RRA Capital, a leading Phoenix-based commercial real estate bridge lender and investment firm, announced the closing of a $27 million loan for the acquisition of a four-property and multifamily portfolio in North Carolina. And this latest deal, executed in partnership with Emerald City Associates (ECA), marks a significant milestone in their collaboration, with the parties having now closed $62 million across seven loans in the past five months.
Emerald City Associates specializes in buying, managing, and repositioning commercial real estate in select markets in the Southeast United States. And ECA focuses on unlocking value by targeting historically underperforming communities, improving management, and deploying strategic CAPEX spend. ECA’s strategic approach has led to the acquisition of high-potential properties with significant upside.
This portfolio includes 384 units across four properties: Meadowbrook Apartments, Westwood Heights, Glenside Woods, and Parkside Villas, located in High Point, Greensboro, and Shelby, NC. And RRA Capital provided a single financing facility for the entire portfolio, including financing for capital improvements.
Emerald City Associates acquired the properties at about 35% below the previous owner’s cost basis. And this favorable acquisition price provides significant upside potential through planned renovations and operational improvements. Plus, RRA Capital’s financing will support ECA’s strategy, which includes completing renovations, upgrading exteriors and common areas, and enhancing operational efficiencies. Once stabilized, ECA plans to refinance with long-term, permanent financing.
KEY QUOTE:
“We’re thrilled to partner with Emerald City Associates on our 11th property with them. Their ability to identify underperforming assets, negotiate competitive purchase prices, and execute swift value-add strategies makes them a strong partner in today’s market.”
-Boots Dunlap, CEO of RRA Capital
