January 27, 2020
Verde Capital Corp. and its joint-venture partners Kushner Real Estate Group (KRE Group) and Oxford Realty Group recapitalized Deer Creek, a 288-unit rental community in Plainsboro, NJ, for $43 million. The refinancing was arranged by Berkadia’s Philadelphia-based capital markets team, led by Senior Managing Director Robert Falese.
“The potential we saw in Deer Creek is coming to fruition,” said Verde President Jake Reiter. “We worked closely with Robert and his team at Berkadia to create a debt solution that captures untapped value by being able to borrow more incrementally, via a supplemental loan based on final forecasted asset value, as units are renovated and leased at a higher price point.”
Verde, KRE Group and Oxford acquired the Princeton-area Deer Creek in 2016 for $45 million. Since the acquisition, they have executed a capital improvements program to improve the asset’s profitability and enhance tenant quality of life.
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