Loan of $159M Finances Multifamily Buy
The Bethany Group has acquired a portfolio of 2,873 apartment units in Florida, Texas and South Carolina from Aimco and has financed the purchase with a $159-million loan from GE Real Estate. Greg Garmon, CEO of Bethany, tells GlobeSt.com that the financing will go toward both the approximately $151-million purchase of the portfolio and improvements that Bethany plans to make as part of a value-added play.
The financing was brokered by Mark Strauss of the Newport Beach office of Cohen Financial and Steve Gunther of the Irvine office of Holliday Fenoglio Fowler.