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Boyd Wilson buys 384-unit apartment community for $97 million
The deal is backed by $67.9 million in a Northmarq-Freddie Mac senior loan and $13.5 million in preferred equity, with Northmarq also recapitalizing two other Boyd Wilson assets.
Boyd Wilson LLC acquired The Landings, a 384-unit apartment community in Bethlehem, Pennsylvania, for $97 million, according to ConnectCRE.
The transaction was financed with $67.9 million in a Northmarq-Freddie Mac senior loan and $13.5 million in preferred equity from Northmarq Fund Management.
ConnectCRE said the acquisition was executed alongside preferred equity recapitalizations of two other Boyd Wilson-owned multifamily properties, including the Rosedale Apartments in Hershey and the Pioneer Woods Apartments in Lancaster, each subject to existing Fannie Mae financing.
In total, Northmarq Fund Management deployed $23 million across the three-property structure, with the lender using a combined approach that pairs internally originated agency debt with preferred equity from its fund management platform in a single execution.