BTR Daily - November 13, 2024 - Northmarq sells luxury BTR in Texas

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NEWS ROUNDUP

DISPOSITION: Northmarq sells luxury BTR in Texas. Northmarq has sold Yardly Dechman, a 142-unit luxury BTR in Grand Prairie, TX. Sitting on 16 acres, Yardly Dechman comprises of one-story townhouses with one- and two-bedroom floor plans. Northmarq’s Trevor Koskovich, Jesse Hudson, Ryan Boyle, Logan Baca, Taylor Snoddy, Eric Stockley and Charles Hubbard brokered the sale.

DEVELOPMENT: Socha holds grand opening ceremony for New Hampshire BTR. Socha has opened Saddle Rock, a 64-unit BTR community in Manchester, N.H. Over a third of the units are already leased, with the rest set for occupancy in summer 2025. Each unit features three bedrooms, two bathrooms, a patio and private parking or a garage. Socha used a $16 million construction loan provided by Bangor Savings Bank to develop the project.

DEVELOPMENT: BB Living opens 164-unit community. BB Living has opened BB Living at Epperson Ranch, a 164-unit BTR community in Florida, its second BTR in the state. The community features three- and four-bedroom townhomes with smart home technology, 9-foot ceilings, granite countertops and two-car garages. Led by Branden Lombardi, BB Living’s BTR portfolio includes 3,400 units across 20 properties nationwide, with an additional 1,500 units in the planning and permitting stages.

FINANCING: Cavan Companies secures $87.5 million for two luxury BTR communities. Cavan Companies, led by CEO Gary Burton, has secured two construction loans totaling $87.5 million for the development of two luxury BTR communities in Omaha, NE. ORIX USA provided the financing. “Our ability to demonstrate a solid performance over time, coupled with our deep industry expertise, positioned us to secure the financing needed, even in challenging conditions. It’s our track record that sets us apart and reassures lenders that we will deliver” - Dave Cavan, Chairman and Owner, Cavan Companies.

FINANCING: Greystone secures refinancing for 64-unit BTR. Greystone has arranged a $14 million debt placement for the refinancing of a BTR community in Tucson, AZ. Greystone’s Shana Daby and Rebecca Reich sourced the transaction, and Thomas Wayda and Dante DiStefano handled the debt placement.

BTR FOR SALE

195 Units | Built in 2023

39 Units | Attached Garages | Gated Access

ONE MORE THING

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