Dealmaker: G.S. Wilcox & Co. Secures $64M for Multifamily, Industrial Properties

G.S. Wilcox & Co., Morristown, N.J., closed two multifamily financing transactions in Louisiana and two in New Jersey that totaled $63.6 million. 

Legacy Texas Bank, Plano, Texas, provided $24.1 million to refinance a loan secured by a 408-unit Harvey, La. apartment property. Wilcox Principal David Fryer closed the deal. The three-year fixed-rate loan included a 30-year amortization schedule.

Fryer also secured $20 million in acquisition funds from Legacy Texas Bank for a 442-unit Algiers, La. apartment community. The three-year fixed-rate loan allowed 18 months of interest-only payments and had a 30-year amortization schedule.

Fryer said the financing included funds to reconstruct 260 currently unoccupied units.

In New Jersey, company President Gretchen Wilcox and Principal Al Raymond secured $19.5 million from Kansas City Life Insurance Co., Kansas City, Mo., for two industrial assets. A 202,000-square-foot Secaucus warehouse building secures a $13.5 million loan with a 2.85 percent interest rate fixed for five years. A 100,000-square-foot industrial building in Whippany received a seven-year, $6 million loan at 3 percent. The loan included a 30-year amortization schedule.

Wilcox said Kansas City Life Insurance Co. decided to increase their involvement in New Jersey largely due to the state’s strong industrial market.