News
$30M FINANCING FOR CARY DEVELOPMENT
October 25, 2011
| Rapunzel, let down your hair (or just some capital). Red Mortgage Capital's Charlotte office has provided almost $30M in Fannie Mae financing to Bell Partners toward the $40.5M purchase of Century at Preston Reserve, a multifamily development in Cary, Red?s Lee McNeer tells us. |
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| The 360-unit complex will be renamed Bell Preston Reserve. (OK, then, Belle... all Disney princesses welcome.) Red also worked with Fannie Mae to arrange a TIC ownership structure sponsored by the buyer. Greensboro-based Bell Partners is the nation's 10th-largestmanager of apartments and 28th-largest owner, according to 2011 National Multi Housing Council rankings. |
