Boyd Wilson LLC has expanded its multifamily holdings in Pennsylvania with the acquisition of The Landings, a 384-unit apartment community in Bethlehem, for $97 million. The purchase adds a large-scale residential asset to the company’s portfolio and underscores ongoing investor interest in established rental communities in the region.
The acquisition of The Landings was capitalized with a $67.9 million Northmarq-Freddie Mac senior loan, paired with $13.5 million in preferred equity from Northmarq Fund Management. The senior financing and preferred equity were structured as a coordinated capital stack tailored to support Boyd Wilson’s purchase of the 384-unit property.
In addition to the acquisition financing for The Landings, Northmarq executed preferred equity recapitalizations for two existing Boyd Wilson multifamily assets in Pennsylvania. The Rosedale Apartments in Hershey and the Pioneer Woods Apartments in Lancaster, both of which are already subject to Fannie Mae financing, received new preferred equity infusions as part of the broader transaction framework.
Northmarq describes the three-property structure as the first time it has combined internally originated agency debt with preferred equity from its own fund management platform in a single, integrated execution. For The Landings specifically, Northmarq’s Fund Management Group provided $13.5 million of preferred equity alongside the Freddie Mac senior loan, aligning the firm’s debt and equity capabilities on one acquisition.
Concurrently, Northmarq’s Debt and Equity teams recapitalized Rosedale Apartments and Pioneer Woods Apartments with an additional $9.5 million of preferred equity. Across the acquisition of The Landings and the recapitalizations of the two existing properties, Northmarq Fund Management deployed a total of $23 million of preferred equity capital.
The structure gives Boyd Wilson new preferred equity capital for three multifamily properties while leveraging agency debt at The Landings and maintaining existing Fannie Mae financing at the Rosedale and Pioneer Woods communities. The combined approach highlights how sponsors and capital providers are using preferred equity to supplement senior agency loans for both new acquisitions and recapitalizations of existing assets.
The transaction also illustrates how vertically integrated capital solutions, where a single platform delivers both agency debt and preferred equity, can be used to streamline execution across multiple properties and support portfolio-level capital planning for multifamily owners.
