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August 20, 2020 Comments Off on PRC Arranges JV Deal for Plano Apartments Views: 650 Dallas-Fort Worth, Texas News

PRC Arranges JV Deal for Plano Apartments

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Phillips Realty Capital (PRC) advised a family office client operating as The Generic Management that partnered with CAF Capital Partners to purchase a five-story, 459-unit Class A apartment building in Plano. The acquisition was financed by a combination of 1031 exchange proceeds from a data center land sale in June and a $63,247,000 Freddie Mac loan.

The data center land disposition and joint venture apartment acquisition were advised by a PRC team led by Adam Bieber and William Lawson. PRC also structured and sourced the agency debt financing.

“Timing was all the more critical given the impact the COVID-19 pandemic was having on the investment sales market,” Bieber said. “Not only were we tasked to find a project that fit the investment parameters of the family, but we were as focused to find a partner that has the infrastructure, experience, and platform to mesh with the family’s long-term investment goals. “

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