Newmark Multifamily (Newmark) announces the financing of Hawthorne Six Forks, a 471-unit apartment community located in Raleigh, North Carolina. The buyer retained Newmark to arrange the Freddie Mac debt loan of $46,000,000 and secure preferred equity.
A team led by Executive Managing Director Henry Stimler, alongside Executive Managing Director Bill Weber and Associate Nick Webb, worked with the lender, Freddie Mac, to finance a 10-year fixed-rate loan of $46,000,000 on behalf of the buyer, Cedar Grove Capital. The total price of the acquisition was $66,000,000, with Newmark pairing the Buyer with Related Fund Management as the preferred equity partner who provided an $11M preferred equity piece for investment.
“This acquisition demonstrates the continued desire of investors looking to buy in the multifamily sector located in growing areas outside traditional primary investment markets,” said Stimler. “This sale also showcases our group’s ability to navigate the different layers of financial sourcing by helping our clients arrange the debt and secure preferred equity.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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