Ariel Property Advisors’ Capital Services Group has arranged a $5,080,000 equity investment for the acquisition of a 64-unit affordable housing complex in Charlotte, NC.
Matt Swerdlow and Matthew Dzbanek, both Senior Directors with Ariel Property Advisors, secured the equity from a New York-based non-profit, also known as a Community Development Financial Institution. CDFI Funds provide mission-driven capital for the preservation and creation of high quality affordable and workforce housing across the country.
Swerdlow said, “Projects that not only deliver strong economic returns but also align with different impact investing principles are getting access to an exclusive bucket of capital that traditional owner operators cannot.”
The buyers, J&S Realty LLC and Sandee Road Ventures, plan to restrict rents in the housing development to 80% of AMI, reinforcing their commitment to affordable housing in the region.
This is Ariel’s second equity raise for J&S Realty LLC & Sandee Road Ventures, having also arranged equity financing last year for their acquisition of a 65,000-square-foot, 60-unit affordable housing complex also in Charlotte, NC. The investors have 350+ units under management and are actively pursuing new opportunities in the Mid-Atlantic and Carolinas.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: Investment Sales, Capital Services and Research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.
