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.

Jersey City, N.J. (April 8, 2022) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, originated $19 million of mezzanine debt behind an $86 million senior loan for the refinancing of two Class A, luxury apartment properties in Jersey City, N.J.: Rivet (163 units) and Rivet26 (199 units).

Located on Jersey City’s west side, the two new rental communities are part of the master-planned neighborhood known as University Place, a public-private partnership between Morristown, N.J.-based developers The Hampshire Companies and Claremont Development, and New Jersey City University. University City will ultimately include eight buildings with 1,000 new luxury apartments, more than 120,000 square feet of retail space, a performing arts center, cafes, theaters and open space.

Electra Capital originated the financing on behalf of Hampshire and Claremont, with an initial two-year term plus two one-year extension options.

“Both Hampshire and Claremont have a stellar track record of developing multifamily properties in New Jersey, and the rapid lease up of both of these properties proves there is significant demand for high-quality housing in this rapidly growing submarket of Jersey City,” said Samuel J. Greenblatt, CEO of Electra Capital.

Built in 2018 and located at 23 University Place Boulevard, Rivet is a five-story property featuring studio, one- and two-bedroom apartments ranging from 507 square feet to 1,159 square feet. Completed in 2021, Rivet 26 is a five-story property at 26 University Place Boulevard with studio and one-bedroom units ranging from 501 square feet to 736 square feet. Both properties offer high-end finishes and appliances, tall ceilings, and amenities such as outdoor bar and fire pits, private grilling and dining areas and a host of indoor offerings, entertainment lounges, a billiards room, a coffee bar and a co-working lounge with private offices. Rivet includes a 15,000 square-foot entertainment lawn, and Rivet26 has 10,000 square feet of street-level retail space.

Both Rivet projects are conveniently located just a half mile from New Jersey City University, five minutes from Hudson County Community College, and one-third of a mile from a Bergen-Hudson Light Rail stop, providing access to the Hackensack River

waterfront and Hoboken as well as the opportunity to transfer to Journal Square PATH Station. A complimentary shuttle connects both properties to the local PATH rail station, with lines running to Manhattan and Newark, N.J.

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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.

DALLAS (October 29, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $7.8 million participating preferred equity investment in The Pearl at Midtown, a 213-unit multifamily community located in the Northeast Dallas submarket. New York-based Avid Realty Partners acquired the community.  

“Strong job growth, including several corporate relocations, has resulted in heightened apartment demand across the Dallas MSA,” said Samuel J. Greenblatt, CEO of Electra Capital. “This property is ideally situated close to several hospitals, universities and just a short walk to White Rock Lake Park.”

Located at 6008 Ridgecrest Road, The Pearl at Midtown is a gated community built in 1972 consisting of studio, one- and two-bedroom apartments ranging in size from 400 square feet to 1,034 square feet. Apartments feature spacious living areas, energy efficient thermostats, two-toned paint concepts, dramatic 9-foot ceilings, washer/dryer hook-ups in some units, fully equipped kitchens and a patio/balcony. Community amenities include a clubhouse with lounge and game room, business center, spa/sauna, fitness center, pool and laundry facilities.

The property is located approximately 10 miles north of downtown Dallas, one mile from The Art Institute of Dallas and Texas Health Presbyterian Hospital, three miles from Southern Methodist University and Medical City Dallas Hospital, and just 30 minutes from Dallas-Fort Worth International Airport.

HOUSTON (November 1, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community located in the Westchase submarket of Houston, Tex. TruePoint Capital, based in Katy, acquired the property.

“Houston’s economic resurgence has been exceptional,” said Samuel J. Greenblatt, CEO of Electra Capital. “With increases in employment and in-migration expected for the remainder of the year, Houston’s apartment occupancy rate and rent growth rate may ultimately surpass where it was pre-pandemic by 2022. The Aubrey is well-positioned close to the Energy Corridor and in the booming Westchase submarket to benefit from all these positive trends.” 

Located at 2310 Crescent Park Drive, The Aubrey offers one-, two- and three-bedroom floor plans ranging from 700 to 1,300 square feet. Apartments feature spacious living areas, wood-style flooring, designer color schemes, spacious closets, washer/dryer connections, and a private patio or balcony. Community amenities include two swimming pools, state-of-the-art fitness center, full-service business center, clothing care center, dog park and playground.

The property is conveniently located close to I-10, Sam Houston Tollway & Westpark Tollway, approximately 30 minutes from downtown Houston and just five minutes from Houston’s Energy Corridor. The property is close to Royal Oaks Country Club and Buffalo Bayou Bike Trail and nearby parks, and close to a variety of shopping and entertainment destinations.

TruePoint Capital acquired The Aubrey, a 436-unit multifamily community in the Westchase submarket

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community located in the Westchase submarket of Houston, Tex. TruePoint Capital, based in Katy, acquired the property.

“Houston’s economic resurgence has been exceptional,” said Samuel J. Greenblatt, CEO of Electra Capital. “With increases in employment and in-migration expected for the remainder of the year, Houston’s apartment occupancy rate and rent growth rate may ultimately surpass where it was pre-pandemic by 2022. The Aubrey is well-positioned close to the Energy Corridor and in the booming Westchase submarket to benefit from all these positive trends.” 

Located at 2310 Crescent Park Drive, The Aubrey offers one-, two- and three-bedroom floor plans ranging from 700 to 1,300 square feet. Apartments feature spacious living areas, wood-style flooring, designer color schemes, spacious closets, washer/dryer connections, and a private patio or balcony. Community amenities include two swimming pools, state-of-the-art fitness center, full-service business center, clothing care center, dog park and playground.          

The property is conveniently located close to I-10, Sam Houston Tollway & Westpark Tollway, approximately 30 minutes from downtown Houston and just five minutes from Houston’s Energy Corridor. The property is close to Royal Oaks Country Club and Buffalo Bayou Bike Trail and nearby parks, and close to a variety of shopping and entertainment destinations.

Carolina MF Investments acquired the 145-unit Willow Ridge community for
$22.4 million

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III (formerly Willow Ridge), a 145-unit townhome community in Charleston, South Carolina. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Pa. acquired the garden-style apartment communities for $22.4 million.

“Charleston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital.

Mike Butler of Carolina MF Investments added, “We are thrilled to have been able to find this deal and transact off market. As we always say, good deals are made not found and this provides a great opportunity for us to take ‘blight and make light’ and create value for our colleagues, partners and most importantly our residents.”

Located at 7604-7749 Warsaw Road, Avalon at North Charleston is a newly renovated townhome community offering one and two-bedroom apartment homes ranging from 688 square feet to 1,196 square feet. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances, and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting, and rain showers. Avalon is conveniently located between Boeing, Bosch, and the Charleston Air Force Base.