Wickenden Partners

We are pleased to announce the formation of Northway Commercial, a value-add focused commercial real estate acquisition and operating platform targeting?high growth corridors across major markets in the Southern United States. Northway Commercial focuses on acquiring underutilized assets, often with a history of mismanagement, and implements a targeted renovation to attract strong local and regional tenancy.? ? The platform will be led by Nick Armstrong, along with current Northway Homes and Wickenden Partners principals Cyrus Mojdehi and Daniel Hirschberg.

Thanks to Charlotte Business Journal for highlighting Wickenden Partners commitment to funding regional and boutique builders with flexible and reliable capital, amidst a volatile financing environment. We’re proud to have our Principal, Cyrus Mojdehi, share his insights during the interview! https://bizj.us/1qmpj5

We are excited to share that Wickenden Partners was recently featured on the Real Investor Radio Podcast, where our Principal & Co-Founder, Daniel Hirschberg, shares insights into?our acquisitions business, our debt platform?and more. The conversation covers?Wickenden’s bespoke approach to construction and special situation lending, as well as our thesis behind acquisitions of existing properties. Listen to the full episode:?https://lnkd.in/efx6dgGJ Watch the episode here: https://lnkd.in/eqdts_GP

Wickenden Partners is pleased to announce the acquisition of Meadowood Gardens, a 50 unit garden-style multifamily community in Lenior, NC, approximately 70 miles northwest of Charlotte. The property, which has been family owned and managed for more than 25 years, was acquired off market for $55k / unit and will be operated alongside Wickenden’s existing Catawba County portfolio. Wickenden plans to commence targeted interior unit renovations and a mark to market of the existing rent roll to create value during the hold period.

Wickenden Partners has originated a $4,250,000 construction loan for the development of 3630 Foxcroft, a 10,000 SF single family home located in Charlotte’s prestigious Foxcroft neighborhood. The project has been thoughtfully designed by the experienced developer and GC and will include some of the highest end features available in the Charlotte market. We are pleased to be involved in this unique development and look forward to seeing the project come to life over the next year.

Wickenden Partners is pleased to announce the sale of 544-550 West 32nd?Street, a 22,120 SF warehouse located in the NODA submarket of Charlotte, NC. Wickenden Partners acquired the property for $1.3 million ($59 PSF) in September 2021 – at the time, the building featured 50% occupancy with an average in place rent below $7 PSF. Over the 31 month hold term, Wickenden completed roof, parking lot and interior improvements, ultimately stabilizing the building at 100% occupancy with rents exceeding $9 PSF. A sale in May 2024 at a price of $3.1 million ($140 PSF) resulted in net returns of 39% IRR / 1.9x EM for our partners.?

Wickenden Partners is pleased to announce the successful acquisition of Northway at Fern Forest, a 184 unit multifamily community located in Gastonia, NC. Wickenden’s attractive entry basis of $16.6 million ($90k / unit) results in positive leverage on the venture’s fixed rate Freddie Mac acquisition loan, providing our investors immediate cash flow. __________________________________________________________________ https://bizj.us/1ql228