Recent Transactions
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Augusta, GA Shadow-Anchored Strip Retail
September 2022
REFINANCE
Sapphire Capital Group recently provided capital advisory services to a regional commercial property owner/operator, resulting in the successful cash-out refinance of a 21,000 SF shadow-anchored shopping center in Augusta, Georgia. The $6,290,000 senior 4.50% fixed rate loan was provided by a regional credit union, who honored all terms negotiated prior to the recent run-up in interest rates, with only minimal adjustments to rate and proceeds. Sapphire’s experience in CMBS defeasance and our depth of lender relationships insured success and has led to subsequent opportunities with this quality sponsor.
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Murfreesboro, TN Student Housing
May 2022
ACQUISITION AND REPOSITION
Sapphire Capital Group recently provided capital advisory services to a northeastern owner/operator/developer of multifamily projects, resulting in the successful acquisition of 264 units in Murfreesboro, Tennessee. Capital consisted of approximately $13,000,000 of joint venture equity and $36,000,000 of non-recourse senior bridge debt, allowing time for Sponsor to implement a large-scale renovation and reposition program, and to unlock value by converting the well-located property to conventional multifamily. Efficient coordination between sponsor, joint venture equity partner, and senior bridge lender was critical in meeting the time frame required under the sales contract.
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Ashburn, VA Residential Land Development
June 2022
HORIZONTAL LAND DEVELOPMENT
Sapphire Capital Group recently provided capital advisory services to a regional residential land developer, resulting in the successful refinance of Phase 2 of a project that will ultimately yield 174 market rate multifamily and townhome units in Ashburn, Virginia. The senior floating rate loan was provided by a local bank, who honored all terms negotiated prior to the recent run-up in interest rates.
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Annandale, VA Retail Pad Site Development
June 2022
CONSTRUCTION AND TERM LOAN
Sapphire Capital Group recently sourced a fixed-rate construction loan, convertible to permanent financing upon stabilization. The sub-4% debt provides the necessary capital for a privately owned regional real estate development and operating company to commence construction of a 13,582 SF strip retail center in Fairfax County, Virginia. The $6,500,000 senior fixed rate loan was provided by a local community bank and represents a new banking relationship for the sponsor.
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Houston, TX Strip Retail
June 2022
REFINANCE
Sapphire Capital Group recently provided capital advisory services to a national privately owned real estate development and operating company, resulting in the successful refinance of 34,547 SF of unanchored retail in suburban Houston, Texas. The $13,750,000 senior fixed rate term loan was provided by a privately held specialty finance company.
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Southeast Multifamiliy Portfolio
ACQUISITION
Sapphire Capital Group recently provided capital advisory services to a northeastern owner/operator/developer of multifamily projects, resulting in the successful acquisition of approximately 500 multifamily units in the Southeast. Capital consisted of approximately $20,000,000 of JV Equity and $60,000,000 of non-recourse senior bridge finance.
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Fairfax County, VA Retail
May 2021
REFINANCE
SCG arranged a $26,800,000 permanent loan to recapitalize an existing bridge loan for a newly renovated and repositioned big box retail center in Fairfax County, VA.
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Autumn Ridge Apartments
April 2021
RECAPITALIZATION
SCG arranged $36,000,000 of bank financing for its client to recapitalize a recently developed Class-A multifamily project located in the Lopatcong, NJ.
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Austin Development
January 2021
ACQUISITION
Advised family office on acquisition of 250+ developable acres in Austin, TX.
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Southeast US Multifamily
January 2021
ACQUISITION
SCG arranged $14,000,000 of JV financing for its institutional client to acquire an existing Class-A multifamily project located in the southeast.
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Liz
July 2020
RECAPITALIZATION
Sapphire Capital Group (“SCG”) arranged $93,000,000 in permanent financing to recapitalize the construction loan for the newly delivered LIZ.
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4701 Willard Avenue
June 2020
ACQUISITION
Arranged $90,000,000 in ground lease capital through a private investment group in the form of a 99-year ground lease for the acquisition of a 525-unit multi-family property in Chevy Chase, Maryland. Additionally, the ground lease was structured to assure that 100% of Agency lender requirements were satisfied.
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1823 L Street NW
February 2020
ACQUISITION
Arranged $18,000,000 of senior leasehold mortgage debt for the acquisition of 1823 L Street. Sapphire further advised on the restructuring of the existing ground lease as well as on the extended-stay corporate tenant, who will operate the property as a boutique hotel.
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Grand Reserve
January 2020
ACQUISITION
Arranged $21,000,000 of ground lease capital in connection with the acquisition of Grand Reserve Apartments, a newly completed 290-unit garden apartment community located in Nashville, TN that achieved stabilization in June 2019.
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San Marco Crossing
June 2019
DEVELOPMENT
Arranged $24,800,000 of opportunity zone capital in connection with the ground-up development of San Marco Crossing, a to-be-built 486-unit market rate rental apartment community located in Jacksonville, FL’s San Marco neighborhood.
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Millennium Apartments
March 2019
ACQUISITION
Arranged $54,000,000 of ground lease capital and senior secured leasehold financing in connection with the acquisition of Millenium Apartments, a newly completed 298-unit market rate rental apartment community located in Fort Myers, FL.
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Rosemont Commons
February 2019
REFINANCE
Arranged $49,000,000 of ground lease capital and senior secured leasehold financing in connection with the recapitalization of Rosemont Commons. A 500,000 sqft. super-regional shopping center located in Fairlawn, OH.
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Annandale Plaza
August 2018
REFINANCE
Arranged $24,000,000 of bridge financing for the Phase I redevelopment of Annandale Plaza, a 116,000 sf. neighborhood center to be repositioned as a specialty retail and entertainment destination located in Annandale, VA.
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Kiley Apartments
August 2018
DEVELOPMENT
Arranged $30,000,000 of ground lease capital financing for the development of Kiley Apartments, a to-be-built 315-unit luxury rental apartment building located in Washington, D.C.’s Southwest Waterfront.
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The Crown Multifamily Portfolio
June 2018
ACQUISITION
Sapphire Capital Group arranged $69,997,000 JV, GP Co-investment and senior debt financing for The Crown Multifamily Portfolio, three contiguous value-add multifamily apartment communities consisting of 984-units and 126 two-story buildings located in Charlotte, NC.