ELECTRA CAPITAL PROVIDES PREFERRED EQUITY FOR ACQUISITION OF APARTMENTS NEAR TEXAS A&M UNIVERSITY
ELECTRA CAPITAL PROVIDES PREFERRED EQUITY FOR ACQUISITION OF APARTMENTS NEAR TEXAS A&M UNIVERSITY
College Station, Tex. (May 12, 2020) - Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment for the acquisition of the Element at University Park, a 192-unit apartment community located in College Station, Texas. One Real Estate Investment (OREI), a
real estate investment and asset management firm based in Miami, acquired the property for an undisclosed amount. Berkadia sourced the debt and equity.
Electra’s $4.09 million, 36-month preferred equity investment was structured behind a first mortgage through Freddie Mac and allows the sponsor to purchase the property and complete planned renovations, including interior renovations to each unit and exterior renovations to the buildings and grounds.
“Electra Capital is one of the few sources of capital that continues to be active in today’s challenging economic climate, and we’re looking forward to continuing to provide capital solutions for multifamily partners throughout the Southeast and Texas in the months ahead,” said Samuel J. Greenblatt, Electra Capital’s CEO. “Due to the property’s strong location and the sponsor’s track record of executing on multifamily value-add opportunities, Electra was able to structure an aggressive deal in a short timeframe that met the sponsor’s needs.”
Added Berkadia’s Noam Franklin, Managing Director and Head of Eastern US for Berkadia’s JV Equity & Structured Capital Group in New York, “Electra Capital was able to move very quickly on this opportunity and gave OREI a lot of confidence that they would be able to close this transaction in a timely manner, even during the current COVID crisis. We look forward to working with Electra Capital again in 2020 and beyond.”
Electra Capital provides bridge loans, mezzanine loans and preferred equity in the range of $3 to $30 million.
Built in 2000, Element at University Park is situated at 4475 Carter Creek Pkwy. Located under 10 minutes away from Texas A&M University – College Station’s economic driver – the community’s one- and two-bedroom units include a range, dishwasher, stainless steel appliances, washer/dryer and Wi-Fi. Community amenities feature an elevator, business center, courtyard, tennis court and picnic area.