Ariel Property Advisors’ Capital Services Group has arranged a joint venture for the acquisition of a 65,000-square-foot, 60-unit affordable housing complex in Charlotte, NC.
Ariel’s Senior Directors Matt Swerdlow and Matthew Dzbanek secured $2.5 million from the limited partner, a New York City-based, mission-driven nonprofit that is committed to promoting and preserving high quality affordable housing nationwide. Fannie Mae through Greystone provided the $5.95 million senior loan on behalf of the sponsors, J&S Realty LLC and Sandee Road Ventures. The purchase price for the property was $8.4 million.
“I’m thrilled to be a part of an affordable housing transaction that is a win-win for both the sponsors and tenants,” Swerdlow said. “The sponsors are implementing an 80% area median income (AMI) rent restriction and plan to introduce a variety of social mobility initiatives that will benefit the tenants and overall community.”
The post Ariel Property Advisors Arranges JV to Buy Charlotte Affordable Housing appeared first on Connect CRE.
Ariel Property Advisors’ Capital Services Group has arranged a joint venture for the acquisition of a 65,000-square-foot, 60-unit affordable housing complex in Charlotte, NC. Ariel’s Senior Directors Matt Swerdlow and Matthew Dzbanek secured $2.5 million from the limited partner, a New York City-based, mission-driven nonprofit that is committed to promoting and preserving high quality affordable …
The post Ariel Property Advisors Arranges JV to Buy Charlotte Affordable Housing appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate