PHOENIX--(BUSINESS WIRE)--RRA Capital, a leading Phoenix-based commercial real estate bridge lender and investment firm, announces the closing of a $27 million loan for the acquisition of a four-property, multifamily portfolio in North Carolina. This latest transaction, executed in partnership with Emerald City Associates (ECA), marks a significant milestone in their collaboration, with the parties having now closed $62 million across seven loans in the past five months.
Emerald City Associates specializes in acquiring, managing, and repositioning commercial real estate in select markets in the Southeast United States. ECA focuses on unlocking value by targeting historically underperforming communities, improving management, and deploying strategic CAPEX spend. ECA’s strategic approach has led to the acquisition of high-potential properties with significant upside.
The portfolio includes 384 units across four properties: Meadowbrook Apartments, Westwood Heights, Glenside Woods, and Parkside Villas, located in High Point, Greensboro, and Shelby, NC. RRA Capital provided a single financing facility for the entire portfolio, including financing for capital improvements.
“We’re thrilled to partner with Emerald City Associates on our 11th property with them,” said Boots Dunlap, CEO of RRA Capital. “Their ability to identify underperforming assets, negotiate competitive purchase prices, and execute swift value-add strategies makes them a strong partner in today’s market.”
Emerald City Associates acquired the properties at approximately 35% below the previous owner’s cost basis. This favorable acquisition price provides significant upside potential through planned renovations and operational improvements. RRA Capital’s financing will support ECA’s strategy, which includes completing renovations, upgrading exteriors and common areas, and enhancing operational efficiencies. Once stabilized, ECA plans to refinance with long-term, permanent financing.
About RRA Capital: RRA Capital is a nationwide commercial real estate lender and investment firm, specializing in bridge loans and structured financing solutions, up to $40MM. With a focus on value-add opportunities, RRA Capital delivers customized financing options that meet the unique needs of real estate investors and developers. Visit www.rracapital.com to learn more.
