Boyd Wilson LLC has acquired The Landings, a 384-unit apartment community in Bethlehem, Pennsylvania, for $97 million.
The transaction was supported by a $67.9 million Northmarq-Freddie Mac senior loan and $13.5 million in preferred equity from Northmarq Fund Management. The acquisition was executed alongside preferred equity recapitalizations of two additional Boyd Wilson-owned multifamily assets, including the Rosedale Apartments in Hershey and the Pioneer Woods Apartments in Lancaster, each of which is subject to existing Fannie Mae financing.
The coordinated structure marks the first time Northmarq has combined internally originated agency debt with preferred equity from its fund management platform in a single, integrated execution. To facilitate the acquisition, Northmarq’s Fund Management Group provided $13.5 million of preferred equity for The Landings in tandem with the Freddie Mac loan.
At the same time, Northmarq’s Debt and Equity teams recapitalized Rosedale and Pioneer Woods with an additional $9.5 million of preferred equity. In total, Northmarq Fund Management deployed $23 million across the three-property structure.
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The post Boyd Wilson Expands Portfolio with $97M Acquisition of PA Multifamily appeared first on Connect CRE.
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