18A — December 13 - 26, 2019 — DelMarVa — M id A tlantic
Real Estate Journal
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AMA Financial served as mortgage broker EvergreenApartment Group announces purchase of River Commons Apartments, Wilmington, DE
I L M I N G T O N , DE — Evergreen Apartment Group Inc. has acquired River Com- mons Apartments, a 116- unit Extended Phase LIHTC apartment community located in Wilmington. Evergreen Apartment Group arranged the sale directly with Andrew Townsend of Marcus and Millichap . Financing for the purchase of River Commons was provided by FannieMae. KeyBank serviced the loan and AMA Financial was the mortgage broker. Subor- dinate debt for the deal was provided by the Delaware W
State Housing Authority (DSHA) . KevinWolfgang , president and CEO of Evergreen Apart- ment Group said, “As our first apartment community in the downtown district of Wilm- ington, DE, River Commons is an exciting acquisition for our organization. The com- munity is also our first LIHTC community which allows us to provide apartments to a por- tion of the population we were previously unable to serve. Lastly, as a LIHTC approved management company, we have added another strategic growth avenue for our com- pany.” Completely re-built in 2004, River Commons is seamlessly integrated into the downtown district of Wilmington while maintaining the character of a private community. The spacious 2- and 3-Bedroom apartment homes offer resi- dents private entrances, large porches/balconies, walk-in closets, individually controlled central air/heat, and washer/ dryers. In addition, the com- munity features a large com- munity club house. Gregory Wolfgang , chair- man and CFO of Evergreen Apartment Group said, “River Commons has an excellent location, adjacent to theWilm- ington Riverfront, less than 2 blocks from the Wilmington Amtrak Train Station, and in the shadow of the banking and judicial districts. With the close proximity to major road- ways, public transportation, and surrounding attractions, it is an ideal affordable hous- ing apartment choice for rent- ers that desire a downtown work/live/play destination.” Lauren Wolfgang Esq. , principal and General Coun- sel of Evergreen Apartment Group added, “We are excited to begin our partnership with DSHA and to bring best-in- class property management services to LIHTC communi- ties in Delaware. River Com- mons will be strengthened from Evergreen’s intensive management approach, which includes focused customer service, property management best practices, and leveraging the Evergreen brand. This purchase continues our com- mitment to deliver an out- standing rental home at an ex- ceptional price point, offering the absolute best apartment value in the marketplace.”
River Commons Apartments
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MULTIFAMILY $25,000,000 MEDITERRANEAN HOUSE FORT LEE, NJ | 306 UNITS BANK
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