REBusinessOnline

NKF Arranges Sale, Provides $25M Acquisition Loan for Multifamily Community in Metro Memphis

SOUTHAVEN, MISS. — Newmark Knight Frank (NKF) has arranged the sale of The Clare, a 352-unit multifamily community in Southaven. NKF also provided the buyer, ValCap Group, with a $25 million Freddie Mac acquisition loan. The Clare was constructed in 1997 and offers one-, two- and three-bedroom floor plans ranging from 723 to 1,120 square feet. Communal amenities include two swimming pools, a tennis court, volleyball court and a fitness center. The Clare, formerly known as Legacy at Church Lake, is situated at 5186 Church Lake Drive, 18 miles south of downtown Memphis. The seller was not disclosed. Blake Pera of NKF represented the buyer in the transaction. Adam Randall, John Meany and John Westby-Gibson of NKF placed the debt financing.

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