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Cedar Grove Capital Snags Raleigh Apartment Community for $66M
Cedar Grove Capital has acquired Hawthorne Six Forks, a 471-unit apartment community in Raleigh for $66 million. The seller was not disclosed.
Henry Stimler, Bill Weber and Nick Webb of NKF secured a $46 million acquisition loan on behalf of Cedar Grove through lender Freddie Mac. Terms included a 10-year, fixed-rate. In addition, NKF paired the buyer with Related Fund Management as the preferred equity partner who provided an $11 million preferred equity piece for investment.
“This acquisition demonstrates the continued desire of investors looking to buy in the multifamily sector located in growing areas outside traditional primary investment markets,” said Stimler. “This sale also showcases our group’s ability to navigate the different layers of financial sourcing by helping our clients arrange the debt and secure preferred equity.”
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