JV Obtains $148M For Acquisition of Bay Area Apartments
- Apr 29, 2016
Menlo Park, Calif.—A joint venture of Deutsche Asset Management Inc. and Maximus Real Estate Partners has obtained $148.6 million in financing from ING Capital for the acquisition of a Bay Area apartment property. The senior secured term loan is for the Sharon Green Apartment, a community in Menlo Park, Calif.
The JV acquired the apartments from Essex Property Trust Inc., a publicly traded REIT. The property, built in 1970, includes 296 units. It sits on 17 acres.
ING said the borrowers would use most of the loan proceeds to pay for the acquisition, a deal that was struck late last year. Also, part of the proceeds will go for renovations to the property over the next three years.
“The strong fundamentals of the property, combined with Maximus Real Estate Partners’ experience developing and renovating San Francisco Bay Area properties, made this an attractive financing opportunity,” said Craig Bender, managing director, ING Capital.