FOUNDRY COMMERCIAL MULTIFAMILY INVESTMENT GROUP FOUNDRY MULTIFAMILY INVESTMENT GROUP CAPITAL MARKETS | DEVELOPMENT
MULTIFAMILY INVESTMENT
MARKETS|DEVELOPMENT
Foundry Commercial’s Multifamily Investment Group is ideally qualified to help you achieve the financial goals of your investment transactions. Our team executes transactions with efficiency by bringing a sophisticated, quantitative, and qualitative approach to multifamily investment services. In addition to investment sales, the platform has a proven track record of providing debt and structured financing production and development services to investors through various forms of engagement.
We do this by providing top of market deliverables and tailoring all marketing processes to fit the client’s goals and facilitate the most desired terms. We leverage a vetted and dynamic contact list built over the years that consists of local, regional, and national players.
Simply put, our success has been achieved through trust and relationships.
What makes Foundry unique is its ability to remain nimble while providing full-service asset services to financial institutions and institutional investors. Examples of such institutions include pension funds, insurance companies, mutual funds, REITs, banks, and private equity groups.
The result is a cohesive, coordinated, and collaborative approach to investment sales. Our team’s professionals have a deep knowledge of the market and deeply value their relationships with clients. It is our top priority to leverage Foundry’s unique capabilities to provide the highest level of service available in the multifamily investment space.
CAPITAL
DEAL TEAM
TREY RIDDLE
SENIOR VICE PRESIDENT
Trey Riddle’s comprehensive knowledge and experience in development, construction, marketing, research, and client services affords him the fundamentals and expertise that are not only instrumental to the team, but also serve as an asset to his clients.
DEBT & STRUCTURED FINANCE
JOHN NEAL MANNING
SENIOR VICE PRESIDENT
John Neal Manning has an unmatched talent for overseeing business development, underwriting, marketing, and managing multiple transactions simultaneously. This talent is showcased through multiple Production Awards and an extensive transaction resume.
JC TACOT VICE PRESIDENT
JC focuses on origination and execution of debt and equity for all asset types, in every stage of the deal cycle, on a national basis. He is directly involved with sourcing and closing over $1B in real estate debt across all asset types.
DAVID KERN
TAMPA BAY MARKET LEADER
David serves as Tampa Bay Market Leader, bringing 30 years of commercial real estate banking and team leadership. David’s responsibilities include leadership of the Tampa region services office along with leading Foundry’s D&I activities throughout the region.
NICK GATES
ANALYST
Nick serves as an Analyst for the Debt & Structured Finance group in Tampa, Florida. Nick is responsible for underwriting and analyzing prospective transactions to execute real estate debt and equity across all asset classes.
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ANDREW GREEN
SENIOR ASSOCIATE
Andrew brings nearly a decade of experience within the commercial real estate industry and is responsible for the origination and execution of multifamily assets in the Central and Southwest Florida markets.
MARKETING
JAN GOODWIN
SENIOR MARKETING ASSOCIATE
Jan serves as Senior Marketing Associate for the Multifamily Investment Sales Team in Raleigh, NC. Prior to joining Foundry Commercial, she worked in the marketing department of Trademark Properties, and in the research division of CoStar Group.
Her professional background is diverse including marketing, writing and graphic design.
SUZY MCPHERSON
SENIOR OFFICE MANAGER
Suzy serves as the Office and Brokerage Services Manager for Foundry Commercial’s Raleigh, North Carolina office. In addition to her responsibilities managing the office and brokerage services team, she works closely with the Foundry Raleigh partnership team and is a vital member of the Multifamily Investment Group.
JENNINGS MILHOLEN
SENIOR ANALYST
Jennings Milholen serves as an analyst providing quantitative and qualitative investment analysis, underwriting, market research, and due diligence supporting dispositions, acquisitions, and development of multifamily properties.
ALLY MANGINI
GRAPHIC DESIGNER
Ally is a Graphic Designer for Foundry Commercial’s Raleigh, North Carolina office. Ally supports new business development initiatives, local and regional integrated marketing campaigns and strengthens the Foundry brand by maintaining consistency in all marketing materials.
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CAPITAL MARKETS
MULTIFAMILY
Foundry’s multifamily investment sales platform leverages a team of experienced and highly specialized brokers in concert with the firm’s existing strengths in investment sales to provide industry-leading multifamily advisory services to clients. The team specializes in conventional multifamily, affordable housing, student housing, senior housing, land development, as well as ground-up development. Our sophisticated approach relies upon both quantitative and qualitative market intelligence to anticipate trends and provide powerful insights.
SERVICE LINES
DEBT & STRUCTURED FINANCE
Foundry’s debt and structured finance team has extensive backgrounds in capital structure solutions for commercial real estate transactions. They specialize in advising clients in the evaluation, underwriting, sourcing, and execution of commercial real estate debt and equity across all real estate asset classes. They have experience in every product type and in every stage of the deal life cycle. The team has transacted nationally and has deep capital relationships across the country.
LAND SERVICES
The Foundry Commercial land services team features a group of seasoned professionals with deep experience working for property owners, investors and developers through land acquisitions, dispositions, investment sales and consulting services. With years of commercial brokerage experience throughout the Southeast, our team brings tremendous depth of land expertise in all product types as well as a proven track record producing market-leading materials and providing our clients with exposure on a local, regional and national level.
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UNITS TRANSACTED 26,420+ TOTAL TRANSACTION VOLUME $4.22B+ TOTAL LAND TRANSACTION VOLUME $1.72B+ YEARS EXPERIENCE (DEAL TEAM) 100+
7 1,400+ UNITS FINANCED OVER LAST 18 MONTHS MULTIFAMILY ORIGINATIONS $1B+ DEBT & STRUCTURED FINANCE 20+ TRANSACTIONS IN STATES $1.37B+ TOTAL LAND DEAL VOLUME $262M+ MULTIFAMILY LAND DEAL VOLUME 12,150+ MULTIFAMILY UNIT ENTITLEMENTS LAND SERVICES MULTIFAMILY $1.85B+ SALES TRANSACTIONS $350M+ LAND/DEVELOPMENT DEALS MULIFAMILY UNITS 14,250+ Debt & Structured Finance HQ Multifamily Investment Sales HQ Foundry Commercial Offices
SPECIALIZED SERVICES
MARKET RATE SERVICES
With over 28 years and $1.85 billion combined transaction experience, Foundry Commercial’s Multifamily Investment Group is ideally qualified to help you maximize your financial goals and attain the best value possible for your asset.
SENIOR HOUSING SERVICES
With decades of experience and countless deals closed, Foundry Commercial’s Multifamily Investment Group is uniquely positioned to aid you in your next investment in the Senior Housing and Assisted Living space.
BUILD-TO-RENT SERVICES
The BTR/SFR asset class is rapidly expanding. Foundry Multifamily has experience with all facets of residential housing and is in front of the movement to less dense rental housing developments and has completed numerous land sales for the development of these assets.
LAND & REDEVELOPMENT SERVICES
Foundry Commercial’s Multifamily Investment Group has a deep knowledge around the deal flow of both on-market and off-market land and redevelopment opportunities and recognizes that not all sites best use is for Multi-Housing and may have knowledge of sites perfect for your next development project, regardless of sector.
MANUFACTURED HOUSING SERVICES
Knowledge of markets and submarkets is paramount to investments in the Manufactured Housing sector.
Foundry Commercial’s Multifamily Investment Group has a deep understanding of the market fundamentals paramount to the success of your next aquisition or disposition in the Manufactured Housing sector.
AFFORDABLE HOUSING SERVICES
Foundry Commercial’s Multifamily Investment Group has a demonstrated history of providing excellent service to investors and asset managers operating in the Affordable Housing sector and are excited about the opportunity to work with you on your current and future investments.
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STUDENT HOUSING SERVICES
After decades of experience and numerous transactions, Foundry Commercial’s Multifamily Investment Group has fundamental knowledge around markets and submarkets uniquely poised for strong performance in the Student Housing sector.
DEBT & EQUITY SERVICES
Foundry Multifamily leverages their position in the debt and equity markets to give integrated capital solutions. Our cohesive, knowledge-driven team provides access to top-tier lending sources and innovative capitalization alternatives in both development and improved asset investments. We offer an independent perspective, strategic guidance, and thoughtful execution for asset, portfolio, and entity-level funding and recapitalizations.
ASSET AND MARKET ANALYSIS
Thorough Due Diligence
Organized & Efficient
& Challenges
FINANCIAL ANALYSIS & PROPERTY UNDERWRITING
Vetted Institutional Approach
User & Investor Perspective
Comparative Pricing Scenarios
STRATEGIC PROPERTY PLAN
Matching client’s objectives with disposition end-game Quantitative & Qualitative Devise Strategic Alternatives Provide Supporting Documentation
TO-MARKET
Comprehensive
Institutionally Oriented Platform Driven
10 01
Assess Opportunities
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IMPLEMENTATION
03
02
OUR APPROACH
12 CLIENTS SERVED
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14 10 S ACADEMY 4.79 Acres Development GREENVILLE, SC A026 AVAILABLE PINE RESERVE 252 Units Sanford, NC AVAILABLE TYLER’S RIDGE AT SANDHILLS 216 Units Garden Pinehurst, NC UNDER AGREEMENT ALCOVE GARNER 170 Units Garden Garner, NC CLOSED SPRING ARBOR 24 Assets Assisted Living NC, SC, VA CLOSED 808 HAWTHORNE 237 Units Wrap Charlotte, NC CLOSED HILLTOP HOUSE 170 Units Garden Winston-Salem, NC CLOSED FOXWOOD APARTMENTS 460 Units Garden Raleigh, NC CLOSED HIGHLAND VISTA 86 Units Garden Creedmoor, NC CLOSED CLOSED CAPE FEAR TOWNHOMES 57 Units Garden Fayetteville, NC HAWTHORNE AT THE PINES 280 Units Garden Southern Pines, NC CLOSED CRABTREE LAKESIDE 221 Units Wrap Raleigh, NC CLOSED CHANDLER RIDGE 228 Units - LIHTC Garden Garner, NC CLOSED OAKLEY SQUARE 110 Units Garden Durham, NC CLOSED BRADFORD PLACE 64 Units Garden Fuquay-Varina, NC CLOSED FOREST AT SWIFT CREEK 38 Acres Development Garner, NC CLOSED DISPOSITIONS MULTIFAMILY INVESTMENT
SPRINGS
FINANCE
PEACHTREE SENIOR LIVING
RESERVE
AT WINDERMERE
PLACE
AT LAKE WALES
ISLAND
ISLES APARTMENTS
JULINGTON
15 CLEVELAND CROSSING 170 Units Garden Garner, NC CLOSED HOLLY
PLACE 239 Units Garden Holly Springs, NC CLOSED HAWTHORNE AT THE BEND 228 Units Garden Hampstead, NC CLOSED RHODE
MILL 64 Units Garden Eden, NC CLOSED ST. MARKS CHURCH 4.79 Acres Development Burlington, NC CLOSED 5401 NORTH 55 Acres Development Raleigh, NC CLOSED SANFORD PORTFOLIO 5 ASSETS Garden Sanford, NC CLOSED CLOSED CATELAND
64 Units Garden Siler City, NC
258 Units Garden Atlanta, GA UNDER APPLICATION ARYA
148 Units Garden Orlando, FL CLOSED SERENITY
335 Units Garden Lake Wales, FL CLOSED PINE
252 Units Sanford, NC CLOSED THE
280 Units Garden Southern Pines, NC CLOSED VENICE
324 Units Garden Venice, FL CLOSED DEBT & STRUCTURED
16 WILMINGTON, NC KINSTON, NC ALBERMARLE, NC GREENVILLE, NC WILSON, NC APEX, NC CARY, NC RALEIGH, NC THOMASVILLE, NC ROCKY MOUNT, NC OUTER BANKS, NC GREENSBORO, NC PROPERTY COMPANY 24 ASSETS NUMBER OF UNITS 1,424 UNITS DISPOSITIONS SENIOR LIVING
17 WILLIAMSBURG, VA SALISBURY, VA SALISBURY #2, VA RICHMOND, VA RICHMOND #2, VA FREDRICKSBURG, VA LEESBURG, VA WINCHESTER, VA FREDERICK, MD CROFTON, MD SEVERNA PARK, MD MORGAN STANLEY LP EQUITY PARTNER DEBT FUNDING CAPITAL FUNDING GROUP OPERATING COMPANY 1,500 EMPLOYEES FREDERICKSBURG #2, VA
CASE STUDIES
LUXURY APARTMENTS AT FOXWOOD
6701 FOX ROAD RALEIGH, NORTH CAROLINA 27616
46 0
126M PURCHASE PRICE 3.43% CAP RATE 100%
ABOUT THE PROPERTY: BROKER REMARKS:
“The surroundings are spectacular, the apartments modern and spacious, the amenities amazing, the location superb. If you’re hunting for a home that meets all of your social and professional needs, you’ve found it.
The finishes in our apartments are sleek and modern while still warm and welcoming. Each of our 480 units is fully equipped, and boast higher-than-average square footage compared to other apartment homes in the Raleigh area.
Our high-tech luxury conveniences are truly unique, featuring remote entry, customized coding for access, remote settings for climate control, customized security features, remote lighting. The best part is it is all controlled by your phone!”
The asset was sold at stabilization with the final Certificates of Occupancy being awarded during the marketing period. Our process yielded exceptional pricing and allowed an assumption execution which saved the sellers a substantial prepayment penalty.
Foundry Multifamily was engaged to be the exclusive sales broker for the disposition of the Luxury Apartments at Foxwood.
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UNITS
LEASED
252
$47M
60%
SENIOR CONSTRUCTION LOAN LTC
$69.3M
PRICING GUIDANCE
ABOUT THE PROPERTY:
The property is located in an area that is quickly emerging as one of the fastest growing areas in the country. Recent economic development in the region has skyrocketed with $21.87 Billion in investments announced during the past 24 months. These investments will create 29,607 new jobs in the region, but the pipeline for new housing development has not kept pace with the impending need for localized housing. The property is ideally situated to provide a much needed housing option to the area.
The project is currently under construction with the first building CO anticipated for December 2022. There will be 10 buildings with a total of 252 units on the 16 acre site. The final project CO is planned for September 2023.
BROKER REMARKS:
Foundry Multifamily listed and sold the site to the current developer. During the escrow process the team was fundamental in receiving entitlements from the city, negotiating a cross access agreement with the adjoining landowner, and negotiating an amendment to the covenants of the adjoining shopping center to allow for the highest and best use of the property.
Once closed, Foundry Multifamily was engaged to source construction financing for the project. We brought in our Debt and Structured Finance team to execute on the assignment and provide high quality senior construction debt from a regional bank lender.
Given the developer’s pipeline growth and GP capital constraints, Foundry Multifamily was once again engaged to market the disposition of the finished asset on a forward sale basis with closing coinciding with the receival of final CO.
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PINE RESERVE 2244 JEFFERSON DAVIS HIGHWAY, SANFORD, NORTH CAROLINA 27330
UNITS
TOTAL PROJECT COST
HIGH
MULTIFAMILY INVESTMENT
Trey Riddle
Senior Vice President 910.391.2049 trey.riddle@foundrycommercial.com
John Manning
Senior Vice President 828.773.9000 john.manning@foundrycommercial.com
Andrew Green
Senior Associate 954.804.2184 andrew.green@foundrycommercial.com
Jennings Milholen
Senior Analyst 919.799.8235 jennings.milholen@foundrycommercial.com
DEBT & STRUCTURED FINANCE TEAM
J.C. Tacot Vice President 850.509.5384 john.tacot@foundrycommercial.com
David Kern
Tampa Bay Market Leader 813.390.9341 david.kern@foundrycommercial.com
Nick Gates Analyst 973.610.1377 nick.gates@foundrycommercial.com
FOUNDRY COMMERCIAL OFFICES
RALEIGH
Investment Sales HQ 2301 Sugar Bush Road Suite 220 Raleigh, NC 27612 919.576.2680
ORLANDO Corporate HQ 420 S. Orange Avenue Suite 400 Orlando, FL 32801 407.540.7700
BOCA RATON 225 N.E. Mizner Boulevard Suite 230 Boca Raton, FL 33432 561.208.7979
CHARLOTTE 121 West Trade Street Suite 2500 Charlotte, NC 28202 704.523.0272
DALLAS
Old Main at Old Parkland 3819 Maple Avenue Dallas, TX 75219 214.996.9800
TAMPA
Debt & Structured Finance HQ 4830 West Kennedy Boulevard Suite 545 Tampa, FL 33609 813.286.7530
ATLANTA 3520 Piedmont Road NE Suite 360 Atlanta, GA 30305 404.649.6920
CALIFORNIA 1540 Concordia Irvine, CA 92612 949-939-6238
CORAL GABLES
95 Merrick Way Suite 460 Coral Gables, FL 33134 904.345.2023
JACKSONVILLE 6440 Southpoint Parkway Suite 100 Jacksonville, FL 32216 904.345.2023
NASHVILLE 511 Union Street Suite 810 Nashville, TN37219 615.997.0010