Dealmaker: Cushman & Wakefield Close $70M in Multifamily, Land Deals

Cushman & Wakefield, New York, secured $32 million for South Carolina and Georgia multifamily assets and sold a New York re-development site for $37.5 million.

C&W Senior Managing Director Mike Ryan, Senior Director Telly Fathaly and Managing Director Brian Linnihan represented The RADCO Cos., Atlanta, in two transactions. RADCO received $32 million in short-term floating-rate financing to acquire and renovate Stanton Place Apartments near Atlanta and The Reserve at Ashley River in North Charleston, S.C.

Ryan said a regional bank provided financing for Stanton Place, a 240-unit garden-style community near Kennesaw State University in Acworth, while a national bank provided financing for The Reserve at Ashley River, a 280-unit garden-style community built in 1974. 

“In both cases, we were able to tout RADCO’s hands-on management style in order to provide lenders comfort with RADCO’s plan to increase income through implementation of their proven value-add process,” Ryan said, noting that RADCO plans to invest $6.3 million in capital improvements at the communities.

In New York, Cushman & Wakefield Executive Director Stephen Preuss represented Meadows Corona LLC when it sold a 266,800-buildable-square-foot re-development site in Corona, Queens to Corona Operating Company LLC for $37.35 million.

Preuss said the deal represented one of the largest re-development site sales ever seen in Corona. “This sale is a significant happening for Corona and a testament to the area’s transformation,” he said. “We are seeing an overflow of demand from the Flushing mega-developments into the surrounding areas such as Corona and East Elmhurst.”

The 250-by-250-square-foot irregularly shaped lot currently houses an eight-story former hotel, delivered vacant upon sale. Preuss noted that the location benefits from its proximity to LaGuardia Airport, New York Mets stadium Citi Field and retail corridors in Flushing.