Barings Finances Properties in Alabama Totaling $45 Million
PLANO, Texas, Dec. 19, 2018 /PRNewswire/ -- Barings Multifamily Capital, part of Barings LLC, announced the closing of a $10,906,284 refinance loan on Flats on 4th and a $33,576,000 acquisition loan on The Modern at Providence. Both properties are located in Alabama.
Built in 2017, Flats on 4th is an 86-unit mid-rise apartment complex and is redefining boutique urban apartment living in downtown Birmingham, Alabama. The apartments combine modern luxury with the convenience of nearby entertainment hot spots, restaurants, shops and one block from the Railroad Park. Barings Multifamily Capital refinanced the borrower's construction loan. The loan has a 10-year term with 30-year amortization.
The Modern at Providence is a 300-unit garden style apartment property built in 2017. This property is located in Huntsville, Alabama and has large units, a clubhouse, fitness center, cyber café, and pool. This acquisition loan has a 10-year term with 30-year amortization and first five years of interest only.
"We are excited that we were able to meet the needs of our borrowers and deliver the financing on both of these properties," said Rachel Vinson, President of Barings Multifamily Capital. "The Modern at Providence and Flats on 4th are each located in attractive markets with future growth facilitated by healthcare, technology and educational industries. Each property represents a quality addition to their respective communities."
Barings Alternative Investments (BAI), part of Barings LLC, is a 470+ associate team located across 11 countries that manages $48.5 billion* in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. As part of the Real Estate team, Barings Multifamily Capital provides comprehensive financing solutions to affordable housing, market-rate multifamily, senior housing and healthcare investors and property owners nationwide under programs offered by government and government-sponsored enterprises.
About Barings
Barings is a $310+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,900 professionals and offices in 16 countries. Learn more at www.barings.com.
*As of September 30, 2018
About Barings Multifamily Capital
Barings Multifamily Capital LLC ("BMCL"), a Michigan limited liability company, is an indirect, wholly-owned subsidiary of Barings. BMCL originates and services multifamily, senior housing and healthcare facility loans by utilizing programs overseen by governmental agencies and government sponsored entities
Contact:
Kelly Smith, Media Relations, Barings, 980-417-5648, [email protected]
Rachel White, Media Relations, Barings, 980-417-5648, [email protected]
SOURCE Barings
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