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Equus Capital Partners sells 1,000-unit Pa. apartment portfolio

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Equus Capital Partners sells 1,000-unit Pa. apartment portfolio

Rodman Properties Inc. used a $103.4 million loan to purchase a seven-property apartment portfolio from Madison Apartment Group, a unit of Equus Capital Partners Ltd., the Philadelphia Business Journal reported.

The properties, in Harrisburg and Allentown, Pa., comprise nearly 1,000 units and were part of a portfolio of 22 properties that Equus began offloading in August. That portfolio consisted of 3,426 class B apartments, spread across the suburbs, the Lehigh valley and central Pennsylvania, according to the Oct. 5 report.

Of the seven properties, Fannie Mae helped finance five, while a loan was lined up with Liberty Bank of Connecticut for two assets with undeveloped land, the publication said.