(To read more on the debt and equity markets, click here.)
DALLAS-With speed of the essence, Crow Holdings pulled off a$158-million portfolio purchase from Aurora, CO-based Pauls Corp.with a 30-day due diligence and 15-day close. When the dustsettled, the buyer had made the simultaneous close with three noncross-collateralized loans based more on future rental return from1,331 units in Texas and Colorado than historical trackrecords.
The CBRE/Melody team put the deal before a half dozen of Crow'slineup of life company lenders known for flexibility and closingspeed. The Hartford, CT-based Cigna Realty Investors came out ontop. "Cigna wanted the business badly. They locked the rate on aphone call," Mike Riccio, senior director in CBRE/Melody's Hartfordoffice, tells GlobeSt.com. "They hadn't even finished theirunderwriting."
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