LAWRENCE, KS—Hall Equities Group recently gained $20 million in acquisition financing of the four-property Ironwood Multifamily Portfolio here.
The 445 units are in Park West Gardens, Ironwood Court Apartments, Remington Square Apartments and Castle Rock Townhomes. The off-campus student housing properties are nearly 100 percent leased, and are near the University of Kansas. The purchase includes a vacant, 2.7-acre boulevard frontage, commercially-zoned parcel.
Dennis Williams, senior vice president and managing director with Northmarq Capital’s San Francisco Regional office, arranged the financing on a seven-year term and 30-year amortization schedule through a relationship with a national bank. “The lender was able to accommodate an extremely quick close, which was essential to the deal,” Williams says in a statement.