BUCHANAN STREET PARTNERS COMPLETES MF PURCHASE FINANCING

IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.