Walker & Dunlop Inc. have completed financing for the acquisition of Bellemeade Farms Apartments, a 316-unit multifamily community located in Leesburg, Va. Walker & Dunlop's Alexandra Huffman and Andrew Tapley led the team in arranging the $45,337,000 transaction on behalf of Capital Square 1031.

The origination team rate-locked a 10-year, fixed-rate loan, just one day after the application was completed. Also, the team assisted Capital Square 1031 in structuring its debt to accommodate the intricacies of the Delaware Statutory Trust structure, permitting investors to acquire interests in the property in a tax-deferred exchange under Section 1031 of the Internal Revenue Code.

Bellemeade Farms Apartments is the tenth execution that Huffman and Tapley have originated for their longstanding client over the last three years, totaling over $200 million in agency debt.

"Walker & Dunlop has done a superb job of originating loans for Capital Square 1031. In spite of our fairly complex DST structures, Walker & Dunlop has performed at the highest level. We have been able to rate-lock early, obtain third-party reports, and close quickly and efficiently. Andrew and Alexandra have given us a competitive advantage amongst DST sponsors and have helped us to grow to over $1 billion of assets sponsored for the program," stated Louis Rogers, CEO of Capital Square 1031.

Situated on 15.7 acres, Bellemeade Farms Apartments is comprised of 12 residential buildings and a clubhouse with a leasing office. Community amenities at the property include a 24-hour fitness center, tennis court, dog park, community garden, an outdoor lounge with newly renovated grilling stations, and a resort-style pool.

In addition to its top-notch facilities, the community is ideally located in Loudoun County, which has the highest median household income in the U.S. Furthermore, Amazon's HQ2 in Crystal City and the Metro's Silver Line extension

Cushman & Wakefield has completed a $106.7 million sale of apartments to the Walden Group. The sale included 18-properties, 1,858 units comprised of apartment communities throughout the Southeast on behalf of Varden Capital Properties. Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller in the transaction.

“This was a unique situation where two key private capital clients were able to do a mutually favorable cross-market portfolio sale with our Southeast Multifamily group at Cushman & Wakefield,” said Hey. “VCP was able to amass the portfolio by purchasing properties that were more complicated executions than the average buyer would be willing to do.”

The properties in the portfolio include:

• Seven properties across Alabama.
• Five properties in Pensacola, Fla.
• Three properties across Tennessee
• One 200-unit property in Pascagoula, Mississippi.
• One 203-unit property in Winston-Salem, N.C., and
• One 223-unit property in Houston.

“The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield, so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners,” said Averitt.

Nuveen Real Estate has launched the  U.S. Cities Multifamily Fund, a real-estate investment  that will acquire and manage multifamily rental properties across the U.S.

The fund has a $450 million capital commitment and a seed portfolio from a third- party investor, alongside a $100 million co-investment from Nuveen Real Estate’s parent company, TIAA.

“As investors look to commercial real estate for income and diversification, we are well-positioned to build an attractive portfolio of apartment assets that reflect the dynamic and stable growth attributes of this sector,” said James Martha, head of U.S. housing for Nuveen Real Estate. “We have over six decades of experience investing in the multifamily sector and have established a strong platform to match client capital with investment opportunities that respond to modern living needs.”

The fund seeks to acquire well-located properties with high, stable occupancy levels located in top-tier cities and select growth markets across the U.S. The fund’s strategy focuses on high-quality assets that appeal to the largest base of renters: Millennials and middle-income households who are renters by necessity rather than by choice. The fund launched with a diverse portfolio of nine assets, spanning eight core markets and more than 3,000 units.

According to its latest research, THINK US: Investing in the MiMis, Nuveen Real Estate believes that millenials and middle-income households will continue to drive demand for apartments in the coming decade as their contribution to the U.S. economy continues to grow.

“Millennials and middle-income households represent a stable and sustainable long-term source of demand for apartments, and Nuveen Real Estate believes this demand will continue to keep occupancy rates strong, particularly in metro areas benefiting from job growth and an expanding economy,” said Nikita Rao, portfolio manager of the fund.

Madison Realty Capital has completed a $14.5 million refinancing with Hello Living that’s collateralized by a mixed-use rental property located at 1357 Flatbush Avenue in Brooklyn.

Hello Living, an experienced developer and repeat Madison Realty borrower, constructed a seven-story, 37,133-square-foot, mixed use rental building at the site that includes 36 apartment units and 7,000 square feet of grade-level and cellar-level retail space that are 95 percent complete. The transaction, which was completed in a rapid seven-day timeframe, will repay the borrower's existing debt and provide additional liquidity.

"Our Brooklyn market expertise and familiarity with the borrower allowed us to evaluate and underwrite this deal within an extremely prompt timeframe," noted Josh Zegen, Co-Founder and Managing Principal of MRC. "Speed and execution remain two of our fundamental hallmarks as a lender and both are demonstrated here as this entire transaction was completed and delivered in a week's time. "

"Madison Realty Capital's innovative and flawless input, along with their reliable execution, are invaluable resources for an experienced developer like us," said Eli Karp, CEO for Hello Living.

The apartment units on the development will be located on floors two through seven accounting for 23,504 square feet. The unit mix will include  studios, one-bedrooms, two-bedrooms, and  three-bedroom apartments. Residential units will include open unit layouts with floor-to-ceiling windows, high end finishes, stainless steel appliances, large private terrace, insulated, triple-paned doors and windows.

Amenities for the project include a fitness center, private yard, and resident courtyard. Madison Realty has invested in approximately $9 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.