TODAY’S DEALS: Cortland Partners Buys 1,037 Units in Texas and Florida
Cortland Properties completes three acquisitions totaling $130.3 million; SBV buys a 109-unit asset in Greensboro; and Cohen Financial secures more than $31 million for three multifamily properties.
Dallas, Houston & Jacksonville, Fla.—Cortland Partners continues to grow its multifamily portfolio with the acquisition of three properties totaling 1,037 units. The assets, located in Dallas, Houston and Jacksonville, Fla., were purchased for a combined price of $130.3 million.
“These acquisition are an important part of our strategic investment plan to bolster our presence in Florida and Texas,” says Steven DeFrancis, CEO of Cortland Partners. “Currently we have five additional assets in Texas and Florida under contract to purchase over the summer. We will be making additional inroads into these states and significantly improve our economies of scale there as well as our overall portfolio diversity.”
The most recent spurt of acquisition activity from the Atlanta-based owner brings the number of properties owned in a joint venture partnership with a large institutional capital partner to nine. Cortland Partners worked with Berkadia Commercial Mortgage and Ares Commercial Real Estate Corp. to place the debt capital for the three separate transactions, which include:
- Saxon Woods, a 510-unit property located in Dallas. It was purchased for $60.4 million.
- The Halstead, a 301-unit asset located in Houston that was acquired for $47.4 million.
- Reserve at Deerwood, a 226-unit property located in Jacksonville, Fla., that was picked up for $22.5 million.
SBV buys 109-unit property in Greensboro
Greensboro, N.C.—SBV Communities, has completed its fifth acquisition in Greensboro, N.C., with its acquisition of LeMans at Lawndale. The Kansas City-based firm, which is the multi-family real estate division of Spectrum Business Ventures Inc., closed on June 26.
“When it rains it pours,” says Chris Thomson, director of multi-family acquisition at SBV Communities. “Purchasing five properties in such a tight timeframe is really optimal for our operational model. We can essentially bring all of these new properties into the fold at once, very quickly. And establishing such a solid presence in a market in one shot is something we’d love to repeat.”
Cohen Financial secures more than $31M for three multifamily properties
Chicago–Cohen Financial announced that Dan Rosenberg, managing director of Cohen Financial in the Chicago office, secured a total of $31.39 million for three multifamily properties. Each property is well leased.
He secured a $6.75 million refinance for the Iron Gate Apartments, a 129-unit multifamily property in Glen Ellyn, Ill., just north of Chicago. Rosenberg secured a $16.965 million acquisition loan for Lofton Place, a 280 unit multifamily complex in Tampa, Fla. He also secured a $7.575 million bridge loan for Azalea Apartments, a 160-unit apartment community in Greenville, S.C.
Rosenberg secured a fixed rate, 10-year term loan for the Iron Gate and Lofton Place properties. The lender for Iron Gate is Loancore Capital LLC. The lender for Lofton Place and Azalea Apartments is Greystone & Co, an FHA and Fannie Mae lender for multifamily housing.
“Each transaction was unique,” says Rosenberg. “The borrowers were very pleased that we were able to negotiate favorable terms for each financing and that we were able to close before the recent interest rate increase.”