Commercial real estate advisory firm Newmark Knight Frank (NKF) arranged the sale and acquisition financing of Park at Salisbury and Garden Springs, a two-property portfolio totaling 532 units in Midlothian and Chester, Virginia.
The NKF team that arranged the financing was led by Vice Chairmen and Co-Heads of Capital Markets Debt & Structured Finance Dustin Stolly and Jordan Roeschlaub, Senior Managing Director Daniel Fromm and Managing Director Nick Scribani. Executive Managing Director Drew White facilitated the sale of the portfolio.
The NKF team arranged a $64 million loan from Freddie Mac to facilitate Kushner Companies’ acquisition of the garden-style portfolio.
“The portfolio acquisition was a rare opportunity to acquire a large collection of recent-vintage units with value-add potential in irreplaceable locations within the Richmond MSA, one of Virginia’s most affluent and stable submarkets,” said Stolly.
“The combination of critical mass, strong locations, high occupancies and product variety allows the portfolio to capture the housing needs of a wide variety of renters,” said Roeschlaub.
Kushner Companies will perform a light value-add business plan to unit interiors and install its renowned property management platform to boost performance.