Reznick Capital Markets Serves as Investment Banker for The RADCO Companies’ $95 Million Denver, CO, Multifamily Acquisition / Rehab
Atlanta, GA – Reznick Capital Markets Securities, LLC (RCMS) has today announced its role as exclusive placement agent on behalf of The RADCO Companies in their recent $95 Million acquisition of Parc Belmar in Lakewood, CO. The RCMS team of Michael Hartman and Alex Lacher arranged a $13.5 Million preferred equity investment from Related Fund Management of New York in the acquisition, which closed on June 20, 2014.
Based in Atlanta, The RADCO Companies is one of the nation’s leading real estate opportunity development companies. With its purchase of Parc Belmar, the firm continues its turn-around strategy of acquiring and repositioning multifamily properties.
“The newly rebranded Ashford Belmar is the largest transaction that RADCO has completed in this cycle,” said Norman Radow, CEO of The RADCO Companies. “Because of the size of this transaction, we were able to rely on Reznick Capital Markets Securities for its strategic direction and for introducing us to the perfect group to provide the preferred equity for the property. This is the first equity structure of its kind to be completed in the United States, and we were pleased that Reznick Capital Markets Securities helped us in solidifying that title.”
Michael Hartman, Managing Director of Reznick Capital Markets Securities added, “This was a relatively large transaction for a single multifamily asset. It was the first time a preferred equity tranche has been used this way. We were able to secure several term sheets within the first few weeks of marketing the deal. Related committed to its investment right away and closed seamlessly.”
Reznick Capital Markets Securities, LLC is a capital raising platform focused on strategic joint ventures and asset-level equity and debt placement. The Firm’s role is to locate and negotiate financing for clients’ real estate transactions including acquisitions, developments and recapitalizations.