Summer Street Advisors (“SSA”) Raises $9.6M of Preferred Equity for Austin Apartment Development by North American Properties (“NAP”)

333-unit Cedar Quest Apartments in Austin to be completed in Q1 2020 

Westport, CT (June 26, 2018) – Summer Street Advisors LLC (SSA) is pleased to announce that our Capital Markets team, led by Andrew Murray, represented North American Properties (“NAP”) in raising $9.6 million of preferred equity capital for their Quest at Cedar Park Apartments development in Cedar Park, Texas.

SSA oversaw the preferred equity capital raising process and provided comprehensive advisory services and insight during the due diligence for this $48 million development. The preferred equity raised increased the project’s debt-to-cost ratio to 85 percent, under terms and conditions that outperformed NAP’s budgeted expectations.  The all-in pricing to NAP was less than 450bps over LIBOR when combined with the senior construction loan.

“Summer Street Advisors has the deal experience and access to capital demanded by the competitive marketplace,” said Tim Perry, Partner and Chief Investment Officer of North American Properties, and Keith Benator, V.P. of Investments.  “Andy Murray, and his team provided the guidance and execution that helped drive this deal forward.”

“We are in constant contact with mezzanine debt and preferred equity capital looking for the right development and redevelopment opportunities,” said Andrew Murray, Managing Director of Capital Markets at SSA.  “The key in today’s market is to identify experienced preferred equity providers who can work with both the Sponsor and Senior Lender…This deal was a success due to North American Properties’ successful track record around the country and in Cedar Park, one of the country’s fastest growing cities.”

Quest at Cedar Park Apartments is a 333-unit luxury, Class A apartment complex that commenced construction in the second quarter of 2018 and is slated for completion in the first quarter of 2020. The development is well-located near the Lakeside Mall in a up and coming Northwestern submarket of Austin with an influx of millennials driving significant population growth.

About Summer Street Advisors, LLC

Summer Street Advisors LLC is a commercial real estate advisory services firm founded by Jack Mullen, an alumnus of GE Capital Real Estate. Capital Markets is headed by Andy Murray, an alumni of Lehman Brothers, O’Connor Capital, Ackman Ziff and TH Henderson.  Asset Management is headed by Chris Peters, an alumni of GE Capital Real Estate, Hypo Real Estate Capital and H/2 Capital.  SSA offers a full range of advisory services across Transaction Management, Capital Markets, and Asset Management providing highly experienced strategic advisory services to sponsors/developers, financing institutions, debt and equity fund investment managers, insurance companies, pension funds, and family offices.  SSA’s senior team has hands on experienced across all major U.S markets and asset classes for structured equity and debt investments, including distressed assets and CMBS securities.   The SSA team has over 100 years combined CRE experience and possesses diverse institutional and entrepreneurial backgrounds. More information about the company can be found at, or by contacting Jack, Andy or Chris at 203-293-4844.

About North American Properties

Founded in 1954, North American Properties (NAP) is a privately held, multi-regional real estate operating company that has acquired, developed and managed more than $5 billion of retail, multi-family, mixed-use and office properties across the United States. NAP has prospered through real estate booms and busts, weathering the storms through planning and execution. The strength of NAP’s balance sheet is a direct result of steadfast discipline, precise execution and the ownership position taken in each project. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, NAP has developed 22 million square feet of commercial space and 19,000 residential units in 15 states and 67 cities. More specific to Quest, NAP has developed more than 2,800 Class A units across 9 projects in Austin, Texas. NAP has partnered with premier institutional partners including Prudential, CBRE Global Investors, The Carlyle Group, GE Asset Management, JP Morgan, Morgan Stanley, and many others.

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