TODAY’S DEALS: GFI’s JV with The Carlyle Group Gives Company $1.2 Billion in Purchasing Power, and Other Transactions
- Sep 11, 2008
By Anuradha Kher, Online News EditorNew York–GFI Capital Resources Group recently formed a partnership between GFI and The Carlyle Group, which will provide GFI with $1.2 billion in buying power ($300 million worth of equity), to invest in real estate assets throughout the country. This will allow GFI to more than double the size of its existing 20,000-unit real estate portfolio. “We have already purchased a few properties as part of this venture and we’ve only just begun,” says Michael Weiser, executive vice president of acquisitions and dispositions at GFI. “Unlike many other companies in today’s market, we have capital and are seeking distressed, non-performing, real estate and debt assets to acquire immediately. As a result of the joint venture, we have expanded our staff and are actively seeking opportunities.” Some recent GFI acquisitions are include The East/West portfolio, for $26.6 million, which consists of three properties totaling 994 residential units, the 224-unit Willow Trail apartment homes for 11.6 million, and the 722-unit Village at Stone Mountain, all in the Atlanta metro area. Marcus & Millichap Negotiates Sale of 173-Unit Student Housing Community for $19.38MShippensburg, Pa.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Bard Townhouses (pictured), a 173-unit student housing community in Shippensburg, Pa., for $19.38 million.Corridor Spencer Yablon, regional manager of the firm’s Philadelphia office, assisted in this transaction. VenturesShippensburg I, LLCL.P.“Bard Townhouse was an excellent opportunity for the investor to acquire a well-maintained student housing community that is 100 percent occupied and located directly across the street from Shippensburg University, which has an enrollment of approximately 7,600 students,” says Brian Kelly, a national student housing investment specialist in the Indianapolis office of Marcus & Millichap.Located at 100 Bard Dr., the 176,280-sq.-ft. apartment community features two-story buildings situated on a 32.54-acre lot.Bard Townhomes features a mix of two-, three- and four-bedroom units.iCap Arranges $3.9M Mortgage Loan for 23-Unit Rental PropertySan Francisco–iCap recently arranged acquisition financing for a multifamily property in San Francisco for $5,800,000 with a $3,900,000 loan priced at a 5.2 percent variable rate on a 12 MTA index using a 1.15x DSC ratio.The property, located at 240 Cumberland St. in the Liberty Heights neighborhood of San Francisco, feature of 23 one-bedroom units and seven studios. iCap arranged the loan through one of its capital markets sources.