DALLAS, TX – Century Bridge Capital announced that it has invested in a middle-income, residential project in Huzhou, China. The project will be jointly developed with Redsun Real Estate, a Hong Kong listed developer based in Nanjing.
Huzhou is a prefecture city in the northern Zhejiang Province in the Yangtze River Delta. It is known as the “City of Silk” in China and is an vital manufacturing area for the region. As a pilot city in China’s strategic plot, “Made in China2025”, Huzhou’s manufacturing sector is well developed with prosperous industries including traditional as well as high-tech and emerging industries. Government support has attracted investments from high-tech companies such as Huawei.
Commenting on the investment, Century Bridge CEO, Tom Delatour, noted, “The Huzhou opportunity allows us to invest in the first phase of a plotted two-phase project. The first phase consists of 377 low rise units and 57 townhouses, along with 350 underground parking units as well as a kindergarten facility with 15 classrooms. The project is located in the Renhuang Mountain Area which is part of the central urban district. The government has supported development in the area since moving their offices there in 2016 and it is considered the most livable region in Huzhou with premium educational sources and attractive natural surroundings.”
With respect to the market Mr. Delatour added, “Units representing 40% of the total residential being developed have already been sold. In addition, there is limited local land supply and much of the existing inventory in the market has been absorbed. Consequently, we believe that the location, quality, and amenities of the project combined with the increasing affordability of housing in Huzhou will drive strong sales velocity over the balance of 2020.”
Noting the strength of Redsun Real Estate as a joint venture partner, Century Bridge President, Wei Deng, commented, “Century Bridge is pleased to invest with Redsun Real Estate, a leading Hong Kong listed developer with an established presence in the Yangtze River Delta Region as well as recognized development expertise and industry status. We are confident that we will benefit from Redsun’s knowledge of the region as we work together in completing and marketing the Huzhou development. Our China-based team looks forward to working with and building our relationship with the Redsun Real Estate development and sales team.”

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BETHESDA, MD – Walker & Dunlop announced that it structured $340,097,797 in financing for Cortland’s landmark acquisition of PURE Multi-Family REIT.
The $1.2 billion transaction comprised 22 properties with a total of 7,085 units. Walker & Dunlop secured debt for nearly half of the broader portfolio: eight distinct multifamily properties, all of which are located in major metropolitan areas across the United States Sunbelt.
The Walker & Dunlop financing team was led by Senior Managing Directors and Co-Heads of the New York City Capital Markets team, Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz, as well as Director, Michael Ianno. Drawing on their choice network of capital providers, the team identified Deutsche Bank as the ideal lending partner. The financing includes flexible call protection and extension options at a floating rate.
The portfolio includes 2,170 units located within urban or high-density suburban submarkets, including Dallas, Houston, and Phoenix. Cortland, which operates more than 60,000 units nationwide, became the largest owner-operator in the Dallas-Fort Worth area with this portfolio acquisition. In keeping with its strong focus on elevating the resident experience, Cortland plans to make a significant investment in each of the properties to improve the exteriors, landscaping, amenities, and interior unit finishes.
“The acquisition of PURE Multi-Family REIT represents our confidence and conviction in multifamily growth,” said Mike Altman, Cortland Chief Investment Officer. “We’re grateful for a partner like Walker & Dunlop who believes in our business model and mission. By executing our financing on this acquisition, they’ve allowed us to continue our growth in these markets and to further our focus on delighting our customers with the resident living experience we provide.”
Walker & Dunlop’s Kurland commented, “We are honored by the faith and confidence Cortland had in our team to advise on one of their largest acquisitions in its history.” He continued, “We now look forward to leveraging the overall strength of the Walker & Dunlop platform, offering our clients truly best-in-class capital solutions for all asset types across the country.”

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SAN ANTONIO, TX – Financing from Wells Fargo has been secured for the innovative revitalization and construction of a multifamily community at the historic Borden Creamery property that serves as a very visible welcome to San Antonio on US 281 adjacent to the Pearl district.
Plans include demolition of the current self-storage facility and construction of 338 premium multifamily units compatible with the art deco exterior of the Borden building, which will be preserved in a separate project by AREA Real Estate LLC to include 60,000 square feet of office and retail commercial space.
The multifamily property plot includes San Antonio River improvements and promotion of walkable neighborhoods with sidewalks and an elevated pedestrian bridge that connects the Tobin Hill community to the river and the Brackenridge Park Trail.
“We have worked collaboratively with Bexar County and the City of San Antonio, the Tobin Hill Neighborhood Association and the San Antonio River Authority to ensure a careful design that thoughtfully integrates our apartment community into the context of the surrounding community,” said Jimmy McCloskey, Executive Vice President of Development for Embrey.
Multifamily community construction on the 5.1-acre site is scheduled to start in July. Project completion is scheduled for July 2023.

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