Algenon Cash, managing director of investment banking group Wharton Gladden & Company, announces today the firm has closed a $4 million debt facility secured by a distressed 180-unit apartment complex in Raleigh, NC.

Wharton Gladden advised the sponsor and existing financial institution, negotiated the discounted purchase offer, and secured a private equity capital partner to provide the debt.

The property was in distress with an uncomfortably high vacancy and deferred maintenance.  Wharton Gladden secured the capital needed to acquire the asset, implement capital improvements, and help the sponsor to develop a turnaround plan focusing on new property management and marketing strategies.

According to Cash, “Wharton Gladden’s capital partners are aggressively seeking opportunities to invest and generate healthy returns.  Many of those opportunities are coming from multifamily assets.”

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.