Document:

Exhibit 10.42

BR WATERFORD JV MEMBER, LLC

ASSIGNMENT OF MEMBERSHIP INTEREST

 

Effective as of the 2nd day of April, 2014,
for value received, BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a Delaware limited liability company ("Assignor"),
a member of BR WATERFORD JV MEMBER, LLC, a Delaware limited liability company (the "Company"), hereby sells, assigns
and transfers unto BRG WATERFORD, LLC, a Delaware limited liability company ("Assignee"), all of its right, title, and
interest in its ninety percent (90%) limited liability company interest in the Company, together with any and all claims, title,
interests, entitlements, capital account balances, distributions and other rights related to such limited liability company interest
(the "Interest"). Assignee hereby accepts from Assignor the Interest and agrees to be substituted as a member in the
Company in the place and stead of Assignor with respect to the Interest assigned to and accepted by Assignee as provided herein.

 

Assignor, in its capacity as a manager and
a member of the Company, consents to and hereby admits Assignee as a member of the Company, with all rights and obligations as
a substitute member of the Company with respect to the Interest. Assignee agrees to be bound by the terms of the Company's limited
liability company agreement, and by execution of this Assignment becomes a party thereto, and assumes and agrees to pay and discharge
when and as due all the liabilities, obligations, and responsibilities of Assignor arising from Assignor's ownership of the Interest
acquired by Assignee from and after the date hereof. Assignor and Assignee mutually agree to reasonably cooperate at all times
from and after the date hereof with respect to any of the matters described herein, and to execute such further documents as may
be reasonably requested for the purpose of giving effect to, evidencing or giving notice of the transaction evidenced by this Assignment.

 

This Assignment shall be binding upon, and
shall inure to the benefit of, the parties hereto and their respective heirs, personal representatives, successors and assigns.
No supplement, modification, waiver or termination of this Assignment or any provisions hereof shall be binding unless executed
in writing by the person to be bound thereby. No waiver of any of the provisions of this Assignment shall constitute a waiver of
any other provision (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

 

This Assignment can be executed in any number
of counterparts, each of which, when so executed, shall be deemed an original; such counterparts together shall constitute one
original. This Assignment will be governed by the laws of the State of Delaware, without giving effect to principles of conflict
of laws of that State.

 

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Assignor and Assignee have each duly authorized and executed this Assignment effective as of the date first written above.

 

	 	ASSIGNOR:	 
	 	 	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By: 	BR SOIF II Manager, LLC,
	 	 	a Delaware limited liability company, its Manager
	 	 	 	 	 	 
	 	 	By: 	/s/ Jordan S. Ruddy	 
	 	 	Name: Jordan S. Ruddy
	 	 	Title:   Authorized Signatory
	 	 	 	 
	 	ASSIGNEE:	 
	 	 	 	 
	 	BRG WATERFORD, LLC,

	 	a Delaware limited liability company
	 	 	 	 
	 	By:	Bluerock Residential Holdings, L.P.,
	 	 	a Delaware limited partnership,
	 	 	its Sole Member
	 	 	 	 
	 	 	By: 	Bluerock Residential Growth REIT, Inc.,
	 	 	 	a Maryland corporation,
	 	 	 	its General Partner
	 	 	 	 	 	 
	 	 	 	By:   	/s/ Christopher J. Vohs	 
	 	 	 	Name: Christopher J. Vohs
	 	 	 	Title:   Chief Accounting OfficerExhibit 10.43

 

Bell Hendersonville (fka Grove at Waterford
Crossing)

 

FIRST AMENDMENT TO MULTIFAMILY LOAN AND
SECURITY AGREEMENT

(Multipurpose)

 

This FIRST AMENDMENT TO MULTIFAMILY LOAN
AND SECURITY AGREEMENT (this "Amendment") dated as of April 2, 2014, is executed by and between BELL BR WATERFORD
CROSSING JV, LLC, a Delaware limited liability company ("Borrower") and
FANNIE MAE, a corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C.
§1716 et seq. and duly organized and existing under the laws of the United States ("Fannie Mae").

 

RECITALS:

 

A. Pursuant to that
certain Multifamily Loan and Security Agreement dated as of April 4, 2012 (the "Effective Date"), executed by
and between Borrower and CWCapital LLC, a Massachusetts limited liability company, now know as Walker & Dunlop, LLC ("Prior
Lender") (as amended, restated, replaced, supplemented, or otherwise modified from time to time, the "Loan Agreement"),
Prior Lender made a loan to Borrower in the original principal amount of Twenty Million One Hundred Thousand and 00/100 Dollars
($20,100,000.00) (the "Mortgage Loan"), as evidenced by that certain Multifamily Note dated as of the Effective
Date, executed by Borrower and ma.de payable to Prior Lender in the amount of the Mortgage Loan (as amended, restated, replaced,
supplemented, or otherwise modified from time to time, the "Note").

 

B.           In
addition to the Loan Agreement, the Mortgage Loan and the Note are also secured by, among other things, a certain Multifamily Deed
of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of the Effective Date (as amended, restated,
replaced, supplemented or otherwise modified from time to time, the "Security Instrument").

 

C.           Fannie
Mae is the successor-in-interest to the Prior Lender under the Loan Agreement, the holder of the Note and the mortgagee or beneficiary
under the Security Instrument.

 

D.           Walker
& Dunlop, LLC services the Mortgage Loan on behalf of Fannie Mae.

 

E.           The
parties are executing this Amendment pursuant to the Loan Agreement.

 

NOW, THEREFORE, in
consideration of the mutual promises contained in this Amendment and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Borrower and Fannie Mae agree as follows:

 

AGREEMENTS:

 

Section 1.          Recitals.

 

The recitals set forth above are incorporated
herein by reference as if fully set forth in the body of this Amendment.

 

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page 1
© 2013 Fannie Mae

    	 

    

 

 

Section 2.          Defined
Terms.

 

Capitalized terms
used and not specifically defined herein shall have the meanings given to such terms in the Loan Agreement.

 

Section 3.          Intentionally
Deleted.

 

Section 4.          Modification
of Summary of Loan Terms.

 

Part I of the Summary
of Loan Terms is hereby deleted in its entirety and replaced with the Part I set forth on Exhibit A attached hereto and made a
part hereof.

 

Section 5.          Intentionally
Deleted.

 

Section 6.          Authorization.

 

Borrower represents
and warrants that Borrower is duly authorized to execute and deliver this Amendment and is and will continue to be duly authorized
to perform its obligations under the Loan Agreement, as amended hereby.

 

Section 7.          Compliance
with Loan Documents.

 

The representations
and warranties set forth in the Loan Documents, as amended hereby, are true and correct with the same effect as if such representations
and warranties had been made on the date hereof, except for such changes as are specifically permitted under the Loan Documents.
In addition, Borrower has complied with and is in compliance with all of the covenants set forth in the Loan Documents, as amended
hereby.

 

Section 8.          No
Event of Default.

 

Borrower represents
and warrants that, as of the date hereof, no Event of Default under the Loan Documents, as amended hereby, or event or condition
which, with the giving of notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing.

 

Section 9.          Costs.

 

Borrower agrees to
pay all fees and costs (including attorneys' fees) incurred by Fannie Mae and any Loan Servicer in connection with this Amendment.

 

Section 10.         Continuing
Force and Effect of Loan Documents.

 

Except as specifically
modified or amended by the terms of this Amendment, all other terms and provisions of the Loan Agreement and the other Loan Documents
are incorporated by reference herein and in all respects shall continue in full force and effect. Borrower, by execution of this
Amendment, hereby reaffirms, assumes and binds itself to all of the obligations, duties, rights, covenants, terms and conditions
that are contained in the Loan Agreement and the other Loan Documents, including Section 15.01 (Governing Law; Consent to Jurisdiction
and Venue), Section 15.04 (Counterparts), Section 15.07 (Severability; Entire Agreement; Amendments) and Section 15.08 (Construction)
of the Loan Agreement.

 

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page 2
© 2013 Fannie Mae

    	 

    

 

 

Section 11.         Counterparts.

 

This Amendment may
be executed in any number of counterparts with the same effect as if the parties hereto had signed the same document and all such
counterparts shall be construed together and shall constitute one instrument.

 

[Remainder of Page Intentionally Blank]

 

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page 3
© 2013 Fannie Mae

    	 

    

  

IN WITNESS WHEREOF,
Borrower and Fannie Mae have signed and delivered this Amendment under seal (where applicable) or have caused this Amendment to
be signed and delivered under seal (where applicable) by their duly authorized representatives. Where applicable law so provides,
Borrower and Fannie Mae intend that this Amendment shall be deemed to be signed and delivered as a sealed instrument.

 

	 	BORROWER
	 	 
	 	BELL BR WATERFORD CROSSING JV, LLC,
	 	 	a Delaware limited liability company
	 	 	 
	 	By:	Bell Partners Inc., a North Carolina corporation, its Co-Manager
	 	 	 
	 	By:	/s/  John E. Tomlinson
	 	 	Name: John E. Tomlinson
	 	 	Title: Chief Financial Officer

 

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page S-1
© 2013 Fannie Mae

    	 

    

  

	 	FANNIE MAE
	 	 
	 	By:	Walker & Dunlop, LLC, a Delaware limited liability company, its Servicer
	 	 	 	 
	 	 	By:	/s/ Jenna Treible	 (SEAL)
	 	 	 	Name: Jenna Treible
	 	 	 	Title: Vice President

 

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page 2
© 2013 Fannie Mae

    	 

    

 

 

EXHIBIT A

 

Modification to Summary of Loan Terms

 

	I.      GENERAL Party and multifamily project information
	Borrower	BELL
    BR WATERFORD CROSSING JV, LLC, a Delaware limited liability company
	Lender	WALKER & DUNLOP, LLC, a Delaware limited liability company
	Key Principal	
        Bell Partners Inc.

        Bell HNW Nashville Portfolio, LLC

        Steven D. Bell

        Bluerock Real Estate, L.L.C.

        Bluerock Residential Growth REIT, Inc.

        Bluerock Residential Holdings, L.P.

        BRG Waterford, LLC

	Guarantor	
        Bell Partners Inc.

        Bell HNW Nashville Portfolio, LLC

        Bluerock Residential Growth REIT, Inc.

	Multifamily Project	Bell Hendersonville (fka Grove at Waterford Crossing)
	 	ADDRESSES
	Borrower's General Business Address	
        c/o Bell Partners Inc.

        300 North Greene Street,
        Suite 1000

        Greensboro, North Carolina 27401

	Borrower's Notice Address	
        c/o Bell Partners Inc.

        300 North Greene Street,
        Suite 1000

        Greensboro, North Carolina 27401

         

        with a copy to:

         

        c/o Bluerock Real Estate L.L.C.

        712 Fifth
        Avenue, 9th  Floor

        New York, New York 10019

	Multifamily Project Address	
        101 Spade
        Leaf Boulevard

        Hendersonville, TN 37075

	Multifamily Project County	Sumner County
	Key Principal's General Business Address	
        Bell Partners Inc., Steven D. Bell and
        Bell HNW

        Nashville Portfolio, LLC

        c/o Bell Partners Inc.

        300 North Greene Street,
        Suite 1000

 

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page A-1
© 2013 Fannie Mae

    	 

    

 

 

	 	Greensboro, North Carolina 27401
	 	
        Bluerock Residential Growth REIT, Inc., Bluerock Real Estate,
        L.L.C., Bluerock Residential Holdings, L.P., and BRG Waterford, LLC

        c/o Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, New York 10019

	Key Principal's Notice Address	
        Bell Partners Inc., Steven D. Bell and Bell HNW Nashville
        Portfolio, LLC

        c/o Bell Partners Inc.

        300 North Greene Street, Suite 1000

        Greensboro, North Carolina 27401

        

        Bluerock Residential Growth REIT, Inc., Bluerock Real Estate,
        L.L.C., Bluerock Residential Holdings, L.P., and BRG Waterford, LLC

        c/o Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, New York 10019

	Guarantor's General Business Address	
        Bell Partners Inc. and Bell HNW Nashville Portfolio,
        LLC

        c/o Bell Partners Inc.

        300 North Greene Street, Suite 1000

        Greensboro, North Carolina 27401

        

        Bluerock Residential Growth REIT, Inc.

        c/o Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, New York 10019

	Guarantor’s Notice Address	
        Bell Partners Inc. and Bell HNW Nashville Portfolio,
        LLC

        c/o Bell Partners Inc.

        300 North Greene Street, Suite 1000

        Greensboro, North Carolina 27401

        

        Bluerock Residential Growth REIT, Inc.

        c/o Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, New York 10019

	Lender’s General Business Address	
        7501 Wisconsin Avenue, Suite 1200E

        Bethesda, Maryland 20814

	Lender’s Notice Address	
        7501 Wisconsin Avenue, Suite 1200E

        Bethesda, Maryland 20814

        servicing@walkerdunlop.com

	Lender's Payment Address	
        7501 Wisconsin Avenue, Suite 1200E

        Bethesda, Maryland 20814

   

    	First Amendment to Multifamily Loan and
Security Agreement (Multipurpose)
Fannie Mae	Form 6601
08-13	Page A-2
© 2013 Fannie Mae

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