August 20, 2020
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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