Palm Beach, Fla. (January 28, 2020) – To meet the steady demand for short-term capital solutions in the multifamily sector, a team of seasoned multifamily real estate executives have teamed up to launch a new boutique capital provider: Electra Capital.

Based in Palm Beach and backed by its affiliation with one of the largest multifamily owner/operators in the country – American Landmark Apartments – Electra Capital provides flexible, short-term multifamily financing solutions, including bridge and mezzanine loans and preferred equity and participating preferred equity investments. 

The firm is led by CEO Sam Greenblatt, a multifamily lending veteran, and Joe Lubeck, CEO of American Landmark Apartments, serves as Executive Chairman.

The firm is capable of providing creative financing solutions in the $1 million to $30 million range, with LTV/LTC up to 90 percent. In addition, under its Participating Preferred Equity investments, Electra will provide up to 75% of the equity required in the transaction. The firm will focus on financing multifamily deals within the fast-growing Sun Belt region – states including Arizona, Florida, Georgia, North and South Carolina, Tennessee, Texas and Southern Virginia.

“Transactions fail everyday because traditional lenders are unable to meet a sponsor’s needs,” said Greenblatt. “That is where Electra Capital steps in, leveraging our decades of multifamily expertise and vast relationships in the lending community. Electra’s team of experts in acquisitions, underwriting, structuring and closing enable us to act expeditiously and effectively to meet our client’s needs.”

Greenblatt comes to Electra Capital with over three decades of experience as a lender, broker and sponsor, including over 10 years serving as head of production for RAIT Financial Trust, a capital provider for bridge, mezzanine and preferred equity investments. 

Lubeck is an expert in value-added and distressed real estate repositioning. Over the course of his career, Joe has overseen four successful multifamily portfolio builds totaling 100,000 units, with a value in excess of $7 billion. Joe currently serves as the CEO of American Landmark Apartments, one of the fastest-growing multifamily firms in the United States.

About Electra Capital

Electra Capital is a privately owned, alternative capital provider specializing in multifamily financing solutions, providing short-term capital and advisory services to middle-market real estate firms. Backed by its affiliates – including Electra America, American Landmark Apartments, and Electra Real Estate Ltd. – Electra Capital’s investment strategy is highly disciplined and deeply rooted in decades of industry, financial and property management experience. Visit www.electracapital.com.

Palm Beach, Fla. (January 28, 2020) – To meet the steady demand for short-term capital solutions in the multifamily sector, a team of seasoned multifamily real estate executives have teamed up to launch a new boutique capital provider: Electra Capital.

Based in Palm Beach and backed by its affiliation with one of the largest multifamily owner/operators in the country – American Landmark Apartments – Electra Capital provides flexible, short-term multifamily financing solutions, including bridge and mezzanine loans and preferred equity and participating preferred equity investments. 

The firm is led by CEO Sam Greenblatt, a multifamily lending veteran, and Joe Lubeck, CEO of American Landmark Apartments, serves as Executive Chairman.

The firm is capable of providing creative financing solutions in the $1 million to $30 million range, with LTV/LTC up to 90 percent. In addition, under its Participating Preferred Equity investments, Electra will provide up to 75% of the equity required in the transaction. The firm will focus on financing multifamily deals within the fast-growing Sun Belt region – states including Arizona, Florida, Georgia, North and South Carolina, Tennessee, Texas and Southern Virginia.

“Transactions fail everyday because traditional lenders are unable to meet a sponsor’s needs,” said Greenblatt. “That is where Electra Capital steps in, leveraging our decades of multifamily expertise and vast relationships in the lending community. Electra’s team of experts in acquisitions, underwriting, structuring and closing enable us to act expeditiously and effectively to meet our client’s needs.”

Greenblatt comes to Electra Capital with over three decades of experience as a lender, broker and sponsor, including over 10 years serving as head of production for RAIT Financial Trust, a capital provider for bridge, mezzanine and preferred equity investments. 

Lubeck is an expert in value-added and distressed real estate repositioning. Over the course of his career, Joe has overseen four successful multifamily portfolio builds totaling 100,000 units, with a value in excess of $7 billion. Joe currently serves as the CEO of American Landmark Apartments, one of the fastest-growing multifamily firms in the United States.

About Electra Capital

Electra Capital is a privately owned, alternative capital provider specializing in multifamily financing solutions, providing short-term capital and advisory services to middle-market real estate firms. Backed by its affiliates – including Electra America, American Landmark Apartments, and Electra Real Estate Ltd. – Electra Capital’s investment strategy is highly disciplined and deeply rooted in decades of industry, financial and property management experience. Visit www.electracapital.com.

Tampa, Fla. – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has announced it plans to acquire another $1.5 to $2 billion in multifamily properties in 2020, bringing its current portfolio of 33,000 apartment units up to nearly 40,000 units by year end.

Capitalizing off of strong real estate fundamentals in the “Sun Belt” – states like Texas, Florida, Georgia and North Carolina – along with domestic and international investors’ healthy appetite for multifamily product, American Landmark will continue its strategy of opportunistic investing in Class A minus and B product in secondary markets throughout the U.S. southeast.

“We still see plenty of runway in the middle-market multifamily sector in 2020,” said Joe Lubeck, CEO of American Landmark Apartments. “Strong population and job growth continues to fuel demand for apartments in metros across the southeast, and retirees/seniors are also entering the rental market in droves. While the market has become very competitive and overheated in some areas, our disciplined focus on workforce housing, and unprecedented access to off-market or special situation transactions gives us a distinct competitive advantage, and will allow us to continue to be highly selective and produce exceptional returns for our investors.”

American Landmark had a banner year in 2019; the firm added 30 assets, or approximately 6,000 units, with a cumulative value of $1.7 billion to its portfolio, while strategically offloading approximately $500 million in assets. Of those 30 assets, over two-thirds were acquired off-market in special circumstance negotiations.

Also in 2019, American Landmark closed on its 2018 Multifamily Fund II, which raised $462 million from institutional and private investors, and launched its 2019 Multifamily Fund III, with a target raise of $500 investment million. That fund was seeded with the off-market acquisition of a nine-property, 2,578-unit apartment portfolio in early December 2019 for just over $400 million. To date, American Landmark’s funds have generated an average IRR of 23 percent for its investors.

For more information, please visit www.alapts.com.

American Landmark Apartments (American Landmark) announces it received a “High Commendation” for Multifamily Fund of the Year from Real Estate Fund Intelligence (REFI) at the publication’s REFI US Awards 2019, held at the Metropolitan Club in New York City. The firm received the high honor for its Electra Multifamily Investment Fund I, a discretionary fund designed to procure yield in value-add opportunities located in the Southeast and Texas.

“We are greatly honored to receive this important recognition for a team effort in establishing a fund that was created to invest in some of the most dynamic multifamily markets throughout the country,” said Joe Lubeck, CEO of American Landmark. “Our work in providing investors with exceptional returns while offering high quality workforce housing is at the core of everything we do, and we will continue to provide innovative investment opportunities with this forward momentum.

“American Landmark’s fund received plenty of praise from the judges, with its specific investment strategy and dedicated geographic strategy as key highlights,” added Will Muoio senior reporter at REFI. “American Landmark were the only real estate fund manager to receive “High Commendation” that showed its significance in an increasingly competitive real estate fund market.”

Launched in 2016, the Fund raised $214 million and is currently delivering distributions of $56 million and projected returns of 22 percent. Fund dynamics that resulted in this recognition included the following:

·         Investment in specific submarkets and even micro markets including Tampa, Jacksonville, Charlotte, Raleigh, all major metros in Texas and specific submarkets in Atlanta, Charleston and Nashville.

·         Emphasis on using green initiatives on-site such as LED lighting, recycling on-site materials and trash, installing low-flow plumbing items and employing environmentally safe products for day-to-day use.

·         A team of loyal and long tenure members with decades of combined experience engaging in innovative collaboration, as well as executive and on-site teams with individual voices and invaluable ‘boots on the ground’ knowledge that is the fuel needed to navigate a tough multifamily environment.

For more information, please visit www.alapts.com.

American Landmark Apartments (American Landmark), one of the fastest-growing multifamily owner-operators in the country, has acquired the 234-unit Newport on the Lake and 250-unit Harbor View Apartments in Houston. The properties will undergo a combined $5.9 million capital improvements program and be renamed Lakefront Villas and The JaXon, respectively.

The acquisitions raise American Landmark’s portfolio of properties in Texas to 38, with 14 properties in Houston. The company currently owns and manages approximately 31,000 apartments throughout the Southeast and Texas, and continues to approach its goal of adding $2 billion in assets to its multifamily portfolio this year.

“Houston continues to offer long-term opportunities as in-migration maintains strong demand throughout the MSA, naturally elevating asking rents in the process,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With a steady increase in population, housing will remain a priority for residents settling in, with current online stock providing immediate options as developers seek to bring units to market as quickly as possible.”

Built in 2008, Newport on the Lake is located at 1895 Barker Cypress Road. One-, two- and three-bedroom units include granite countertops, kitchen islands, wood-style flooring and walk-in closets. Community amenities include resort-style pool with heated spa, outdoor fire pit, poolside gas grill and resident clubhouse with Wi-Fi.

Built in 2010, Harbor View is situated at 4855 Magnolia Cove Drive in the Houston suburb of Kingwood. One-, two- and three-bedroom units offer granite countertops, disposal, crown molding, walk-in closets and washer/dryer. Community amenities include package service, a fitness center, game room, walking/biking trails, courtyard and business center.

For more information, please visit www.alapts.com.

American Landmark Apartments (American Landmark), one of the fastest-growing multifamily owner-operators in the country, has acquired Alta Brighton Park, a 329-unit community in the Nexton community of Summerville, South Carolina, just north of Charleston. The project will undergo an $800,000 capital improvements program and will be renamed Elevate at Brighton Park.

The acquisition marks the second property in American Landmark’s South Carolina portfolio, with the firm growing its presence in the Charleston area. The company currently owns and manages approximately 28,000 apartments throughout the Southeast and Texas, and is continuously closer to its goal of adding $2 billion in assets to its multifamily portfolio this year.

“The Summerville-Charleston MSA has shown favorable fundamentals conducive to future growth in demand for housing, particularly with labor expansion in the hospitality and tourism sector as well as the Mercedes-Benz Sprinter van plant that opened last year in North Charleston, which is expected to reach 1,300 workers,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With an unemployment rate of 2.5 percent that’s well below the 3.7 percent national average, Charleston remains just as important to our strategy ever since our initial entry to the area one year ago.”

The Charleston-based NKF Multifamily Capital Markets Team including Senior Managing Director Alex Okulski; Vice Chairmen Sean Wood, John Heimburger and Dean Smith; and Managing Directors John Munroe and Jason Kon brokered the transaction. NKF Executive Managing Directors Bill Weber and Matt Mense, along with Senior Managing Director Ari Schwartzbard and Managing Director Henry Stimler, arranged the financing on behalf of American Landmark.

American Landmark plans to implement a variety of capital improvements throughout the property, including Wi-Fi thermostats, electronic smart locks, master closet organizers and frame bath mirrors.  Community upgrades will include added pool furniture, dog park agility equipment and landscaping beautification.

Built in 2019, Alta Brighton Park is located at 115 Great Lawn Drive. One-, two- and three-bedroom units include custom cabinetry, wood-style flooring, private balcony or patio, stainless steel energy efficient appliances and GigaFi – South Carolina’s first gigabit internet service. Community amenities include a saltwater swimming pool, outdoor lounge area with grills, 24-hour fitness studio and private resident clubhouse.

Alta Brighton Park is found within the burgeoning master-planned community of Nexton, a 5,000-acre development positioned to become the region’s new residential and employment center. Spanning the size of the Charleston peninsula, recent investments including a car manufacturing operation by Volvo as well as office, housing and retail sites that are expected to raise the area’s population by approximately 16,000 to 20,000 new residents.