Wharton Gladden Closes $18 Million in Commercial Debt
Algenon Cash, managing director of investment banking group Wharton Gladden & Company, announces today the firm closed three commercial real estate transactions in the third quarter with a total of $18 million in capital placed. Wharton Gladden has continued to prove that relationships are the key to their success.
“Capital markets are functioning much more normally today and it brings us tremendous pride whenever we can support our clients’ creative spirit and growth opportunities”, said Cash.
Wharton Gladden placed $4 million for a 176-unit multifamily property in Greensboro, NC, which helped the operators of a family-owned real estate firm to restructure debt at a time when interest rates are at historical lows.
The firm also advised a private investment group through the acquisition of a distressed 190-unit multifamily property in Raleigh, NC, which required a $5 million debt facility to acquire and rehab the asset. Wharton Gladden played a pivotal role in negotiating the discounted debt purchase offer and then securing a bridge loan.
Finally, the firm secured a capital partner to provide a $9 million loan for the acquisition of a grocery-anchored shopping center in Raleigh, NC. “Multifamily assets continue to be a core focus for most capital partners but grocery-anchored retail has performed well” stated Cash.
About Wharton Gladden & Company:
Wharton Gladden & Company is a uniquely designed boutique investment banking firm that specializes in providing strategic advisory services, underwriting, capital placement and private equity for a diversified client base that includes corporations, real estate developers, financial institutions, investors, municipalities and high net worth individuals.