Aries Capital is pleased to announce that Brandon Perdeck, Vice President in the firm’s Miami office, has closed a $3,800,000 preferred equity investment on behalf of the sponsor, Lexington Partners LLC, on a 144-unit multifamily property in Savannah, Georgia. The preferred equity will sit behind a Freddie Mac agency loan and is structured to allow a portion of the cash flow to be paid current and the remainder paid on an accrual basis.

Situated in one of Georgia’s most desirable markets, Bradley Pointe is located on Bradley Boulevard near Ogeechee Road (U.S. Route 17) and is two miles from the full-interchange of S.R. 204 and Interstate 95. The Class B multifamily development was completed in 2004 and includes 10, two-story residential apartment buildings, as well as a clubhouse, computer/business center and fitness center. The 14.5-acre site underwent significant capital improvements in 2019.

“This property was released from rent and income restrictions last year and now presents an opportunity for investors to make value-add improvements,” said Perdeck. “This preferred equity investment will enable the sponsor to invest over $1 million in capital improvements to bring the property to full market rate rentability.”

“We were extremely pleased with Aries Capital’s ability to quickly find the right capital partner for our transaction. The preferred equity arranged and negotiated by Brandon and the Aries team provides fuel for our business plan execution and efforts to maximize the property’s value,” said Joe Beaudoin, head of Lexington Partners’ acquisition team. “We look forward to calling on Brandon and the Aries team in the future for our capital needs.”

One of the most active multifamily investors and developers in Connecticut, Lexington Partners, LLC, is a privately-owned, full service real estate investment and development firm. In conjunction with its construction arm, InnoConn Construction Corp, and property management team, Lexington Property Management, Lexington specializes in acquisition, adaptive reuse, and new construction developments in both the commercial and residential segments. The firm currently owns and operates 2,400 apartment units, with additional units under construction and pending acquisition.