The joint venture with Tarragon, a mixed-use developer with a focus on for-rent and for-sale multifamily housing, adds 7,433 multifamily units to Northland's portfolio, bringing its total number of multifamily units to more than 21,000. The 83 properties are located in a dozen states, with concentrations in Florida, Connecticut, Massachusetts, North Carolina, Texas, Tennessee and Arizona.
Northland will hold a 77.5% controlling interest in the JV, called Northland Properties LLC, and Tarragon will hold a 22.5% interest. The JV also creates a new management company to provide property, asset and construction management services to the portfolio. The management entity, Northland Properties Management LLC, will be headquartered here, with satellite offices in Hartford and in Florida. Northland will direct the JV's investment decisions and oversee management of the portfolio.
Steven Rosenthal, CEO of Northland Investment Corp. says in a prepared statement that the JV "increases our access to capital, strengthens our position in several key markets, including Florida and Connecticut, and will provide significant growth and value add opportunities." He further notes that the company anticipates using this platform to further advance growth plans.
Northland has also agreed to provide Tarragon with a $50 million loan commitment. If drawn by Tarragon, the loan would be a senior secured two-year loan. The proceeds of the loan, in conjunction with additional cash provided by Tarragon, would be used to purchase certain of Tarragon's subordinated debt at a discount. Tarragon's minority interest in the JV will secure the loan.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
