NorthMarq’s Orlando and Tampa offices provide debt/equity financing for $202.5 million acquisition of 11-property, 1,966-unit multifamily portfolio
MINNEAPOLIS, MINNESOTA (August 1, 2019) – NorthMarq’s Orlando and Tampa offices collaborated on a complex 11-property portfolio package comprised of six new Freddie Mac Value Add Green Advantage loans, five loan assumptions from Fannie Mae, and $40 million in equity over the entire portfolio. The financing packing included $110,062,000 of new debt and JV equity and was secured within an expedited six-week timeline.
NorthMarq represented the Florida-based REIT on its acquisition of the class B/C multifamily portfolio comprised of 1,966 units in Savannah, Macon, Canton, and Augusta, Georgia.
The buyer, Carter Multifamily, acquired the portfolio for $202.5 million from Kole Management.
The list of properties includes:
• Ten 35 Alexander – Augusta, GA - 200 units
• Heritage at Riverstone - Canton, GA - 240 units
• Falls at Spring Creek – Macon, GA - 296 units
• Legacy at River Crossing – Macon, GA - 200 units
• Riverstone – Macon, GA - 220 units
• Azure Cove – Garden City, GA - 144 units
• Kessler Point – Garden City, GA - 120 units
• The Arbors – Garden City, GA - 108 units
• Alhambra – Savannah, GA - 150 units
• Carriage House – Savannah, GA - 144 units
• Ridgewood – Savannah, GA - 144 units
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
