Electra Capital News & Press

Electra Capital Funds Over $115M in Q2 2022

Tue, 23 Aug 2022 14:23:31 GMT

Electra Capital Funds Over $115M in Q2 2022

Lake Park, Fla. (August 23, 2022) – Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, has originated more than $115 million in the last 90 days on several value-add and ground-up multifamily properties located in major U.S. Sunbelt metros.

“While the capital markets are trying to make sense of the Fed and the potential of value corrections in the multifamily marketplace, Electra Capital is prudently evaluating and closing high-quality transactions requiring senior debt and/or subordinate debt (mezzanine and preferred equity) for savvy sponsors that are active in the Sunbelt territories,” said Electra Capital CEO Sam Greenblatt. “Despite the volatility in the capital markets, multifamily fundamentals remain strong in several Sunbelt cities. We’re particularly optimistic about the in-migration and job growth trends in Orlando, Austin, San Antonio, Las Vegas, and Phoenix, which will support sustainable demand and rent growth for the foreseeable future.”

Electra Capital’s recent transactions include:

A $21.45 million preferred equity investment on a four-property, 952-unit apartment portfolio located in Dallas, Tex. The sponsor – a three-time repeat client – plans to make significant improvements to the common areas, as well as upgrading the individual units, and adding in-unit washers and driers.

A $7.5 million preferred equity investment on The Sanctuary Apartments on Broadway, a 240-unit garden-style apartment complex one mile from Arizona State University, in Tempe, Ariz. The sponsor, again another repeat Electra client, intends to make significant improvements to the common areas including the carports and pool, and upgrading individual units with flooring, new cabinets, countertops, appliances and adding in-unit washers and driers.

A $8.4 million mezzanine loan for the construction of Nola Sky, a Class A, 160-unit luxury townhome delivering in early 2023 in Las Vegas, Nev. Townhouses will range in size from 1,056 to 1,317 square feet and include two-car garages, and amenities include an outdoor pool, lounge, fitness area, and club room.

A $9.5 million mezzanine loan for the construction of Nola Sol, a Class A, 308-unit luxury apartment property delivering in Las Vegas in early 2024. With a mix of studio, one-, two-, and three-bedroom apartments, this community will feature a state-of-the-art fitness center, a 6,000-square-foot club house with media room, multiple outdoor grilling stations, dog runs, spa/ swimming areas and kids’ playgrounds.

An $18.6 million mezzanine loan for the Ashland Green Portfolio, a three-property, 936-unit portfolio in the Dallas-Fort Worth metro area. The sponsor’s business plan includes making significant improvements to the common areas, as well as upgrading the individual units, including adding in-unit washers and driers.

A $10 million mezzanine loan on the Wymore 360 Apartments, consisting of 200 units located within a 15-minute drive of Downtown Orlando and 10 minutes from the Altamonte Springs Sunrail Station. The sponsor’s business plan for the severely undermanaged property calls for significant improvements to the common areas, as well as upgrading units, and adding in-unit washers and driers.

Electra Capital Provides $19M Mezz Loan for Refinancing of Two Class A Jersey City Apartment Buildings

Fri, 08 Apr 2022 05:28:28 GMT

Electra Capital Provides $19M Mezz Loan for Refinancing of Two Class A Jersey City Apartment Buildings

Jersey City, N.J. (April 8, 2022) – Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, originated $19 million of mezzanine debt behind an $86 million senior loan for the refinancing of two Class A, luxury apartment properties in Jersey City, N.J.: Rivet (163 units) and Rivet26 (199 units).

Located on Jersey City’s west side, the two new rental communities are part of the master-planned neighborhood known as University Place, a public-private partnership between Morristown, N.J.-based developers The Hampshire Companies and Claremont Development, and New Jersey City University. University City will ultimately include eight buildings with 1,000 new luxury apartments, more than 120,000 square feet of retail space, a performing arts center, cafes, theaters and open space.

Electra Capital originated the financing on behalf of Hampshire and Claremont, with an initial two-year term plus two one-year extension options.

“Both Hampshire and Claremont have a stellar track record of developing multifamily properties in New Jersey, and the rapid lease up of both of these properties proves there is significant demand for high-quality housing in this rapidly growing submarket of Jersey City,” said Samuel J. Greenblatt, CEO of Electra Capital.

Built in 2018 and located at 23 University Place Boulevard, Rivet is a five-story property featuring studio, one- and two-bedroom apartments ranging from 507 square feet to 1,159 square feet. Completed in 2021, Rivet 26 is a five-story property at 26 University Place Boulevard with studio and one-bedroom units ranging from 501 square feet to 736 square feet. Both properties offer high-end finishes and appliances, tall ceilings, and amenities such as outdoor bar and fire pits, private grilling and dining areas and a host of indoor offerings, entertainment lounges, a billiards room, a coffee bar and a co-working lounge with private offices. Rivet includes a 15,000 square-foot entertainment lawn, and Rivet26 has 10,000 square feet of street-level retail space.

Both Rivet projects are conveniently located just a half mile from New Jersey City University, five minutes from Hudson County Community College, and one-third of a mile from a Bergen-Hudson Light Rail stop, providing access to the Hackensack River waterfront and Hoboken as well as the opportunity to transfer to Journal Square PATH Station. A complimentary shuttle connects both properties to the local PATH rail station, with lines running to Manhattan and Newark, N.J.

Electra Capital Closes on Equity Investment in Houston Apartments

Mon, 01 Nov 2021 05:39:36 GMT

Electra Capital Closes on Equity Investment in Houston Apartments

TruePoint Capital acquired The Aubrey, a 436-unit multifamily community in the Westchase submarket

HOUSTON (November 1, 2021) – Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community located in the Westchase submarket of Houston, Tex. TruePoint Capital, based in Katy, acquired the property.

“Houston’s economic resurgence has been exceptional,” said Samuel J. Greenblatt, CEO of Electra Capital. “With increases in employment and in-migration expected for the remainder of the year, Houston’s apartment occupancy rate and rent growth rate may ultimately surpass where it was pre-pandemic by 2022. The Aubrey is well-positioned close to the Energy Corridor and in the booming Westchase submarket to benefit from all these positive trends.”

Located at 2310 Crescent Park Drive, The Aubrey offers one-, two- and three-bedroom floor plans ranging from 700 to 1,300 square feet. Apartments feature spacious living areas, wood-style flooring, designer color schemes, spacious closets, washer/dryer connections, and a private patio or balcony. Community amenities include two swimming pools, state-of-the-art fitness center, full-service business center, clothing care center, dog park and playground.

The property is conveniently located close to I-10, Sam Houston Tollway & Westpark Tollway, approximately 30 minutes from downtown Houston and just five minutes from Houston’s Energy Corridor. The property is close to Royal Oaks Country Club and Buffalo Bayou Bike Trail and nearby parks, and close to a variety of shopping and entertainment destinations.

Electra Capital Makes Preferred Equity Investment in Dallas Apartment Community

Fri, 29 Oct 2021 05:43:56 GMT

Electra Capital Makes Preferred Equity Investment in Dallas Apartment Community

Avid Realty Partners purchased the 213-unit multifamily community

DALLAS (October 29, 2021) – Electra Capita l , a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $7.8 million participating preferred equity investment in The Pearl at Midtown, a 213-unit multifamily community located in the Northeast Dallas submarket. New York-based Avid Realty Partners acquired the community.

“Strong job growth, including several corporate relocations, has resulted in heightened apartment demand across the Dallas MSA,” said Samuel J. Greenblatt, CEO of Electra Capital. “This property is ideally situated close to several hospitals, universities and just a short walk to White Rock Lake Park.”

Located at 6008 Ridgecrest Road, The Pearl at Midtown is a gated community built in 1972 consisting of studio, one- and two-bedroom apartments ranging in size from 400 square feet to 1,034 square feet. Apartments feature spacious living areas, energy efficient thermostats, two-toned paint concepts, dramatic 9-foot ceilings, washer/dryer hook-ups in some units, fully equipped kitchens and a patio/balcony. Community amenities include a clubhouse with lounge and game room, business center, spa/sauna, fitness center, pool and laundry facilities.

The property is located approximately 10 miles north of downtown Dallas, one mile from The Art Institute of Dallas and Texas Health Presbyterian Hospital, three miles from Southern Methodist University and Medical City Dallas Hospital, and just 30 minutes from Dallas-Fort Worth International Airport.

Electra Capital Provides $16.9 Million Bridge Loan for Acquisition of Charleston Apartments

Fri, 24 Sep 2021 05:58:22 GMT

Electra Capital Provides $16.9 Million Bridge Loan for Acquisition of Charleston Apartments

Carolina MF Investments acquired the 145-unit Willow Ridge community for $22.4 million

Charleston, S.C. (September 24, 2021) Electra Capita l , a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III (formerly Willow Ridge), a 145-unit townhome community in Charleston, South Carolina. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Pa. acquired the garden-style apartment communities for $22.4 million.

Charleston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital.

Mike Butler of Carolina MF Investments added, “We are thrilled to have been able to find this deal and transact off market. As we always say, good deals are made not found and this provides a great opportunity for us to take ‘blight and make light’ and create value for our colleagues, partners and most importantly our residents.”

Located at 7604-7749 Warsaw Road, Avalon at North Charleston is a newly renovated townhome community offering one and two-bedroom apartment homesranging from 688 square feet to 1,196 square feet. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances, and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting, and rain showers. Avalon is conveniently located between Boeing, Bosch, and the Charleston Air Force Base.

Electra Capital Provides $6.2 Million Participating Preferred Equity on Houston Apartment Portfolio Acquisition

Tue, 10 Aug 2021 06:16:46 GMT

Electra Capital Provides $6.2 Million Participating Preferred Equity on Houston Apartment Portfolio Acquisition

Strategic Realty Holdings acquired two multifamily communities for $34.3 million

HOUSTON (Aug. 10, 2021) – Electra Capita l , a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.2 million participating preferred equity investment in the Cypress Station Portfolio, two multifamily communities located in Houston, Texas with a total of 488 units. Strategic Realty Holdings, a Calabasas-based privately held real estate investment firm, acquired the garden-style apartment communities for $34.3 million.

The properties in the portfolio are the 252-unit Cypress Ridge Apartments, located at 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments, located at 411 Highland Cross Drive.

"Houston is enjoying strong job growth, and likewise apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said Samuel J. Greenblatt, CEO of Electra Capital. “What was once a predominantly oil and gas town has turned into a tech hub with over 500 digital technology companies as well as a strong aviation/aerospace sector.”

Eddie Lorin of Strategic Realty Holdings added, “We are thrilled to have been able to find this deal and transact off market. As we always say, good deals are made not found and this provides a great opportunity for us to take ‘blight and make light’ and create value for our colleagues, partners and most important our residents.”

Built in 1980, Cypress Ridge Apartments features one- and two-bedroom units ranging from 599 to 957 square feet. Community amenities include a swimming pool, clubhouse fitness center, and on-site laundry facilities. Built in 1980, Highland Cross Apartments also has one- and two-bedroom units ranging from 685 to 1,140 square feet, and similar amenities. Both communities are located in North Houston, near abundant shopping and fine dining options, and just 20 minutes from Houston’s vibrant downtown area.

Electra Capital Originates Nearly $150 Million of Financing on Seven Multifamily Deals Across the Sunbelt

Wed, 05 May 2021 07:00:01 GMT

Electra Capital Originates Nearly $150 Million of Financing on Seven Multifamily Deals Across the Sunbelt

The firm originated $148 million in preferred equity and bridge loan financing during the quarter with momentum carrying into Q2

Lake Park, Fla. (May 5, 2021) – Electra Capital, a boutique lender specializing in capital solutions for the multifamily industry, announces it has closed seven transactions in the first quarter, four bridge loans totaling $125 million and three preferred equity investments totaling $23 million. The properties encompassed 1,770 units and represented $245 million of overall value. The significant Q1 activity highlights the surging multifamily market that illustrates the continued need for debt and equity and creative financing structures.

“Investors continue to find attractive opportunities in the multifamily space while staying cognizant of pricing which has increased across the sector” said Samuel J. Greenblatt, CEO of Electra Capital. “Electra can structure creatively and fund quickly while maximizing proceeds, helping make deals work for multifamily investors. Competition across the Sunbelt is high, but we can provide the financing necessary for investors to lock in deals.”

Electra continues to focus on partnering with high quality multifamily operators across the Sunbelt. The transactions represent solid workforce housing across key investment markets for Electra including Arizona, Florida and Texas.

The properties closed by Electra Capital include:

Johns Plantation, a 400-unit apartment property located in Jacksonville, FL which was acquired for $64 million. Electra provided $14 million of preferred equity.

Waterford Grove Apartments, a 552-unit multifamily property located in Houston. Electra Capital originated a $69 million bridge loan for the acquisition of this property.

Pointe Vista Apartments, a 160-unit property in Phoenix, Arizona. Electra Capital provided $3 million in preferred equity for the acquisition of the property.

Buffalo Springs Apartments, a 411-unit asset in Amarillo, Texas. Electra Capital originated a $16 million bridge loan for the acquisition of the asset.

Aspenwood Apartments, a 211-unit property in Houston, Texas. Electra Capital originated an $18 million bridge loan for the acquisition of the property.

Banyan Palms Apartments, a 324-unit property in Houston. Electra Capital originated a $23 million bridge loan for the acquisition of the asset.

Oakwood Apartments a 112-unit multifamily asset located in Sarasota, Florida. Electra Capital provided $6.5 million of preferred equity for the acquisition of the property.

Electra Capital Appoints Eugene Rutenberg as Managing Director – Originations

Tue, 23 Mar 2021 06:59:25 GMT

Electra Capital Appoints Eugene Rutenberg as Managing Director – Originations

Prior to joining Electra, Rutenberg served as Senior Vice President of Originations at Inland Mortgage Capital, where he was responsible for over 40% of total production volume and opened several key markets to IMC including San Diego, Los Angeles, San Francisco, CA, and the state of Hawaii. Prior to Inland, Rutenberg was a Director at Continental Partners, where he originated debt and equity nationwide for all property types and worked closely with both Sponsors and capital sources such as Life Companies, CMBS Conduits, Banks, Bridge Funds, REITs and Private Money Lenders.

Eugene earned his Bachelor of Science Degree with an emphasis in Marketing & Real Estate from the W.P. Carey School of Business at Arizona State University.

Electra Capital Provides $23.8 Million Bridge Loan for 218-unit Waterfront Apartment Community in Tampa

Wed, 13 Jan 2021 07:10:21 GMT

Electra Capital Provides $23.8 Million Bridge Loan for 218-unit Waterfront Apartment Community in Tampa

Tampa, Fla. (Jan. 13, 2021) – Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, originated a $23.8 million bridge loan for the acquisition of River Gardens, a 218-unit garden style multifamily community located on the Hillsborough River in Tampa. The buyer was Main Street Residential, an investor based in Stuart, FL, and River Gardens represents the second project that Main Street has financed with Electra.

“River Gardens presents a compelling value-add opportunity, and Electra’s bridge loan allows the buyer to take advantage of repositioning the asset with significant upside,” said Samuel J. Greenblatt, CEO of Electra Capital. “The proximity of River Gardens to Downtown Tampa, coupled with the market’s positive labor fundamentals, is driving strong demand growth.”

The buyer plans to implement a capital expenditure program and make key upgrades throughout the property. Planned renovations include an upgraded clubhouse and fitness center, refurbished boat docks and an enhanced picnic and grill area. Interior renovations include full kitchen and bath upgrades, new vinyl plank flooring and carpeting, and new lighting and hardware.

Built in 1965, River Gardens is located at 4009 North Howard Avenue. Studios, one-, two- and three-bedroom units include walk-in closets, kitchen bar counters, high ceilings and a private patio/balcony. Community amenities feature river views, private boat docks, three swimming pools, a fitness center, resident clubhouse and bark park.

Situated on the Hillsborough River, the community is near multiple employers in the Westshore Business District and Downtown Tampa as well as transit routes. Interstate 275 is just under five minutes from the property, offering direct access into Downtown Tampa, Tampa International Airport and St. Petersburg.

ELECTRA CAPITAL PROVIDES $19.1 MILLION PREFERRED EQUITY INVESTMENT FOR 582-UNIT APARTMENT COMMUNITY IN ARIZONA

Wed, 09 Dec 2020 07:30:32 GMT

Electra Capital Provides $19.1 Million Preferred Equity Investment for 582-unit Apartment Community in Arizona

Mesa, Ariz. (Dec. 9, 2020)– Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $19.1 million preferred equity investment for the refinancing of Tides on Country Club, a 582-unit garden-style apartment community in Mesa, Arizona. Tides Equities, LLC is the owner of the asset.

“Electra’s preferred equity solutions allowed the sponsor to stabilize an asset in a high-growth metro area at more favorable terms,” said Samuel J. Greenblatt, CEO of Electra Capital. “As Arizona’s economic outlook improves, multifamily assets will remain as one of the most popular product types for investors to retain in their portfolios.”

“Tides is thrilled to have partnered with the Electra team on this 582-unit transaction in Mesa, AZ,” added Sean Kia, Co-Founder and Principal of Tides Equities, LLC. “The submarket is projected to see tremendous rent growth over the next 5 years, and this almost completely classic asset is primed for a Tides premium scope renovation. The Electra team was able to move quickly in providing preferred equity to close the transaction in a shortened 45-day window, and we are very much looking forward to continuing to grow the relationship.”

Built in 1987, Tides on Country Club is located at 901 S. Country Club Drive. Studios, one- and two-bedroom units include designer appliances, designer countertops, and walk-in closets. This pet friendly community includes a fitness center, two swimming pools, a business center, playground and gazebos with picnic tables.

Situated on one of Mesa’s main thoroughfares, Tides on Country Club is less than 10 minutes away from Superstition Freeway, providing direct access to Phoenix and the greater metro area. Retail options including Mesa Grand Shopping Center and Shoppes at Gilbert Commons are less than 10 minutes away. Educational institutions are also nearby, with Mesa Community College and East Valley Institute of Technology each under 10 minutes away.

ELECTRA CAPITAL MAKES PREFERRED EQUITY INVESTMENT ON DAYTONA BEACH APARTMENTS

Tue, 24 Nov 2020 07:47:22 GMT

ELECTRA CAPITAL PROVIDES PREFERRED EQUITY INVESTMENT ON DAYTONA BEACH APARTMENTS

Daytona Beach, Fla. (Nov. 24, 2020) – Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.15 million preferred equity investment for the refinancing of Park at Via Roma, a 288-unit multifamily community in Daytona Beach, Florida. The owner of the asset is Inman Equities, LLC.

“The sponsor’s strong track record and vision of the Daytona Beach market has allowed them to position the property for future growth with this new set of capital,” said Samuel J. Greenblatt, CEO of Electra Capital. “Leveraging this type of equity creates an advantageous opportunity for the sponsor to further hold their asset while also minimizing risk.”

Benjamin Inman, President of Inman Equities, LLC added, “The Electra Capital team were thorough professionals and worked diligently to provide equity ahead of schedule. From term sheet to closing, their entire team operated smoothly. I look forward to completing more deals with them in the near future given our experience with them on the Park at Via Roma Apartments acquisition in Daytona Beach, Florida. Electra is a group I would consider to be a great partner on any deal and I’m pleased to have them in our corner.”

Built in 1974, Park at Via Roma is located at 875 Derbyshire Road. Studios, one-, two- and three-bedroom units include walk-in closets, window coverings, washer/dryer, disposal and dishwasher. Community amenities include a business center, fitness center, sundeck, lounge and clubhouse with Wi-Fi.

Situated in north Daytona Beach, the community is found near several important thoroughfares as well as employers. Interstate 95 and Interstate 4 are about 10 minutes away, offering convenient access to coastal and central Florida. Daytona Beach International Airport and Daytona International Speedway are also about 10 minutes away, bringing residents within proximity to some of the nation’s premier sporting events.

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ELECTRA CAPITAL PROVIDES $43M BRIDGE LOAN FOR ACQUISITION OF TWO HOUSTON PROPERTIES

Wed, 18 Nov 2020 09:36:43 GMT

ELECTRA CAPITAL PROVIDES $43 MILLION BRIDGE LOAN FOR HOUSTON MULTIFAMILY PROPERTIES

Three Pillars Capital Group acquired Westridge Gardens and Mainridge apartments

HOUSTON (November 18, 2020) – Electra Capital , a boutique lender specializing in capital solutions for the multifamily industry, announced today that it has originated a $43 million bridge loan for sponsor Three Pillars Capital Group’s acquisition of two apartment communities in Houston, Texas.

Gryphon Real Estate Capital Partners provided the senior mortgage of $35 million, while Electra Capital retained an $8 million mezzanine loan. This $43 million transaction marks the third loan that Gryphon and Electra have recently closed together.

CBRE Vice President Derek Fasulo of Houston arranged the financing. Gryphon Real Estate Capital Partners, LLC will be the asset manager for the senior loan portion of the bridge loan.

Three Pillars Capital Group acquired the 256-unit Westridge Gardens and 364-unit Mainridge, two late-1970s vintage properties located a half mile apart in the fast-growing Medical Center South submarket of Houston. The bridge loan from Electra will allow Three Pillars to significantly upgrade the exteriors and interiors of the properties, improve common areas and recast the properties through attentive management and a focus on providing value for tenants.

“Value-added multifamily properties in Sunbelt cities like Houston are continuing to benefit from an influx of residents from other high-cost-of-living states and densely populated cities,” Samuel J. Greenblatt, CEO of Electra Capital. “This loan gave Three Pillars the opportunity to build its portfolio with two ideally located value-add properties and the capital needed to execute on its renovation plan.”

“Gryphon is proud and excited to continue our burgeoning relationship with Electra,” Jim Hopkins, co-managing partner of Gryphon commented. “Our two firms have shown once again that we can quickly and seamlessly underwrite and close multifamily loans together.”

Josh Welch, Founder and Managing Principal of Three Pillars Capital Group, stated “TPCG is excited to expand our portfolio in the Houston area and we are very appreciative of the effort put in by the Gryphon and Electra teams in getting our loan closed. We expect this transaction to be the first of many together.”.

This is the second sizeable bridge loan Electra has provided in the past month. In October, Electra closed on a $94 million bridge loan for Four West Las Olas, Elevate Partners’ new luxury apartment tower in downtown Fort Lauderdale, Fla.

Located at 2501 Westridge Street, Westridge Gardens was built in 1979 and offers one- and two-bedroom units ranging from 670 square feet to 900 square feet. The gated, pet-friendly community offers a pool, laundry facilities, and a fitness center. Mainridge, also built in 1979, is located at 2600 Westridge Street and offers one- and two-bedroom units starting at 691 square feet up to 997 square feet, with similar amenities. Both apartment communities are ideally located with easy access to I-610/Alt-90/Hwy288 and lie in close proximity to NRG stadium and Texas Medical Center.

About Electra Capital

Electra Capital provides bridge loans, mezzanine loans and preferred equity ranging from $5 million to $150 million. The firm benefits from the combined experience of its executive leadership team, who have collectively closed hundreds of transactions representing over $10 billion over their careers. Electra Capital boasts a national network of experts in acquisitions, underwriting, structuring, closing, and management, enabling us to effectively meet our client’s needs.

About Gryphon Real Estate Capital Partners

Gryphon’s Transitional Multifamily Bridge Loan Program focuses on originating first mortgage loans for value-add and lease-up strategies on multifamily properties requiring repositioning, capital improvements and/or time to stabilize the rent roll, prior to securing long-term financing. Gryphon’s competitive advantage is its ability to lend on balance sheet combined with extensive real estate operating experience.

ELECTRA CAPITAL PROVIDES $92M BRIDGE LOAN FOR FORT LAUDERDALE APARTMENTS

Mon, 12 Oct 2020 09:50:51 GMT

ELECTRA CAPITAL PROVIDES $92M BRIDGE LOAN FOR FORT LAUDERDALE APARTMENTS

The 25-story Four West Las Olas Apartments opened this year

Fort Lauderdale, Fla. (October 12, 2020) - Electra Capital , a boutique lender specializing in capital solutions for the multifamily industry, announced today that it has closed a $92 million bridge loan for Four West Las Olas, Elevate Partners’ new luxury apartment tower in downtown Fort Lauderdale, Fla. The loan replaces an existing construction loan for the property, which is currently 58% leased.

This marks Electra Capital’s entry into the bridge loan market, and is the largest loan Electra has originated to date. Electra Capital brought in Benefit Street Partners Realty Trust, a public non-traded mortgage REIT, to provide the senior mortgage of $76 million, while Electra Capital retained a $16 million mezzanine loan.

“This loan illustrates the strong demand for alternative forms of financing given the current dislocation of the capital markets,” said Samuel J. Greenblatt, CEO of Electra Capital. “Electra’s decades of multifamily expertise, and reputation for closing expeditiously, allowed us to provide Elevate Partners the necessary capital to complete lease up of its new luxury property in Fort Lauderdale.”

Michael Comparato, Head of Commercial Real Estate for Benefit Street, commented, “Sam and I have known each other for over two decades and we have provided financing to Electra affiliates in the past. We find Electra to be exceptional in asset selection which gave us the ability to commit and close on the transaction in 22 days start to finish.”

Cushman & Wakefield arranged the financing.

Denny St. Romain, Vice Chairman of Cushman & Wakefield stated. “The Electra Capital team were consummate professionals and worked diligently to close the loan. Their entire process from quote to closing proceeded smoothly. I expect them to be a very prolific lender given our experience with them on the loan for Four West Las Olas.”

The 25-story, 250-unit luxury apartment tower located at 4 West Las Olas Boulevard features studio, one-, two-, and three-bedroom floor plans, along with penthouses, ranging from 588 square feet to 1,376 square feet. Apartments feature quartz countertops, stainless steel appliances, full size washer/dryers, private balconies and view of the Atlantic Ocean and New River. Community amenities include a billiards/speak easy lounge with player piano, rooftop pool, sky club room, 24-hour state-of-the-art fitness center, coffee bar and business center, and garage parking.

Electra Capital is an active alternative lender, and has closed the following loans since the onset of the COVID-19:

• $12.2 million of preferred equity for the acquisition of the 330-unit Pines at Woodcreek Apartments in Houston, Tex.

• $3.25 million preferred equity investment in The Carter, a 300-unit apartment community in Norcross, Ga.

• $5.5 million preferred equity investment in Stonebridge at City Park Apartments, a 240-unit community in Houston, Tex.

• $4.09 million preferred equity investment in Element at University Park, a 192-unit apartment community in College Station, Tex.

About Electra Capital

ELECTRA CAPITAL PROVIDES PREFERRED EQUITY FOR RECAP OF GEORGIA APARTMENTS

Wed, 05 Aug 2020 10:06:59 GMT

ELECTRA CAPITAL PROVIDES PREFERRED EQUITY FOR RECAP OF APARTMENTS IN GEORGIA

Norcross, GA (August 5, 2020) – Electra Capital , a boutique lender specializing in flexible, short-term multifamily financing solutions, has

closed on a preferred equity investment for the refinancing of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia. One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami, owns the property.

Electra’s $3.25 million, 36-month preferred equity investment was structured behind a first mortgage through Freddie Mac and allows the sponsor to refinance the property and complete the renovations, including interior renovations to each unit and exterior renovations to the buildings and grounds. Berkadia arranged both the debt and equity for the transaction.

Electra Capital provides bridge loans from $10 million to $150 million, and mezzanine loans and preferred equity in the range of $5 million to $30 million. This is the second time this year that Electra Capital has worked with OREI; in May of this year, Electra provided $4.09 million in preferred equity for OREI’s acquisition of Element at University Park, a 192-unit apartment community in College Station, Texas.

“Electra continues to provide a vital source of capital to the multifamily industry as we enter the second half of 2020 with a lot of uncertainty

and volatility in the market,” said Samuel J. Greenblatt, Electra Capital’s CEO. “We were able to structure and close this deal in eleven days thanks to the sponsor’s strength and our track record and experience in the market.”

Jeronimo Hirschfeld, President and CEO of OREI, added, “OREI is pleased to build on our relationship with Electra Capital as an equity partner. The Carter has seen significant appreciation since buying 18 months ago and we were able to capture some of that value for our partners via a refinance / recap of the preferred equity.”

Originally built in 1985, the Carter @ 4250 is situated at 4250 Jimmy Carter Boulevard. Located under ten minutes away from a variety of restaurants, apartment communities, churches, salons, and stores, the community’s one- and two-bedroom units include variety of personal amenities. Community amenities feature a swimming pool, on-site management, a playground, free weights, a BBQ/picnic area, on-site maintenance, a clubhouse, a laundry center, a fitness center, a club discount, a business center, a sports court, and a dog park.

About Electra Capital

Electra Capital is a privately owned, alternative lender specializing in multifamily financing solutions, providing short-term capital and advisory services to middle-market real estate firms. Back by its affiliates – including Electra America, American Landmark Apartments, and Electra Real Estate Ltd. – Electra Capital’s investment strategy is highly disciplined and deeply rooted in decades of industry, financial and property management experience. Visit www.electracapital.com .

ELECTRA CAPITAL & AVID REALTY PARTNERS ACQUIRE HOUSTON APARTMENTS

Tue, 14 Jul 2020 10:37:13 GMT

ELECTRA CAPITAL & AVID REALTY PARTNERS ACQUIRE MULTIFAMILY PROPERTY IN HOUSTON

The joint venture acquired The Pines at Woodcreek Apartments

Houston, Tex. (July 14, 2020) – Avid Realty Partners and Electra Capital today today announce that they have formed a joint venture and successfully acquired The Pines at Woodcreek Apartments, a 2015-built and highly amenitized property totaling 330 units in Houston, Texas.

Electra Capital invested $12.2 million of preferred equity into the deal. Samuel Greenblatt, President and CEO of Electra Capital, said, “We like the cost basis of this new construction asset and expect this project to generate reliable returns for our investors.”

Craig Berger, Founder & CEO of Avid Realty Partners and Manager of the Joint Venture, said “This is a gorgeous core-plus asset at a value-add price point in a fast-growing sub-market of Houston. We expect to optimize operations and enjoy strong cash flow and appreciation.”

This is Avid Realty Partners’ third multifamily property acquisition in Houston, Tex., with its total presence of over 800 units providing scale and operational efficiencies.

Avid Realty Partners worked in cooperation with Acuity Partners to invest $4.1 million of common equity into the deal. Acuity Partners also contributed to other property acquisition responsibilities including Underwriting and Due Diligence. Acuity Partners’ CEO Bob Spiegel and President Scott Kurland will assist with a variety of asset management, reporting, compliance, and other ownership duties.

The Pines at Woodcreek Apartments was purchased with an in-place Fannie Mae loan serviced by desk lender Greystone. The transaction was brokered by the Houston office of Newmark Knight Frank.

About Electra Capital

Electra Capital provides bridge loans, mezzanine loans and preferred equity ranging from $3 million to $30 million. The firm benefits from the combined experience of its executive leadership team, who have collectively closed hundreds of transactions representing over $10 billion over their careers. Electra Capital boasts a national network of experts in acquisitions, underwriting, structuring, closing, and management, enabling us to effectively meet our client’s needs.

About Avid Realty Partners

Founded by a multi-award-winning Wall Street equities analyst, Avid Realty Partners brings high-powered analytics, risk management, and institutional sophistication to Multifamily real estate investing, allowing us to deliver robust risk-adjusted returns to Investors. We are passionate about owning Multifamily Apartments that deliver the best possible Customer Experience, and pursuing investor profits while maximizing Stakeholder value. Avid Realty Partners has additional deals in the pipeline that it expects to close in 2020.

About Acuity Partners

Acuity Partners is a boutique investment firm that provides access to proprietary investment opportunities in commercial real estate. Our team has been stewarding investments for wealthy individuals and families for over 30 years. As a private equity real estate firm, our goal is to help investors build long-term wealth and passive income streams through a diversified offering of value-add multifamily properties. Acuity Partners’ current focus is on multifamily investment properties of 200 units or more. We prefer value-add and workforce housing in the Southeastern and Midwestern. We partner with other experienced sponsors and have invested in over 2,000 units that are valued at over $200 million.

TEXAS MULTIFAMILY OWNERS, INVESTORS TURN TO ALTERNATIVE CAPITAL SOURCES

Tue, 07 Jul 2020 11:14:17 GMT

ELECTRA CAPITAL & AVID REALTY PARTNERS ACQUIRE MULTIFAMILY PROPERTY IN HOUSTON

The joint venture acquired The Pines at Woodcreek Apartments

This is Avid Realty Partners’ third multifamily property acquisition in Houston, Tex., with its total presence of over 800 units providing scale and operational efficiencies.

The Pines at Woodcreek Apartments was purchased with an in-place Fannie Mae loan serviced by desk lender Greystone. The transaction was brokered by the Houston office of Newmark Knight Frank.

About Electra Capital

About Avid Realty Partners

About Acuity Partners

ELECTRA CAPITAL PROVIDES PREFERRED EQUITY FOR ACQUISITION OF APARTMENTS NEAR TEXAS A&M UNIVERSITY

Tue, 12 May 2020 12:55:59 GMT

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.

ELECTRA CAPITAL MAKES $5.5 MILLION PREFERRED EQUITY INVESTMENT IN HOUSTON APARTMENTS

Wed, 25 Mar 2020 13:25:22 GMT

ELECTRA CAPITAL MAKES $5.5 MILLION PREFERRED EQUITY INVESTMENT IN HOUSTON APARTMENTS

Couston, Tex. (March 25, 2020) – Electra Capital , an alternative lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment in Stonebridge at City Park Apartments, a 240-unit garden-style apartment community located in the southwest section of Houston, Texas.

The $5.5 million, three-year investment was structured to allow the sponsor, Strategic Realty Holdings LLC, to update and renovate the asset to an “A” from its current “B” that resulted from neglect and financial distress of the selling entity. Interior and exterior renovations of close to $11,000 per unit will take the rents to the same level as current market comps for B assets.

“Electra Capital’s principals have a long-standing relationship with the sponsor’s partners spanning over 20 years,” said Sam Greenblatt, CEO of Electra Capital. “Electra was able to structure an aggressive deal because of the property’s strong location and demographic growth, coupled with sponsor’s solid track record of execution in the value-add multifamily space.”

Located at 11800 City Park Central Lane, Stonebridge at City Park Apartments consists of one- and two-bedroom apartments ranging in size from 680 square feet to over 1,107 square feet. Community amenities include detached garages, a fitness center, laundry facility, business center and a BBQ picnic area. The property is conveniently located off of Highway 288, within a 15-minute drive of Downtown Houston and the Texas Medical Center, along with other major employers and shopping/dinning/entertainment destinations.

MULTIFAMILY INDUSTRY PROS TEAM UP TO LAUNCH NEW BOUTIQUE CAPITAL PROVIDER “ELECTRA CAPITAL”

Tue, 28 Jan 2020 14:01:45 GMT

MULTIFAMILY INDUSTRY PROS TEAM UP TO LAUNCH NEW BOUTIQUE CAPITAL PROVIDER “ELECTRA CAPITAL”

Electra Capital provides short-term capital solutions and advisory services to middle-market real estate firms

Palm Beach, Fla. (January 28, 2020) – To meet the steady demand for short-term capital solutions in the multifamily sector, a team of seasoned multifamily real estate executives have teamed up to launch a new boutique capital provider: Electra Capital .

Based in Palm Beach and backed by its affiliation with one of the largest multifamily owner/operators in the country – American Landmark Apartments – Electra Capital provides flexible, short-term multifamily financing solutions, including bridge and mezzanine loans and preferred equity and participating preferred equity investments.

The firm is led by CEO Sam Greenblatt , a multifamily lending veteran, and Joe Lubeck , CEO of American Landmark Apartments, serves as Executive Chairman.

The firm is capable of providing creative financing solutions in the $1 million to $30 million range, with LTV/LTC up to 90 percent. In addition, under its Participating Preferred Equity investments, Electra will provide up to 75% of the equity required in the transaction. The firm will focus on financing multifamily deals within the fast-growing Sun Belt region – states including Arizona, Florida, Georgia, North and South Carolina, Tennessee, Texas and Southern Virginia.

“Transactions fail everyday because traditional lenders are unable to meet a sponsor’s needs,” said Greenblatt. “That is where Electra Capital steps in, leveraging our decades of multifamily expertise and vast relationships in the lending community. Electra’s team of experts in acquisitions, underwriting, structuring and closing enable us to act expeditiously and effectively to meet our client’s needs.”

Greenblatt comes to Electra Capital with over three decades of experience as a lender, broker and sponsor, including over 10 years serving as head of production for RAIT Financial Trust, a capital provider for bridge, mezzanine and preferred equity investments.

Lubeck is an expert in value-added and distressed real estate repositioning. Over the course of his career, Joe has overseen four successful multifamily portfolio builds totaling 100,000 units, with a value in excess of $7 billion. Joe currently serves as the CEO of American Landmark Apartments, one of the fastest-growing multifamily firms in the United States.

ELECTRA CAPITAL MAKES PREFERRED EQUITY INVESTMENT IN CHAPEL HILL, NORTH CAROLINA APARTMENTS

Tue, 28 Jan 2020 13:46:48 GMT

ELECTRA CAPITAL MAKES PREFERRED EQUITY INVESTMENT IN CHAPEL HILL, NORTH CAROLINA APARTMENTS

The $5.3MM capital infusion will allow owner to renovate units and pursue entitlements for future apartment development

Chapel Hill, N.C. (January 28, 2020) – Electra Capital , an alternative lender specializing in flexible, short-term multifamily financing solutions, has closed on a preferred equity investment in Timber Hollow, a 198-unit apartment community located in Chapel Hill, North Carolina.

The $5.3 million, three-year loan was structured to allow the sponsor, Eller Capital Partners, to execute on a value-add renovation program and pursue the necessary entitlements for future development of apartments on the site.

“After conducting a thorough analysis of the Chapel Hill submarket, our team was able to expeditiously and thoroughly complete our underwriting process within a matter of weeks to successfully close the transaction within the sponsor’s expedited time frame,” explained Sam Greenblatt, CEO of Electra Capital. “The Preferred Equity structure allowed us to remain flexible enough to complete the deal in the required timeframe and aggressive enough to meet the needs of the sponsor.”

Added Daniel Eller, CEO of Eller Capital, “Electra Capital worked expeditiously to meet our timeline requirements for a successful transaction. They were efficient in the process and worked with us to find solutions for any obstacles presented. We look forward to working with them in the future.”

Located at 101 Timber Hollow Court, Timber Hollow was built in 1987 and consists of one- and two-bedroom apartments ranging from 547 square feet to over 1,000 square feet. Amenities include 24-hour maintenance, a resident clubhouse, indoor basketball court, lightened tennis court, two-tier resort-style pool, free WiFi at pool area, and a 24-hour professional fitness center. The property is located just a short distance from UNC Chapel Hill and UNC hospitals.