Arbor Realty Trust Grants $82 Million On 1,002-Unit Multifamily Asset In Memphis
Blue Magma Residential has grabbed $82 million in bridge debt from Arbor Realty Trust to obtain a 1,002-unit residential development in Memphis, Tennessee.
The three-year, floating-rate and interest-only loan helped facilitate Tampa-based Blue Magma’s purchase of the sizable Waterview Apartment Homes at 6860 Quince Road in Memphis from its previous owner CapReit.
Berkadia’s Patrick Jordan organized the sale and financing stated that the Blue Magma dipped their toes in the Memphis multifamily arena a few years ago, but has just made a considerable splash with the acquisition of the 1,002-unit Waterview Apartment Homes. Also, this community offers multi-tiered opportunities for value creation through both interior and exterior improvements.
Built-in 1985, Waterview sports a mix of one- and two-bedroom units that range in size from around 530 square feet to nearly 1,200 square feet. Monthly rents range from more than $1,000 to around $1,550, according to listing information from Apartments.com and from the property’s website.
While the city of Memphis’ location in the mid-south means it doesn’t offer many waterfront views, the name of the complex is a play on the fact that the community is woven into 22 acres worth of small lakes and ponds that provide such views. The complex also includes a fitness center, indoor and outdoor pools, a sundeck and lounge area and tennis courts.