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Brokerage
Posted: August 26, 2013
Cushman & Wakefield arranges $29 million for class A apartment community
Cushman & Wakefield's equity, debt and structured finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in arranging a $29 million non-recourse refinancing of Reflections at Summer Creek, a class A suburban apartment community. The floating-rate financing was provided by HSBC.
Reflections at Summer Creek is a 93% occupied, class A suburban apartment community featuring 351 units in 30 buildings. The property is ideally located in the Murrayhill submarket. The refinancing proceeds will be used to upgrade 218 of the 351 units.
Steve Kohn, president of Cushman & Wakefield Equity, debt and structured finance, said, "The market was highly competitive for this financing due to J.P. Morgan's sponsorship, the asset quality and the strong local rental market and economy, which is bolstered by the world headquarters of Nike, who recently announced plans to expand its campus."
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