MIAMI, FL – Tzadik Properties, an industry-leading multifamily property management company and one of the largest owner-operators in South Dakota, recently announced the completion of more than $115 million in refinancing transactions for parts of its Sioux Falls, SD and Rapid City, SD portfolios. These transactions are part of the company’s strategy to continue expanding and finding new growth opportunities.
Spearheaded by Vice President of Capital Markets Lucas Grassano, who handled the processing, and Executive Vice President and Head of Acquisitions Michael Davalos, who oversaw the lender sourcing, the refinancing are part of the original business plot to go from small-term loans to long-term, lower-cost debt.
The Sioux Falls A and Sioux Falls 1 portfolios, comprised of 707 units in 18 properties and 439 units in four properties, were refinanced with Greystone. Under the new terms, Tzadik went from 6% interest bridge loans to 3.17% interest long-term loans and assigned $4.5 million of the proceeds for CapEx improvements and additional funds to return partner capital and buy back shares.
Two more portfolios in Sioux Falls, including 459 units in four properties, and two properties in Rapid City, with a total of 261 units, were refinanced with Merchants Bank, moving from 6% bridge into 3.5% long-term loans. While these three transactions were cash neutral, two of the loans allowed CapEx holdbacks totaling $500,000.
“Our team prides itself on our proven approach to close deals and build value while protecting the bottom line and being financially responsible,” said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. “These refinancing transactions are part our of strategies to remain efficient with our expenses, which, in turn, fuels our constant growth.”
Tzadik entered the South Dakota market in 2018 with 721 units and has quickly expanded to own and operate 2,206 units currently. Throughout the pandemic, Tzadik has remained actively investing and finding new growth opportunities. In 2020, Tzadik found new market opportunities with the acquisition of farms and ranches across the country, including 22,000 acres of income-producing ranch lands in South Dakota. The team is currently working on additional refinancing transactions for their portfolios in Texas and Nebraska.

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SAN JOSE, CA – Urban Catalyst, Silicon Valley’s leading Opportunity Zone Fund, announced it has launched its second real estate Fund. This Fund will feature the Icon/Echo project, which will provide downtown San Jose with more than 300 multifamily rental units and 420,000 sq. ft of office space upon completion.
Through the formation of Fund II, Urban Catalyst will continue to help play a vital role in helping alleviate Silicon Valley’s housing crisis while spurring economic development. Icon/Echo will be located in the heart of downtown San Jose at Fourth and Santa Clara Streets, just yards away from the future Bay Area Rapid Transit (BART) Station. It’s also only yards away, in close proximity to City Hall and San Jose State University.
“This project has an ideal location in downtown San Jose on the main drag next to a mass transit station,” said Erik Hayden, Founder of Urban Catalyst. “We are utilizing some of the best architects in the country to design a gorgeous building that has fantastic functionality for our future tenants.”
The launch of Fund II comes on the heels of Urban Catalyst closing its successful Fund I in 2020, which raised $131 million. Fund II aims to raise $200 million and will remain open to investors until Dec. 24, 2024.

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CHICAGO, IL – Waterton, a national real estate investor and operator, announced the final close of its Waterton Residential Property Venture XIV, L.P. (“Venture XIV”) fund with $1.5 billion of equity commitments from a diverse group of global institutional investors. The fund is one of the largest dedicated multifamily value-add funds in the United States and the firm is poised to invest Venture XIV capital through a period of historic disruption.
“We expect to see significant opportunities in the multifamily sector across the country due to the disruptive nature of the COVID recession,” said David Schwartz, chairman and CEO of Waterton. “This fund represents a unique opportunity to invest in a strategy we’ve been executing for 25 years that evolves to capitalize on cycle-specific opportunities, which should be plentiful in the current market environment.”
“The Venture XIV fundraising process speaks to our long-term performance and the strong investor relationships we’ve built over the years,” said Michelle Wells, head of investor relations at Waterton. “We have a fantastic group of global institutional investors in the fund – both long term and new partners – and especially appreciate the trust they placed in us during such an unusual time.”
Waterton held the first close for Venture XIV in May 2020 and the final close in February 2021, which was completed virtually amidst restrictions on travel and in person meetings resulting from the global pandemic. The capital raise was led by Waterton’s in-house investor relations team without the use of a placement agent. Kirkland & Ellis LLP served as legal counsel.
The first deployment from Venture XIV was a four-property, 1,824-unit portfolio acquisition in the Atlanta metro area that closed on November 5, 2020. Subsequent acquisitions include a two-property portfolio in Hawaii and three assets in California. Similar to the firm’s $920 million predecessor fund formed in 2018, Venture XIV will pursue urban and suburban opportunities in major U.S. markets, with an emphasis on well-located, well-maintained workforce housing in markets with favorable job growth, employment metrics and transportation logistics.
Venture XIV will target cycle-specific distressed opportunities as well as traditional assets that would benefit from Waterton’s vertically integrated design, construction and operations strategy, and plans to invest more than $4 billion, including debt, in 50+ multifamily assets.

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