ELECTRA CAPITAL MAKES PREFERRED EQUITY INVESTMENT IN CHAPEL HILL, NORTH CAROLINA APARTMENTS
The $5.3MM capital infusion will allow owner to renovate units and pursue entitlements for future apartment development
Chapel Hill, N.C. (January 28, 2020) – Electra Capital, an alternative lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment in Timber Hollow, a 198-unit apartment community located in Chapel Hill, North Carolina.
The $5.3 million, three-year loan was structured to allow the sponsor, Eller Capital Partners, to execute on a value-add renovation program and pursue the necessary entitlements for future development of apartments on the site.
“After conducting a thorough analysis of the Chapel Hill submarket, our team was able to expeditiously and thoroughly complete our underwriting process within a matter of weeks to successfully close the transaction within the sponsor’s expedited time frame,” explained Sam Greenblatt, CEO of Electra Capital. “The Preferred Equity structure allowed us to remain flexible enough to complete the deal in the required timeframe and aggressive enough to meet the needs of the sponsor.”
Added Daniel Eller, CEO of Eller Capital, “Electra Capital worked expeditiously to meet our timeline requirements for a successful transaction. They were efficient in the process and worked with us to find solutions for any obstacles presented. We look forward to working with them in the future.”
Located at 101 Timber Hollow Court, Timber Hollow was built in 1987 and consists of one- and two-bedroom apartments ranging from 547 square feet to over 1,000 square feet. Amenities include 24-hour maintenance, a resident clubhouse, indoor basketball court, lightened tennis court, two-tier resort-style pool, free WiFi at pool area, and a 24-hour professional fitness center. The property is located just a short distance from UNC Chapel Hill and UNC hospitals.