Cantor Fitzgerald Income Trust JV Buys Interest in Multifamily DST Property
A joint venture between Cantor Fitzgerald Income Trust Inc., a non-traded real estate investment trust, and affiliates of the REIT’s sponsor, Cantor Fitzgerald Investors LLC, purchased interests in CF Summerfield Multifamily DST.
A joint venture between Cantor Fitzgerald Income Trust Inc., a non-traded real estate investment trust, and affiliates of the REIT’s sponsor, Cantor Fitzgerald Investors LLC, purchased interests in CF Summerfield Multifamily DST, an affiliated Delaware statutory trust that owns a 478-unit multifamily property located in Landover, Maryland.
According to a filing with the Securities and Exchange Commission, the property is located at 8100 Gibbs Way in Landover, the address for Century Summerfield Apartments.
The property was purchased by the DST for $115.5 million, excluding closing costs. Cantor Fitzgerald Income Trust owns a 25 percent interest in the DST, while affiliates of Cantor Fitzgerald Investors own the remaining 75 percent, which are expected to be sold to third-party investors through a private placement transaction.
Situated on approximately 13-acres, the Summerfield property was constructed in 2008 and 2012, and is comprised of 452,900 rentable square feet across nine buildings. The property has 32 different floor plans, comprised of one-, two-, and three-bedroom apartment homes, with an average size of 947 square feet and average monthly rent of $1,674. The property is 92.1 percent occupied. Affiliates of Hamilton Zanze will serve as the property manager.
The property was financed with a $76.6 million loan provided by Arbor Private Label, which has a term of 10 years, is interest only, and has a coupon of 3.65 percent.
The joint venture is owned 76.9 percent by Cantor Fitzgerald Income Trust’s operating partnership and 23.1 percent by affiliates of Cantor Fitzgerald Investors. The REIT plans to purchase 100 percent of the membership interests in the joint venture, although it is not required to do so. The REIT funded its pro-rata portion of the property with cash from its public offerings.
Cantor Fitzgerald Income Trust Inc., formerly known as Rodin Global Property Trust, invests in stabilized commercial real-estate and debt secured by commercial real estate located primarily in the United States. The company’s portfolio is comprised of $179.4 million of real estate investments and $32.7 million in real estate-related assets, as of the fourth quarter of 2020. Cantor Fitzgerald Income Trust raised $166.8 million in investor equity in its initial offering and the follow-on offering, as of December 31, 2020.
