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Passive equity fills capital gap for Tennessee multifamily purchase

Demonstrating the utility of real estate capital formation through syndication, NHCohen Partners has concluded a raise of $8.5 million to enable investors to buy a 475-unit multifamily portfolio in Tennessee. Consisting of three properties, the portfolio ...

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0 Likes 0 Comments Print Tags capitalfinancemultifamily Demonstrating the utility of real estate capital formation through syndication, NHCohen Partners has concluded a raise of $8.5 million to enable investors to buy a 475-unit multifamily portfolio in Tennessee. Ned Cohen Consisting of three properties, the portfolio was purchased for $35 million by an affiliate of CapStack Partners LLC and MACC Venture Partners from Lennox Companies, a New York-based seller. The assets include The Vista 205-unit property in downtown Nashville, Fawnwood Apartments (158 units) and Archwood Meadows (112 units), both in suburban MadisonBuilt between 1973 and 1979 they average 95 percent occupancy. Ned Cohen, president of NHCohen Partners commented, “Providing passive equity is in many circumstances a desirable and efficient way to fill the gap between conventional financing and sponsor’s equityThe investor members contribute equity in exchange for a preferred return and tax benefits, such as favorable long-term capital gains among other potential features.” CapStack and MACC intend to renovate and reposition the Nashville portfolio and refinance upon stabilization, a move that should result in a return of a substantial portion of the investor capital, according to Cohen. MORE IN Finance & Accounting Panelists ponder where money comes from: is it time for an IPO boom? READ MORE Comments are closed Costa joins KEY Real Esta... KEY Real Estate Holdings announced a new equity partner... 1,296 views JPMorgan Chase leases 16... JPMorgan Chase will occupy more than half the space ins... 1,059 views Drinks giant Campari movi... Campari America, the US subsidiary of Campari Group, th... 634 views Commodity trader Traxys t... Fisher Brothers has signed a new 29,771 s/f lease with... 465 views Deutsche Bank backs Thor... NKF Capital Markets arranged financing for Thor Equitie... 460 views Corcoran broker hits Osca... From real estate royalty to the Hollywood red carpet. ... 441 views Latest Posts IN PICTURES: Power, Planning & Peace of Mind Luncheon Mar 8, 2018• 1 Ellipse brings LeFrak full circle in Newport Mar 8, 2018• 0 At 4 World Trade Center, SNY Studios found great views a whole lot more Mar 8, 2018• 0 LATEST REAL ESTATE VIDEOS CategoriesDeals & Dealmakers Construction & Design Residential Retail Finance & Accounting Opinion Headline Editorial Supplements Featured Green Building Headline ICSC RECon Legal Marketing and Public Relations Mergers and Acquisitions Office Market Property Managers ArchivesArchives RE WEEKLYAbout Real Estate Weekly Contact Us Staff Directory Editorial Calendar Advertise RSS Feed Copyright 2013 FUEL THEMESAll RIGHTS RESERVED Subscribe /* */ /* */ /* */ /* */ _stq = window._stq || []; _stq.push([ 'view', {v:'ext',j:'1:5.7.1',blog:'139380592',post:'52275',tz:'-5',srv:''} ]); _stq.push([ 'clickTrackerInit', '139380592', '52275' ]);

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