Chicago– Waterton Residential has acquired $109.5 million of debt secured by four prime multifamily properties located in North Carolina and California.
So far this year, Waterton has acquired $179.2 million in distressed debt secured by multifamily assets and expects to acquire another $150 million in debt and/or multifamily properties by the end of 2010.
The recent debt acquisitions include mortgages secured by the Exchange at Brier Creek, 274-unit property in Raleigh, N.C.; Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.; Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Caif.
“Waterton has been one of the leading buyers of distressed debt secured by multifamily properties in 2010 because of our discretionary capital and ability to close complex transactions in a timely manner,” says Max Peek, Waterton Residential’s vice president of acquisitions.
Mark Stern, senior vice president of acquisitions, adds, “Waterton’s multifamily debt portfolio has grown dramatically over the past 18 months with mortgage interests secured by over 34,382 units with aggregate loan balances exceeding $2.29 billion.”