Menora Financial has landed $64 million in acquisition financing for five multifamily properties in Oklahoma City and nearby Norman, Okla., Commercial Observer can first report.
Alternative investment manager Limekiln Real Estate provided the loan.
Meridian Capital Group arranged the deal on behalf of the borrower with a team led by Morris Betesh, Gershon Friedman and Omar Ferreira.
The portfolio consists of 934 units in the Oklahoma City metropolitan area. Two of the five multifamily properties are in Norman: Diamond Crest Apartments at 101 Crestland Drive and Apple Creek Estates at 3001 Pheasant Run Road. The other three are in Oklahoma City: The Lodge on the Lake Apartments at 5577 NW 50th Street, Diamond Trail Apartments at 4396 NW 36th Street and Summit Ridge Apartments at 408 Summit Ridge Drive. The owners plans to renovate up to 50 percent of the units, according to a release.
“This multifamily portfolio transaction was made possible by following a lucrative business plan with a team and sponsor that has the knowledge, experience and expertise to bring this deal to a close,” Betesh said in prepared remarks. “The closing can also be attributed to our long-standing relationship with lenders who are seeking out markets poised for future long-term growth. Despite recent market volatility, lenders that trust in us are still willing to finance value-add deals for sponsors who have a track record of providing them with deals that hold value.”