Lake Park, Fla. (August 23, 2022) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has originated more than $115 million in the last 90 days on several value-add and ground-up multifamily properties located in major U.S. Sunbelt metros. 

“While the capital markets are trying to make sense of the Fed and the potential of value corrections in the multifamily marketplace, Electra Capital is prudently evaluating and closing high-quality transactions requiring senior debt and/or subordinate debt (mezzanine and preferred equity) for savvy sponsors that are active in the Sunbelt territories,” said Electra Capital CEO Sam Greenblatt. “Despite the volatility in the capital markets, multifamily fundamentals remain strong in several Sunbelt cities. We’re particularly optimistic about the in-migration and job growth trends in Orlando, Austin, San Antonio, Las Vegas, and Phoenix, which will support sustainable demand and rent growth for the foreseeable future.”

Electra Capital’s recent transactions include:

• A $21.45 million preferred equity investment on a four-property, 952-unit apartment portfolio located in Dallas, Tex. The sponsor – a three-time repeat client – plans to make significant improvements to the common areas, as well as upgrading the individual units, and adding in-unit washers and driers.     
• A $7.5 million preferred equity investment on The Sanctuary Apartments on Broadway, a 240-unit garden-style apartment complex one mile from Arizona State University, in Tempe, Ariz. The sponsor, again another repeat Electra client, intends to make significant improvements to the common areas including the carports and pool, and upgrading individual units with flooring, new cabinets, countertops, appliances and adding in-unit washers and driers.
• A $8.4 million mezzanine loan for the construction of Nola Sky, a Class A, 160-unit luxury townhome delivering in early 2023 in Las Vegas, Nev. Townhouses will range in size from 1,056 to 1,317 square feet and include two-car garages, and amenities include an outdoor pool, lounge, fitness area, and club room.         
• A $9.5 million mezzanine loan for the construction of Nola Sol, a Class A, 308-unit luxury apartment property delivering in Las Vegas in early 2024. With a mix of studio, one-, two-, and three-bedroom apartments, this community will feature a state-of-the-art fitness center, a 6,000-square-foot club house with media room, multiple outdoor grilling stations, dog runs, spa/ swimming areas and kids’ playgrounds.
• An $18.6 million mezzanine loan for the Ashland Green Portfolio, a three-property, 936-unit portfolio in the Dallas-Fort Worth metro area. The sponsor’s business plan includes making significant improvements to the common areas, as well as upgrading the individual units, including adding in-unit washers and driers.

• A $10 million mezzanine loan on the Wymore 360 Apartments, consisting of 200 units located within a 15-minute drive of Downtown Orlando and 10 minutes from the Altamonte Springs Sunrail Station. The sponsor’s business plan for the severely undermanaged property calls for significant improvements to the common areas, as well as upgrading units, and adding in-unit washers and driers.

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About Electra Capital

Electra Capital is a privately owned, alternative lender specializing in multifamily financing solutions, providing short-term capital and advisory services to middle-market real estate firms. Electra Capital’s investment strategy is highly disciplined and deeply rooted in decades of industry, financial and property management experience. Visit www.electracapital.com.