NKF arranged the Freddie Mac refinancing of Sedona Apartments in Abilene. Terms of the transaction weren’t disclosed.
The effort was led by Braden Harmon and Hank Glasgow of the firm’s Dallas office on behalf of the owner/operator and repeat Freddie Mac client, CapX Ventures LLC, which owns some 7,000 units across Texas.
“This was an extremely smooth transaction with Freddie Mac and CapX,” said Glasgow. “Closing in just 40 days allowed the borrower and long-term holder to access funds intended for property upgrades and completing interior renovations for remaining units.”
Sedona is a 498-unit, garden-style multifamily property, originally constructed as two separate communities, the first built in 1974 and the second in 1976. CapX purchased the distressed multifamily asset in 2016 with 68% occupancy in the first full month of ownership. Since that time, CapX renovated the property and increased current occupancy to 94%.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).