Blue Magma Residential Acquires 1,002-Unit Multifamily Property In Memphis For $82M

Blue Magma Residential has acquired a multifamily property located at 6860 Quince Road in Memphis. The property consists of 1,002 units and was part of an acquisition deal.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $82,000,000
• Address: 6860 Quince Road, Memphis
• Market: Memphis
• Units: 1,002

The loan for this acquisition was provided by Arbor Realty Trust, in the amount of $82,000,000. The loan is non-recourse and has a floating interest rate. It has a term of three years, with interest-only payments, and includes two one-year extension options. Charles Foschini from Berkadia and Christopher Apone were the brokers representing Blue Magma Residential in this deal.