Jason Mattox, chief administrative officer with Behringer Harvard tells GlobeSt.com that, in the past, debt acquired for acquisition was mainly on an asset-by-asset basis. "This is the first credit facility we'll have available to use for a variety of purposes," he notes. NorthMarq Capital LLC was the seller and servicer for the seven-year facility.
Though Mattox declined to discuss the REIT's financial investment goals for the remainder of 2010, he did say it will continue to target major metropolitan markets for class A apartments, which can include student housing and age-restricted housing. "What we're also looking for is transit-oriented development and mixed use, with sustainable features when possible," Mattox comments.
Whereas interest last year in buying was all but gone, Mattox says that, at least anecdotally, things are starting to pick up. "Sellers are getting more motivated and there is more competition among the buying group," he says.
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