(Crystal Proenza is associate editor of RealEstateFlorida.)

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DAVIE, FL-Locally based New Dawn Cos. LLC has acquired amultifamily portfolio from Chicago-based Equity Residentialconsisting of 1,428 apartments in four developments in Raleigh, NCand Nashville, TN. The purchase was funded through a $96.7 millionloan secured by Charlotte, NC-based Grandbridge Real EstateCapital.

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"This acquisition allows New Dawn to apply their hands-onexperience to renovate and upgrade the properties to competeagainst other first-class projects," Al Rex, Grandbridge senior VP,tells GlobeSt.com. Grandbridge funded the four apartmentcommunities through Freddie Mac's Acquisition Upgrade Mortgageproduct, designed specifically for multifamily properties that areplanning renovations after an acquisition.

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"All of the communities will receive enhanced/updated amenities,landscaping and improvements to the apartment homes," Todd Olive,executive VP of New Dawn, tells GlobeSt.com. "The improvements willvary a bit from community to community, but all will have newkitchen flooring, carpet, appliances and kitchen cabinet workinvolved."

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The largest loan of the deal, $45 million for the 598-unitLexington Apartments in Nashville, was secured in only 48 hours,boasts Grandbridge, and has a seven-year term, three years ofinterest-only and a 30-year amortization. The remaining threedevelopments in the portfolio are all located in Raleigh, NC.Sailboat Apartments is a 192-unit development receiving $9.8million, Duraleigh Woods Apartments is a 362-unit developmentfunded at $23.2 million and Bridgeport Apartments, a 276-unitgarden style apartment complex, was funded at $18.6 million. Rentalrates for all four communities ranges from $900 to $1,300 permonth, and include amenities such as fitness centers, hikingtrails, pools and tennis courts.

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"We believe adding these assets, located in superior markets,directly connects with our company's business goals," says Olive,whose integrated real estate company is aggressively seekingmultifamily acquisitions. New Dawn specializes in development,management, acquisition and disposition of multifamily propertiesin the Southeast.

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