Florida-Based REIT Buys Georgia Multifamily Portfolio for $203M
The financing package consisted 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.
SAVANNAH, GA—Carter Multifamily of Tampa has acquired a multifamily portfolio of nearly 2,000 units in Savannah, Macon, Canton and Augusta, GA for $202.5 million.
Commercial real estate capital services firm NorthMarq reports that its Orlando and Tampa offices collaborated on what it terms was a complex debt and equity financing package for the 11-property portfolio comprised of class B and C multifamily properties totaling 1,966 units. Managing Directors Melissa Marcolini-Quinn and Lee Weaver of NorthMarq’s Orlando and Tampa offices respectively represented the buyer Carter Multifamily in the transaction. The seller of the portfolio was Kole Management of Savannah, GA.
The financing package consisted 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.
“Our equity source RSE, Freddie Mac, and the borrower/sponsor worked with us to coordinate all due diligence, secure all of the inspections and structure the closing. Without everyone’s commitment to closing and collaboration, the deal never would have come together so quickly,” said Marcolini-Quinn, managing director of NorthMarq’s Orlando office.
The list of properties that traded included 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 and Ridgewood – Savannah, GA – 144 units.
“This transaction really is a testament to having long-term, trusted relationships. Being able to have open, frank conversations with the sponsors’ team of industry veterans allowed us to expedite critical components of the closing process,” said Weaver, managing director, of NorthMarq’s Tampa office.