Wharton Gladden & Company Closes $1.4 Million in Real Estate Loans with California Investor, Tuesday, September 19, 2006
FY 2006 revenue projected to be highest in company's history.
Greensboro, N.C. (September 19, 2006) – Algenon L. Cash, managing director of real estate investment banking group Wharton Gladden & Company, announces today the firm has closed $1.4 million in real estate loan transactions concluding one of its most successful third quarters in the company's history. California investors, Azorean Properties, were provided the capital funds for two separate deals. Sherrill Apartments in High Point financed at $456,000 and Tara Apartments in Winston Salem, a 46-unit complex, closed at $947,000. Rendell Richards, senior director for Wharton Gladden & Company, handled both transactions.
"Out of state investors continue to inform us that capitalization rates, a measure of the amount of return on investment, are low in major metropolitan markets in California, Florida, and New York," says Cash. "On the other hand, markets in North Carolina provide a great opportunity for out-of-state investors to increase their return on investment by locating properties that are better priced due to lower operating expenses and below market rents. Combine these attractively priced properties with our aggressively priced permanent loans and the investment becomes a major win for investors and developers."
Cash explains that he is optimistic about the number of out-of-state investors that are interested in acquiring property in the southeast. These investors are adding liquidity to the southeastern real estate market and increasing the level of competitiveness to acquire properties.
"As a real estate investor based in California, we recognize the critical nature of receiving the best deal from a lending partner," says Lino Pimentel, managing member of Azorean Properties. "Working with the team of professionals at Wharton Gladden provided us with wide ranging access to the capital markets on a national level, yet they continued to demonstrate a strong understanding of local market knowledge."
"Wharton Gladden works hard to establish relationships in the commercial real estate market," says Richards. "These relationships allowed us to connect the buyer's and seller's brokers on this property and resulted in a win for everybody involved."
About Wharton Gladden & Company:
The firm is headquartered in North Carolina with production offices in Raleigh and Greensboro. Wharton Gladden & Company is a uniquely designed real estate investment banking boutique that specializes in providing commercial mortgage banking, private equity, asset management and advisory services to small and middle market business owners, real estate developers, and investors.
The firm meets the needs of clients nationwide with access to a wide-ranging source of institutional capital and is strategically positioned to provide a comprehensive mix of solutions. For further information visit www.whartongladden.com or call 336.478.2305.
