Carl Cronan is editor of Real Estate Florida.
NEW YORK-HSBC Bank USA has arranged $350 million in Freddie Mac loans to DRA Advisors LLC for the purchase of a 22-property apartment portfolio. The properties, totaling 4,781 units and are located in Georgia, North Carolina, South Carolina and Tennessee.
"HSBC's execution of this complex transaction, under a very aggressive time frame, was critical in facilitating our acquisition of this portfolio," Brian Summers, managing director of DRA Advisors in New York City, states in a news release. Summers was unavailable for comment Tuesday and no additional details on acquired properties were released.
Earlier this year, DRA Advisors was involved in a joint venture with Steven D. Bell & Co. of Greensboro, NC, in which they bought 86 apartment communities from Denver-based UDR Inc. for $1.7 billion. The assets consisted of 25,684 units in 10 states across the country.
Glenn Grimaldi, executive VP of commercial real estate with HSBC, stated in a news release that the bank's own expertise combined with the success of the Freddie Mac and Fannie Mae programs allows for "top customer service and one-stop shopping for our growing client base."
DRA Advisors conducts investment activities from public and private pension funds, university endowments, foundations and individuals. It claims to manage at least $10 billion in real estate assets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
