X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Carl Cronan is editor of Real Estate Florida.

NEW YORK-HSBC Bank USA has arranged $350 million in Freddie Mac loans to DRA Advisors LLC for the purchase of a 22-property apartment portfolio. The properties, totaling 4,781 units and are located in Georgia, North Carolina, South Carolina and Tennessee.

“HSBC’s execution of this complex transaction, under a very aggressive time frame, was critical in facilitating our acquisition of this portfolio,” Brian Summers, managing director of DRA Advisors in New York City, states in a news release. Summers was unavailable for comment Tuesday and no additional details on acquired properties were released.

Earlier this year, DRA Advisors was involved in a joint venture with Steven D. Bell & Co. of Greensboro, NC, in which they bought 86 apartment communities from Denver-based UDR Inc. for $1.7 billion. The assets consisted of 25,684 units in 10 states across the country.

Glenn Grimaldi, executive VP of commercial real estate with HSBC, stated in a news release that the bank’s own expertise combined with the success of the Freddie Mac and Fannie Mae programs allows for “top customer service and one-stop shopping for our growing client base.”

DRA Advisors conducts investment activities from public and private pension funds, university endowments, foundations and individuals. It claims to manage at least $10 billion in real estate assets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.