"There's significant demand for alternative financing in the multifamily space currently and our credentials as 30-year veterans with deep geographic expertise allows us to compete with other capital providers successfully," Greenblatt tells GlobeSt.com. "We anticipate deploying approximately $300 million in capital to sponsors by the end of 2020."

Greenblatt comes to Electra Capital with over three decades of experience as a lender, broker and sponsor, including over 10 years serving as head of production for RAIT Financial Trust, a capital provider for bridge, mezzanine and preferred equity investments.

Lubeck is an expert in value-added and distressed real estate repositioning. Over the course of his career, he has overseen four successful multifamily portfolio builds totaling 100,000 units, with a value in excess of $7 billion.

Electra has closed on a preferred equity investment in Timber Hollow, a 198-unit apartment community located in Chapel Hill, North Carolina. The $5.3 million, three-year loan was structured to allow the sponsor, Eller Capital Partners, to execute on a value-add renovation program and pursue the necessary entitlements for future development of apartments on the site.

"After conducting a thorough analysis of the Chapel Hill submarket, our team was able to expeditiously and thoroughly complete our underwriting process within a matter of weeks to successfully close the transaction within the sponsor's expedited time frame," Greenblatt said. "The Preferred Equity structure allowed us to remain flexible enough to complete the deal in the required timeframe and aggressive enough to meet the needs of the sponsor."

Located at 101 Timber Hollow Court, Timber Hollow was built in 1987 and consists of one- and two-bedroom apartments ranging from 547 square feet to over 1,000 square feet. Amenities include 24-hour maintenance, a resident clubhouse, indoor basketball court, lightened tennis court, two-tier resort-style pool, free WiFi at pool area, and a 24-hour professional fitness center. The property is located just a short distance from UNC Chapel Hill and UNC hospitals.