CAPRE’s Commercial Real Estate Headlines for October 7, 2019
Check out the latest deals and developments in commercial real estate for October 7, 2019:
- Hunt Real Estate Capital Provides $6.98 Million to Refinance El Paso Multifamily Property: Hunt Real Estate Capital has provided a Fannie Mae conventional multifamily loan in the amount of $6.98 million to refinance a multifamily property located in El Paso, Texas. The property was financed under Fannie Mae’s Green Rewards program with plans to implement measures that will save over 30% of combined water and energy usage, with at least 15% of those savings in energy.
- Treehouse Real Estate Investment Trust Announces Hiring of David Smith as Chief Financial Officer: Treehouse Real Estate Investment Trust, a privately-held real estate investment trust that owns a net leased portfolio of cannabis-related real estate, announced today that the Company has hired David Smith as Executive Vice President and Chief Financial Officer. In his role, Mr. Smith will be tasked with building out Treehouse’s platform for accounting, tax, finance and investor relations. Mr. Smith is a seasoned executive with over 15 years of real estate experience. He joins Treehouse from New Senior Investment Group, where he most recently served as Executive Vice President and Chief Financial Officer from January 2019 to September 2019.
- VCBank Concludes Successful Exit from its U.S. Multifamily Residential Assets, Delivers 49% ROI for Investors: Venture Capital Bank (VCBank), an Islamic wholesale bank licensed by the Central Bank of Bahrain, announced today its successful exit from a real estate portfolio in the US multifamily residential sector. With a gross sale value of USD 104 million, this exit generated a return on investment (ROI) of 49 per cent; and provided investors with an internal rate of return (IRR) of 13 per cent over the four-year holding period. The portfolio consists of two multifamily residential assets – Bridgewater and Preston Creek – in Atlanta, Georgia, USA. VCBank and its investors jointly acquired a 90 per cent stake in this portfolio in 2015. The acquisition was conducted in cooperation with a specialist US operator, who has extensive experience and expertise in the management and operation of multifamily residential assets.
- Medalist Diversified REIT Completes Acquisition of the Brookfield Center: Medalist Diversified REIT, a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S., completed the acquisition of the Brookfield Center, a 66,000 sq. ft. flex-industrial property located in Greenville, South Carolina, for a purchase price of $6,700,000 USD. The Brookfield Center is 100% occupied and anchored by Gravitopia, the largest developer, operator and franchisor of trampoline parks. The center also includes other national, local and regional tenants. Greenville is 4th among 15 of the fastest-growing large cities in the U.S. and is home to well-known national and international corporations.
- 286-Unit High-Rise Apartment Community For Sale in Downtown Louisville, KY: Capstone Apartment Partners is pleased to present 800 Tower City Club Apartments: an exceptionally located, 286-unit high-rise for sale in the heart of downtown Louisville, Kentucky. This trophy asset is well-positioned amid a massive development wave sweeping through downtown Louisville and the riverfronts as Louisville continues its strong growth and revitalization of the urban core.As one of only two multi-family, high-rise assets in Louisville, 800 Tower City Club is positioned in a prime downtown location; thus, offering amazing panoramic views of the city, the Ohio River, Churchill Downs, and the University of Louisville. Residents enjoy fast and convenient walkable access to the employment, entertainment, recreation, and cultural centers of downtown.