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Perseus Expands Beyond Mid-Atlantic Stronghold

WASHINGTON, DC-A newly completed series of deals in Arizona and Colorado is giving Perseus a wider national footprint.

By Erika Morphy | Updated on February 28, 2008

WASHINGTON, DC-Perseus Realty Capital LLC is positioning its real estate financial services platform to close deals outside of its traditional stronghold in the Mid-Atlantic. The firm just completed a trio of deals in Phoenix for local developer 3 Street Financial, in which it helped the firm raise $36 million in debt and equity for three value add multifamily acquisitions. As another illustration of its growing footprint, Perseus Realty Capital also recently secured $11 million in mezzanine financing on behalf of the Nichols Partnership, a Denver area developer now building a 503-unit , 41-story residential condominium tower in the city’s downtown.

Quail Point

The most recent of the three Phoenix multifamily deals is 3 Street’s $15.9 million acquisition of Quail Point, a 264-unit, 12-building apartment complex. Perseus Realty Capital raised $5.2 million in JV equity capital for this deal, according to Tom Howland, who along with Moiz Doriwala, managed the transaction. Last year this complex traded for $15 million.

The other two acquisitions were of the Veranda, a 156-unit garden style community on West Thomas Road and Windtree Village Apartments, a 103-unit, eight-building apartment complex. Somera Capital Management in Santa Barbara was the equity provider for all three deals. Prudential Mortgage Capital Co. provided the debt for the Veranda and Windtree transactions. Freddie Mac provided the debt for Quail Point.

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