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DALLAS, ANTIOCH, TENN. AND KNOXVILLE, TENN. — S2 Capital has acquired a portfolio of five distressed properties facing foreclosure in Dallas, Antioch and Knoxville. S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment. ACORE Capital provided a $170 million senior loan for the acquisition. The loan features a five-year term.
The five properties included in the portfolio were:
- Landmark at Gleneagles at 4909 Haverwood Lane in Dallas. The community features one- and two-bedroom apartments and multiple swimming pools.
- Stone Ridge at 500 Piccadilly Row in the Nashville suburb of Antioch, Tennessee. The complex offers one-, two- and three-bedroom units featuring a patio or balcony. The property also features two pools and a sundeck.
- Hickory Highlands at 100 Hickory Highlands Drive in Antioch. Located near Percy Priest Lake, Hickory Highlands offers one- and two-bedroom units and three pools.
- North Park Apartments at 5237 Tillery Road in Knoxville. The community offers one-, two- and three-bedroom apartments.
- The Park at Fountain City at 2132 Adair Drive in Knoxville. The property offers one-, two- and three-bedroom floor plans.