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National  + South Carolina  + Finance  | 

Morgan Properties’ $516M MF Portfolio Refi

King of Prussia, PA-based Morgan Properties is refinancing a 14-property multifamily portfolio for roughly $516 million. The financing is being arranged from Prudential through Freddie Mac’s K-series program.

Freddie Mac priced the new offering of Structured Pass-Through Certificates (K Certificates) that are backed by fixed-rate multifamily mortgages with seven-year terms. The roughly $464 million in K Certificates (K-MP1 Certificates) are backed by 14 properties indirectly controlled by Morgan Properties or its affiliates. K-MP1 is expected to settle on or about September 28, 2017.

The transaction collateral is part of Freddie Mac’s single-asset, single borrower (SASB) execution. The SASB execution transfers first loss credit risk on either one or multiple properties owned or controlled by a single sponsorship group.

The assets are located located in SC, NC, MD and PA, including:
– Henry on The Park, Philadelphia, PA
– Willow Lake, Laurel, MD
– Silver Spring Station, Nottingham, MD
– Westerlee Apartments, Catonsville, MD
– Seneca Bay, Middle River, MD
– Quail Hollow Apartments, Glen Burnie, MD
– The Willows Apartments, Glen Burnie, MD
– Saint Mary’s Landing Apartments, Lexington Park, MD
– Cedar Creek Apartments, Glen Burnie, MD
– Falls Creek Apartment and Townhomes, Raleigh, NC (pictured)
– Forest Oaks, Rock Hill, SC
– Heather Park Apartments – Garner, NC
– Greens at Westgate, York, PA
– The Waterway, Lexington, SC

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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