(Crystal Proenza is associate editor of RealEstateFlorida.)
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.
"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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