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Redwood Capital Recaps Twin Cities Multifamily
Redwood Capital Group, LLC, a Chicago-based multifamily investment firm, has closed on the recapitalization of Hampshire Hill, a 534-unit apartment community in Bloomington, MN. Deal terms weren’t disclosed.
“We acquired Hampshire Hill for the first time in 2011, and then first recapitalized it in 2016. This new joint venture, our second recapitalization of the asset, involves a new permanent bank loan and a planned infusion of capital into the asset to better position the property for future growth,” said Bill McDougall, VP of acquisitions at Redwood Capital. “The new structure is designed to allow the joint venture to most efficiently execute what we believe to be the best business plan for the asset.”
Originally built in 1986, Hampshire Hill is a Class B property consisting of seven three-story elevator buildings with heated basement-level parking garages. Since its initial acquisition, Redwood and its previous partners have renovated approximately 40% of the units.
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