Strategic Realty Holdings acquired two multifamily communities for $34.3 million

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.2 million participating preferred equity investment in the Cypress Station Portfolio, two multifamily communities located in Houston, Texas with a total of 488 units. Strategic Realty Holdings, a Calabasas-based privately held real estate investment firm, acquired the garden-style apartment communities for $34.3 million.

The properties in the portfolio are the 252-unit Cypress Ridge Apartments, located at 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments, located at 411 Highland Cross Drive.

“Houston 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. “What was once a predominantly oil and gas town has turned into a tech hub with over 500 digital technology companies as well as a strong aviation/aerospace sector.”

Eddie Lorin of Strategic Realty Holdings 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 important our residents.”

Built in 1980, Cypress Ridge Apartments features one- and two-bedroom units ranging from 599 to 957 square feet.  Community amenities include a swimming pool, clubhouse fitness center, and on-site laundry facilities. Built in 1980, Highland Cross Apartments also has one- and two-bedroom units ranging from 685 to 1,140 square feet, and similar amenities. Both communities are located in North Houston, near abundant shopping and fine dining options, and just 20 minutes from Houston’s vibrant downtown area.

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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. Back 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.

The firm originated $148 million in preferred equity and bridge loan financing during the quarter with momentum carrying into Q2

Lake Park, Fla. (May 7, 2021) – Electra Capital, a boutique lender specializing in capital solutions for the multifamily industry, announces it has closed seven transactions in the first quarter, four bridge loans totaling $125 million and three preferred equity investments totaling $23 million. The properties encompassed 1,770 units and represented $245 million of overall value.  The significant Q1 activity highlights the surging multifamily market that illustrates the continued need for debt and equity and creative financing structures.

“Investors continue to find attractive opportunities in the multifamily space while staying cognizant of pricing which has increased across the sector” said Samuel J. Greenblatt, CEO of Electra Capital. “Electra can structure creatively and fund quickly while maximizing proceeds, helping make deals work for multifamily investors. Competition across the Sunbelt is high, but we can provide the financing necessary for investors to lock in deals.”

Electra continues to focus on partnering with high quality multifamily operators across the Sunbelt. The transactions represent solid workforce housing across key investment markets for Electra including Arizona, Florida and Texas. 

The properties closed by Electra Capital include:

·       St. Johns Plantation, a 400-unit apartment property located in Jacksonville, FL which was acquired for $64 million. Electra provided $14 million of preferred equity.

·       Waterford Grove Apartments, a 552-unit multifamily property located in Houston. Electra Capital originated a $69 million bridge loan for the acquisition of this property.

·       Pointe Vista Apartments, a 160-unit property in Phoenix, Arizona. Electra Capital provided $3 million in preferred equity for the acquisition of the property.

·       Buffalo Springs Apartments, a 411-unit asset in Amarillo, Texas. Electra Capital originated a $16 million bridge loan for the acquisition of the asset.

·       Aspenwood Apartments, a 211-unit property in Houston, Texas. Electra Capital originated an $18 million bridge loan for the acquisition of the property.

·       Banyan Palms Apartments, a 324-unit property in Houston. Electra Capital originated a $23 million bridge loan for the acquisition of the asset.

·       Oakwood Apartments a 112-unit multifamily asset located in Sarasota, Florida. Electra Capital provided $6.5 million of preferred equity for the acquisition of the property.

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About Electra Capital

Electra Capital provides bridge loans, mezzanine loans and preferred equity ranging from $5 million to $150 million. The firm benefits from the combined experience of its executive leadership team, who have collectively closed hundreds of transactions representing over $10 billion over their careers. Electra Capital boasts a national network of experts in acquisitions, underwriting, structuring, closing, and management, enabling us to effectively meet our client’s needs.

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has appointed Eugene Rutenberg to serve as Managing Director – Originations. In this role, Rutenberg will be responsible for sourcing, credit analysis, pricing, structuring, and closing debt and equity transactions.

“We are thrilled to welcome Eugene onboard,” shared Samuel Greenblatt, President and CEO of Electra Capital. “With over a decade of experience in the industry, Eugene offers a breadth of knowledge along with an extensive network of CRE relationships. In his career thus far, Eugene has financed over $500 million of complex floating- and fixed-rate commercial real estate transactions.”

Prior to joining Electra, Rutenberg served as Senior Vice President of Originations at Inland Mortgage Capital, where he was responsible for over 40% of total production volume and opened several key markets to IMC including San Diego, Los Angeles, San Francisco, CA, and the state of Hawaii. Prior to Inland, Rutenberg was a Director at Continental Partners, where he originated debt and equity nationwide for all property types and worked closely with both Sponsors and capital sources such as Life Companies, CMBS Conduits, Banks, Bridge Funds, REITs and Private Money Lenders.

Eugene earned his Bachelor of Science Degree with an emphasis in Marketing & Real Estate from the W.P. Carey School of Business at Arizona State University.

For more information, please visit http://electracapital.com/.

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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. Back 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.

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $14 million preferred equity investment for the acquisition of St. Johns Plantation, a 400-unit multifamily community in Jacksonville, Florida. Hampshire Properties, an NYC-based privately-held real estate investment firm, acquired the garden apartment community in October of 2020 as the sole investor.

“Jacksonville’s economic outlook remains promising as the region continues to attract advanced aerospace and transportation firms to the area, most recently with Amazon Logistics and Boeing making large-scale investments with hundreds of new jobs,” said Samuel J. Greenblatt, CEO of Electra Capital. “These investments, coupled with apartment leasing activity that’s anticipated to remain elevated, demonstrate the strong fundamentals within Jacksonville, most notably with high quality assets such as St. Johns Plantation.”

“Our expansion into the Jacksonville market presented a unique opportunity to establish a new partnership with an investor active in the local market. Loyal to our value-add investment strategy, the property will undergo significant unit and common area upgrades and streamline operations to unlock the property’s potential. It’s a win-win investment opportunity so we’re pleased to have Electra Capital as a new partner,” added Daniel Rosenthal, Chief Operating Officer of Hampshire Properties.

Built in 1989, St. Johns Plantation is located at 7595 Baymeadows Circle W. One-, two- and three-bedroom units include walk-in closets, crown molding, a sunroom, washer/dryer, dishwasher and disposal. Community amenities feature a sundeck, grill, swimming pool, fitness center and playground.

Situated in southeast Jacksonville, the community is found near a variety of transit routes that offer convenient access throughout greater Jacksonville. J Tuner Butler Boulevard is only five minutes away and Interstate 95 is less than 10 minutes away, bringing residents close to Jacksonville’s beaches and urban center.

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $19.1 million preferred equity investment for the refinancing of Tides on Country Club, a 582-unit garden-style apartment community in Mesa, Arizona. Tides Equities, LLC is the owner of the asset.

“Electra’s preferred equity solutions allowed the sponsor to stabilize an asset in a high-growth metro area at more favorable terms,” said Samuel J. Greenblatt, CEO of Electra Capital. “As Arizona’s economic outlook improves, multifamily assets will remain as one of the most popular product types for investors to retain in their portfolios.”

“Tides is thrilled to have partnered with the Electra team on this 582-unit transaction in Mesa, AZ,” added Sean Kia, Co-Founder and Principal of Tides Equities, LLC. “The submarket is projected to see tremendous rent growth over the next 5 years, and this almost completely classic asset is primed for a Tides premium scope renovation. The Electra team was able to move quickly in providing preferred equity to close the transaction in a shortened 45-day window, and we are very much looking forward to continuing to grow the relationship.”

Built in 1987, Tides on Country Club is located at 901 S. Country Club Drive. Studios, one- and two-bedroom units include designer appliances, designer countertops, and walk-in closets. This pet friendly community includes a fitness center, two swimming pools, a business center, playground and gazebos with picnic tables.

Situated on one of Mesa’s main thoroughfares, Tides on Country Club is less than 10 minutes away from Superstition Freeway, providing direct access to Phoenix and the greater metro area. Retail options including Mesa Grand Shopping Center and Shoppes at Gilbert Commons are less than 10 minutes away. Educational institutions are also nearby, with Mesa Community College and East Valley Institute of Technology each under 10 minutes away.

Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.15 million preferred equity investment for the refinancing of Park at Via Roma, a 288-unit multifamily community in Daytona Beach, Florida. The owner of the asset is Inman Equities, LLC.

“The sponsor’s strong track record and vision of the Daytona Beach market has allowed them to position the property for future growth with this new set of capital,” said Samuel J. Greenblatt, CEO of Electra Capital. “Leveraging this type of equity creates an advantageous opportunity for the sponsor to further hold their asset while also minimizing risk.”

Benjamin Inman, President of Inman Equities, LLC added, “The Electra Capital team were thorough professionals and worked diligently to provide equity ahead of schedule. From term sheet to closing, their entire team operated smoothly. I look forward to completing more deals with them in the near future given our experience with them on the Park at Via Roma Apartments acquisition in Daytona Beach, Florida. Electra is a group I would consider to be a great partner on any deal and I’m pleased to have them in our corner.”

Built in 1974, Park at Via Roma is located at 875 Derbyshire Road. Studios, one-, two- and three-bedroom units include walk-in closets, window coverings, washer/dryer, disposal and dishwasher. Community amenities include a business center, fitness center, sundeck, lounge and clubhouse with Wi-Fi.

Situated in north Daytona Beach, the community is found near several important thoroughfares as well as employers. Interstate 95 and Interstate 4 are about 10 minutes away, offering convenient access to coastal and central Florida. Daytona Beach International Airport and Daytona International Speedway are also about 10 minutes away, bringing residents within proximity to some of the nation’s premier sporting events.