BROOKLYN, NY – Walker & Dunlop, Inc. announced that it arranged $82,000,000 in permanent financing for Clover House, a newly renovated luxury apartment complex located in the highly desirable Brooklyn Heights neighborhood of Brooklyn, New York.
Led by Hirsch Simins and David Rosenberg, Walker & Dunlop’s New Jersey Capital Markets team arranged the financing on behalf of the publicly traded Clipper Realty Inc. Drawing on their deep understanding of the New York market and broad experience with multifamily lenders, the team expertly identified MetLife Investment Management as an ideal financing partner for the transaction. In addition to rate locking the transaction on the same day as application, Walker & Dunlop secured brilliant deal terms to refinance the property’s existing debt, including ten years of interest-only payments.
“It was a pleasure working again with Clipper Realty and MetLife Investment Management. We explored many financing scenarios and MetLife was able to offer a very competitive permanent loan and rate lock before the asset was fully stabilized, which speaks to the strength of the borrower and the asset,” said Mr. Simins.
David Bistricer, Clipper Realty Inc.’s Co-Chairman and Chief Executive Officer, further commented, “Clover House is a best-in-class property with top of the line amenities and we were very pleased to work again with Hirsch and David on this refinance. MetLife Investment Management did a fantastic job closing under a tight timeline during a period of fantastic market volatility.”
The 158-unit property is situated proximate to the Brooklyn Heights Promenade and Brooklyn Bridge Park in downtown Brooklyn, one of the fastest growing areas in the New York Metro. Clover House offers studios, one- and two-bedroom apartments with a full host of amenities, as well as stunning panoramic views of the East River and lower Manhattan skyline. The property caters to one of the country’s most high-demand housing markets and is projected to be fully leased by the end of the year.

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PHOENIX, AZ – San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has bought Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was bought on an off-market basis from a private seller for $11,700,000, or $65,000 per unit.
“Lilly Garden Apartments fits very well with our investment strategy of purchasing assets with significant operational upside below replacement cost,” said Tower 16 Principal Mike Farley. This is the firm’s first buy in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to buy over 2,000 units in the Phoenix MSA over the next 18 months.
“We are excited about the Lilly Garden buy as part of a broader acquisition strategy in the Phoenix market given the strong demand drivers and limited new supply of workforce housing,” said Tower 16 Principal Tyler Pruett.
Lilly Garden Apartments is located at 4903 W. Thomas Road, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.
Tower 16 will be overseeing $2.7 million in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations.
Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.

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BROOKFIELD, WI – MLG Capital, the premier investment manager in private real estate investments for Investment Advisors, Family Offices and High Net Worth Individuals across the U.S. since 1987, announced its most recent acquisition of a portfolio of ten multi-family assets containing ±2,700 units. The portfolio is located across three geographic locations within the burgeoning Southwest Sunbelt region, Houston, TX, Tulsa, OK and Oklahoma City, OK.
“MLG’s buy of the portfolio represents an exciting opportunity to buy 10 assets of ‘class B’ multi-family at an attractive basis in locations that are in three quick-growing metropolitan regions of the Southwest with continued population growth, low unemployment, a strong corporate presence and high rankings for livability,” said Ryan Mueller, Vice President of Acquisitions at MLG Capital.
Timing for the buy is ideal as the U.S. occupancy rate for apartments is ±96 %, which is the highest occupancy rate recorded since 2001. Since 2000, the US has averaged 1.25M new households made, further suggesting that demand is continuing to exceed supply.
Market occupancy in Houston is ±93%, Oklahoma City is ±94% and Tulsa is ±94%.
Buy Highlights:
The series of diversified private equity real estate funds and a co-investment entity, all managed by MLG Capital, bought the transaction
Diversification: The 10 asset portfolio consists of ±2,700 apartment units across 2 states and 3 major cities
Fantastic basis: The portfolio has a fantastic acquisition basis vs. the cost of new construction in the marketplace
A subsidiary of MLG Capital, Valiant Residential, will operate and manage the portfolio. Valiant Residential currently manages over 14,000 units and has managed assets in the Southwest sunbelt region for over 30 years. Valiant Residential brings an entrepreneurial management style, leveraging local relationships and employees to reduce operating expenses.
Since 1987 MLG Capital has bought, holds, or has sold over $2.2B of private commercial real estate across the USA, consisting of over 22.3M commercial square feet which includes over 17,600 multi-family apartment units. All deals MLG Capital has exited, there has been an equity multiple of ±2.35x (For every $1 invested, MLG has produced $2.35 in total distributions).

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