NorthMarq’s Orlando and Tampa offices provide debt/equity financing for $202.5 million acquisition of 11-property, 1,966-unit multifamily portfolio

MINNEAPOLIS, MINNESOTA (August 1, 2019) – NorthMarq’s Orlando and Tampa offices collaborated on a complex 11-property portfolio package comprised 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. The financing packing included $110,062,000 of new debt and JV equity and was secured within an expedited six-week timeline. 

NorthMarq represented the Florida-based REIT on its acquisition of the class B/C multifamily portfolio comprised of 1,966 units in Savannah, Macon, Canton, and Augusta, Georgia.

The buyer, Carter Multifamily, acquired the portfolio for $202.5 million from Kole Management. 

The list of properties includes:
• 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
• Ridgewood – Savannah, GA  -  144 units