Newmark Knight Frank Multifamily (NKF) announced the financing of Hawthorne Six Forks, a 471-unit apartment community located in Raleigh, North Carolina.
The buyer retained NKF to arrange the Freddie Mac debt loan of $46,000,000 and secure preferred equity.
A team led by Executive Managing Director Henry Stimler, alongside Executive Managing Director Bill Weber and Associate Nick Webb, worked with the lender, Freddie Mac, to finance a 10-year fixed-rate loan of $46,000,000 on behalf of the buyer, Cedar Grove Capital.
The total price of the acquisition was $66 million, with NKF pairing the buyer with Related Fund Management as the preferred equity partner who provided an $11 million preferred equity piece for investment.
“This acquisition demonstrates the continued desire of investors looking to buy in the multifamily sector located in growing areas outside traditional primary investment markets,” said Stimler.
“This sale also showcases our group’s ability to navigate the different layers of financial sourcing by helping our clients arrange the debt and secure preferred equity.”