Greystone Brown Real Estate Advisors Handles $36.3 Million Sale of Marietta Asset

Greystone, a leading national commercial real estate finance company, provided a $29.5 million bridge loan for the acquisition of a multifamily community in Marietta, GA. The loan was originated by Keith Hires and Carter King of Greystone on behalf of the buyer and borrower Western Wealth Capital. The $36.5 million sale of the property was closed by Greystone Brown Real Estate Advisors.

BelAire Apartments is a 188-unit garden-style rental community located on Powder Springs Street in Cobb County. The property comprises 20 two-story buildings constructed in 1985, and features shared amenities such as a business center; swimming pool; fitness center; dog park; outdoor grilling and fireplace spaces; and laundry facility. The buyer plans to renovate the property during the term of the bridge loan and pursue a permanent exit with a Fannie Mae loan.

“BelAire fits perfectly in our portfolio growth plan with a focus on well-located suburban value-add assets,” said Len Bravo, Director of Acquisition & Asset Management, Western Wealth Capital. “Greystone Brown and Greystone together certainly proved their expertise in the Atlanta investment sales market and the lending landscape for this transaction.”

“We are thrilled to have helped WWC grow their portfolio, take advantage of the acquisition financing options Greystone has on offer, and pursue permanent financing in order to set up the asset for long-term success,” said Mr. Hires.

PHOENIX, June 8, 2020 – JLL Capital Markets announced today that it has arranged a refinancing totaling $185.63 million for a 1,439-unit portfolio of five multi-housing properties in and around Phoenix, Arizona.

JLL worked on behalf of the borrower, a partnership between Wealhouse Capital Management and Western Wealth Capital, to secure five, seven-year, floating-rate non-recourse loans through Freddie Mac. The loans will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

The portfolio comprises the Carlyle Apartments and the Carlyle Townhomes in Phoenix; Greentree Place and Autumn Creek in Chandler; and Spring Meadow in Glendale. The properties are garden-style and were constructed between 1981 and 1996 and feature a range of amenities, including resort-style pools, clubhouses, fitness rooms, basketball courts, valet trash service, green areas and dog parks. The assets are situated in excellent locations throughout metropolitan Phoenix, which is the nation’s No. 1 multi-housing market in terms of historical and projected rent growth.

“Wealhouse is happy with our continued investments in initiatives that bring benefits to the tenants such as upgrading the energy efficiency of the properties and improving ESG,” said Scott Morrison, CEO of Wealhouse Capital. “We also look forward to continuing our investments in Phoenix and its surrounding sub-markets as we continue to anticipate leading population and economic growth.”

The JLL Capital Markets team representing the borrower was led by Managing Director Josh Simon and Senior Director Brad Miner.

“The Phoenix multi-housing market has remained extremely resilient during this current pandemic, affording us the opportunity to provide significant financing, in terms of multi-housing assets in the Phoenix area, to Wealhouse and Western Wealth teams on these five assets,” Miner said.

“It’s always a pleasure working with the borrower and their impressive portfolio, and we are grateful for our partners at Freddie Mac, who remained steadfast through the process and executed their part expertly,” Simon added.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

DENVER, CO – April 23, 2019 – HFF announces it has secured $21 million in financing for Serafina at South Mountain Apartments, a 183-unit, apartment community in Phoenix, Arizona.

HFF worked on behalf of Western Wealth Capital to secure the five-year, interest-only, floating-rate loan through a national bank.  The loan was used to acquire the property and includes a future-funding component to assist the borrower with their capital expenditure program.  This financing follows the closing of a series of six acquisition loans arranged on the borrower’s behalf in 2018.

Serafina at South Mountain Apartments is located at 11025 S. 51st Street just east of the South Mountain Park and Preserve.  The property is less than 15 miles from downtown Phoenix and provides connectivity around the Phoenix-Tempe-Scottsdale area via Interstate 10, which is immediately east of the property.  Serafina features one and two-bedroom homes with fully equipped kitchens, personal balconies or patios, air conditioning and ceiling fans.  Community amenities include a swimming pool, hot tub, grilling area, dog park, fitness center and billiards table.  Nestled in the Ahwatukee residential area, Serafina Apartments is 99 percent occupied.

The HFF team representing the borrower consisted of managing director Josh Simon, senior director Brad Miner and associate Tim Brousse.

HFF announces $17.3 million in financing for Spring Meadow, a 271-unit, apartment community in the Phoenix suburb of Glendale, Arizona.

The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through a national bank.  The partnership acquired the property on an all-cash basis in October 2017, and this loan was arranged post-close to assist with their capital expenditure program.  This transaction follows four other recently announced loans HFF arranged on the partnership’s behalf for Greentree Place and Autumn Creek Apartments in Chandler, Arizona, as well as Brynwood and Sereno Park Apartments in San Antonio, Texas.

Spring Meadow is located at 10030 North 43rd Avenue minutes from downtown Glendale, Glendale Community College and Westgate City Center.  The property is also close to Interstate 17 and State Highway 101, which offers accessibility around the greater Phoenix metropolitan area.  Spring Meadow comprises one- and two-bedroom units ranging from 525 to 918 square feet.  Some of the units have undergone recent upgrades to include new appliances, flooring, paint, fixtures and in-unit washers and dryers.  Amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center and covered parking.  

The HFF team representing the borrower included managing director Josh Simon and senior director Brad Miner.

Holliday GP Corp. ("HFF") is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions, License Number CMB 0935500 and NMLS Number 1524298.

Holliday Fenoglio Fowler, L.P. (HFF) announces $31 million in financing for two San Antonio, Texas, apartment communities totaling 636 units – Brynwood Apartments and Sereno Park Apartments.

The HFF team worked on behalf of a joint venture between Western Wealth Capital and an MDC Realty Advisors USA, Inc.-managed fund to secure two separate five-year, floating-rate loans through a national bank.  The partnership acquired the properties on an all-cash basis in late 2017, and the loans were arranged post-close to assist with their capital expenditure program.  This transaction follows the recently announced acquisition loans HFF arranged on the partnership’s behalf for two Phoenix-area multi-housing properties, Greentree Place and Autumn Creek Apartments.

Brynwood Apartments was built in 2007 and consists of 276 one-, two- and three-bedroom units featuring stainless steel appliances, faux quartz countertops, shaker-style cabinets and wood-style flooring.  Common area amenities include a resort-style pool with sundeck, grilling area, 24-hour athletic center, clubhouse with coffee café, business center and bark park.  Brynwood Apartments is located at 8711 Bowens Crossing one block inside of Loop 1604, which positions it near the University of Texas at San Antonio campus, Six Flags Fiesta Texas, SeaWorld San Antonio and The Shops at La Cantera in San Antonio’s northwest side.  

Sereno Park Apartments is situated on nine acres at 3903 SE Military Drive just east of Interstate 37 approximately eight miles southeast of downtown San Antonio.  The property’s three-story, Spanish-style buildings house a mix of 360 renovated one-, two- and three-bedroom units featuring breakfast bars, pantries, nine-foot ceilings, faux-wood flooring, full-size washers and dryers and walk-in closets.  Community amenities include a swimming pool, grilling stations, bark park, 24-hour athletic club and covered parking.  

The HFF team representing the borrower included managing director Josh Simon and senior directors Brad Miner and Chris McColpin.