Bascom, Oaktree Close Seventh Acquisition with Nevada Buy
- Apr 01, 2015
Henderson, Nev.—The $300 million venture between The Bascom Group and funds managed by Oaktree Capital Management has completed its seventh multifamily since launching in March 2014 with the acquisition of Villa Serena, a 288-unit apartment community located at 325 North Gibson Rd. in Henderson, Nev.
Los Angeles-based Mesa West Capital provided acquisition financing. The debt was sourced was Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the seller on the transaction.
The asset was built back in 1996 and features a one-, two- and three-bedroom units with either a private patio or balcony. The venture expects to close other Nevada purchases this year given the recovery in Las Vegas. Bascom and its affiliates are certainly no stranger to the area, having closed seven acquisitions in the market over the past two years.
Milestone grabs 303 units in Orlando
Orlando, Fla.—Toronto-based Milestone Apartments REIT has added Heritage on Millenia to its portfolio of U.S. apartment assets. The 303-unit, Class A property is located in southern Orlando and was picked up for a cool $40 million.
Heritage was built in 2006 and is approximately 96 percent occupied with monthly rents averaging $1,100. The REIT entered into a new 10-year, interest-only, fixed-term mortgage of $22.1 million at an interest rate of 3.16 percent, which matures in March 2025. The balance price was funded using the REITs available cash and revolving line of credit.
Mortgage Equicap arranges construction loan at 2.5 percent
New York—Daniel Hilpert, managing director of Mortgage Equicap LLC, announced that the company has arranged an $18.5 million construction loan for an 80-unit ground-up apartment building in Union City, N.J.
Equicap structured an $18.5 million mortgage at approximately 2.5 percent providing the borrower with 70 percent loan-to-cost financing.