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Prime Residential Secures $82.3 Million to Finance Concord Acquisitions

HFF Arranges Financing for Kentwood Apartments and Concord 1441
December 4, 2017
Prime Residential secured $82.3 million in financing for its purchase of 550 River Glen Drive and 1441 Detroit Ave. in Concord.

Peter Smyslowski and Charles Halladay of HFF arranged financing through Freddie Mac's CME Program.

Kentwood Apts. at 550 River Glen consists of 224 units, and includes a pool, onsite property manager, and spa.

Concord 1441 at 1441 Detroit Ave., is a 218-unit complex that comes with laundry service, tennis court, and fitness center.

The $82.3 million loan was financed in two individual 10-year loans. The proceeds were used to acquire both communities, and, upgrade common areas and rental units in each property.

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