messenger Place in Manassas and Magnolia Run in Virginia Beach in separate off-market transactions.
The five-story, 94-unit Messenger Place was purchased from The Rector Companies for $25.5 million. The 200-unit Magnolia Run was purchased from an undisclosed seller for $52.1 million.
To finance the acquisitions, the company closed an $85-million Fannie Mae credit facility through KeyBank. According to the firm, Bonaventure also drew from the flexible FNMA facility to refinance one of the company’s previously owned properties, effectively giving it flexibility at the portfolio level, versus the property level, and to lock in favorable interest rates.
“By providing the option of an UPREIT structure to the property’s seller, we were able to arrange a tax efficient transaction that resulted in the trade of their ownership in a single property for interests in a diversified and growing portfolio of properties,” said Bonaventure chief investment officer Chris Cobb.
Photo: Magnolia Run
- ◦Sale/Acquisition
- ◦Financing
