CAPRE’s Commercial Real Estate Headlines for January 9, 2020

Check out the latest deals and developments in commercial real estate for January 9, 2020:

  • Madison Realty Capital Continues National Expansion with New Dallas Office: Madison Realty Capital (MRC) has opened its first Dallas, TX office, marking another milestone in the ongoing national expansion for the New York City based private equity firm focused on debt and equity strategies in markets across the United States. As part of this announcement, MRC is appointing Jonathan Hart as the newest Vice President on the firm’s Originations team. Hart will be based out of Dallas and will identify new debt and equity investment opportunities for MRC throughout the region. Prior to joining MRC, Hart served as an Assistant Vice President at ACORE from 2016-2019. Founded in 2004, MRC has closed on approximately $12 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
  • Red Stone Equity Concludes Most Productive Year in Its History and Appoints Ryan Sfreddo as President: Red Stone Equity Partners has announced today that 2019 marked the most successful year in the company’s history as it surpassed $5.5 Billion USD in tax credit equity raised since the firm’s 2007 inception, and that it has named Ryan Sfreddo as President. Red Stone Equity raised $1.1 billion of tax credit equity in 2019 and its funds invested in 68 underlying transactions.  The $1.1 Billion USD of tax credit equity was comprised of $1.03 Billion USD of Low Income Housing Tax Credit equity and $70 Million USD of renewable energy tax equity. Red Stone Equity added investments in ArkansasNew Hampshire and South Carolina, increasing the breadth of its investment portfolio to span 42 states, The District of Columbia and Puerto Rico. Red Stone Equity-sponsored investment funds have been used, along with other project-level financing sources, to finance the construction and/or rehabilitation of 442 properties containing more than 38,000 units of affordable housing and 676 megawatts of solar energy installations.
  • Hunt Real Estate Capital Provides a $7.83 Million FHA 223(f) Loan to Refinance Worcester, MA Multifamily Property: Hunt Real Estate Capital has provided a loan in the amount of $7.83 Million USD to refinance a Section 8 Elderly Affordable property located in Worcester, MA. Emanuel Village Apartments is a 75-unit elderly (age 62+) head of household and disabled Section 8 affordable multifamily property located at 59 Evelyn Street. The community was initially developed under the Section 202 program. The Section 202 financing was retired in 2005 with a refinance under the Section 223(f) program, and that loan was retired when the borrower acquired the asset.
  • Alliant Capital Closes Investment in Blue Mountain Terrace: Alliant Capital has announced the closing of their investment in Blue Mountain Terrace, in partnership with developer Domus. The new construction of 63 units in WintersYolo County, CA, will provide affordable housing for seniors aged 62 and older. The senior tenants of Blue Mountain Terrace earn 25-60% of the area median income. The new Section 223(f) loan has a 35-year term. Over 20 of the units will be designated for seniors with physical, mental and developmental disabilities as well as seniors with long-term chronic health conditions and those exiting from institutional settings. The projected is slotted to finish in March 2021.
  • Nadine Watt Named CEO of Watt Companies: Scott Watt and the Board of Watt Companies, one of the largest owners, developers, and managers of commercial real estate in the Western United States, have appointed Nadine Watt to the role of CEO. After serving as CEO for a decade, Scott Watt has handed the reins to his daughter, who will oversee a billion-dollar portfolio of residential, office, and retail properties. The appointment became effective January 1, following approval from the Watt Board of Directors. Nadine Watt has served as President of Watt Companies since 2011.