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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Arranges $18.4 Million of Financing for a 16-Property Residential Portfolio in Minneapolis, Minnesota |
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Thursday, December 20, 2012
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New York, NY
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Cushman & Wakefield served as the exclusive advisor to National Housing Fund, LLC in arranging an $18.4 million non-recourse floating rate facility for a 16-property residential portfolio in Minneapolis, Minnesota. The short term bridge financing was provided by Prime Finance.
The portfolio consists of 371 residential units and six commercial spaces comprising approximately 215,000 square feet. The Twin Cities’ apartment market is one of the strongest in the nation, with a vacancy rate of 2.8 percent, which is well below the national average of 4.9 percent.
Cushman & Wakefield’s Equity, Debt & Structured Finance team, led by Dave Karson, Chris Moyer and John Spreitzer served as exclusive advisor to National Housing Fund, LLC.
"This was a portfolio of a lot of small buildings, and there have not been a lot of transactions for this type of product in this market. The challenge was getting a lender comfortable given a lack of data points," said Dave Karson, a Cushman & Wakefield Executive Managing Director. “This financing suited the owner perfectly and will enable them to develop their business plan, enhance portfolio performance and attract more conventional financing in short order.”
National Housing Fund, LLC owns and manages a large portfolio of multifamily properties in Minneapolis.
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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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