Carter Multifamily Lands $318M Loan To Buy Six-Property Portfolio In Maryland, Virginia, Alabama
Carter Multifamily has acquired a six-property multifamily portfolio in Maryland, Virginia and Alabama.
The deal for the 1,494-unit portfolio was secured through a $318.45M loan from JPMorgan Chase Bank facilitated by JLL, the brokerage firm announced Monday. It didn't disclose the total sale price or the seller.
"We were able to meet the closing deadline through hard work and significant cooperation among our teams," JLL Senior Managing Director Lee Weaver said in a press release. "The borrower team at Carter Multifamily has a track record of adding value to multi-housing assets, and they were fantastic to work with on this acquisition, which will be a terrific addition to their portfolio."
The JLL team that assisted in locking down the single asset, single borrower, or SASB, securitization was composed of Weaver, Senior Managing Director Melissa Marcolini Quinn, Director Drew Jennewein, Vice President Rob Rothaug, and associates Emily Moallem and Cody Mizelle, according to a press release.
The portfolio includes three properties in Montgomery County, Maryland: the Park at Kingsview Village, Stonecreek Club and Hunt Club. It features two properties in Woodbridge, Virginia: Springwoods at Lake Ridge and Windsor Park. The final property is the Oaks of St. Clair in Moody, Alabama.
All of the properties are garden-style apartment communities, and each consists of at least 180 units. Tampa, Florida-based Carter was motivated to take advantage of the region's competitive job market and demand for workforce housing, according to the release.