Waterton Residential, a Chicago-based firm that acquires and manages apartment communities, says it recently acquired $109.5 million of debt secured by four prime multifamily properties located in North Carolina and California.
So far this year, Waterton has acquired $179.2 million in distressed debt secured by multifamily assets and expects to acquire another $150 million in debt and/or multifamily properties by year-end.
The recent debt acquisitions include mortgages secured by the Exchange at Brier Creek, a 274-unit property in Raleigh, N.C.; Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.; Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Calif.
Waterton says it successfully negotiated a workout on the Exchange at Brier Creek property, with the existing borrower transferring the title in July to a new Waterton entity. CW Capital assisted Waterton in placing a new Freddie Mac Capital Markets Execution loan at closing.
Waterton acquired the senior mortgage on Skyline Terrace and the junior participating mortgages on Waterstone Corona Pointe and Copper Canyon Apartments from an unidentified New York-based hedge fund.
All four properties were acquired as part of Waterton Residential Property Fund X – a $222 million discretionary multifamily investment fund.
SOURCE: Waterton Residential