NKF MULTIFAMILY CLOSES SALE AND PROVIDES $25M FINANCING FOR THE CLARE
Working in partnership, NKF provided ValCap the property financing of a $25 million Freddie Mac Acquisition loan for The Clare, located just minutes from downtown Memphis.
The Clare offers two swimming pools, a tot lot, a lighted tennis court, volleyball court, fitness center and more. Residents may choose from one, two or three-bedroom units ranging from 743 – 1,120 square feet. Units include energy efficient appliances, full-sized washers and dryers, a fireplace, vaulted ceilings and private patios or balconies.
According to Richard Fishman, President of The Valcap Group, “working with the professionals at NKF and RSE was a smooth and professional experience. We are looking forward to doing many more transactions.”
The ValCap Group, LLC is based out of Dallas, Texas and specializes in the inspection, acquisition, rehabilitation, operations, and disposition sector. The ValCap Group operates in seven states and holds a portfolio of approximately 6,000 apartments and commercial spaces.
NKF was able to provide a Freddie Mac 1st mortgage and RSE preferred equity to provide maximum leverage. It was a great team effort between, Valcap, Freddie Mac, RSE and NKF. The borrower was very happy with the creative capital stack solution NKF came up with to get them the proceeds needed to close the transaction.