Investors Bank Closes $88M in Apartment Transactions
- Oct 29, 2014
Short Hills, N.J.—Investors Bank has expanded the geographic scope of its multifamily lending business within the Northeast and Mid Atlantic regions. The New Jersey-based bank’s commercial real estate lending group recently completed four financing transactions for multifamily assets located between Duchess County, N.Y., and Wilmington, Del. Together the assets total 855 units. The lending value totaled $88 million.
“As Investors expands its retail banking footprint, we are building relationships with property owners in new regions,” says Joseph Orefice, senior vice president and head of CRE lending at Investors Bank. “While we are one of the top multifamily lenders in New York City, we now expect to establish our brand in a wider range of markets.”
The largest of the four deals was a $30 million, fixed-rate loan to refinance Colonnades Apartments, a 560-unit property in Newark, N.J. Other deals included a $21.9 million adjustable rate mortgage loan to refinance a 178-unit property in Pleasant Valley, N.Y.; a $21 million adjustable rate mortgage to refinance 42-units in Brooklyn; and a $15.1 million fixed-rate mortgage loan used to purchase a multifamily building with 75 units in Wilmington, Del.
Bascom acquires an 89-unit asset in California
San Pedro, Calif.—The Bascom Group has added San Pedro Bank Lofts to its portfolio. The luxury 89-unit, condominium-mapped asset is located at 407-409 West 7th Street in San Pedro, Calif., and was picked up for $23.8 million. Brian Eisendrath and Brandon Smith of CBRE Capital Markets arranged the debt financing, which was provided by GE Capital. Brian Russell of Eastdil Secured was the broker for the sale.
“San Pedro Bank Lofts is the ninth multifamily acquisition for our second discretionary equity fund,” says Chad Sanderson, principal at Bascom. “This property fits well into our core business model, which is to identify well located properties with value-add upside.”
The community is located three blocks from the waterfront in the San Pedro Arts District in Los Angeles County. It was built in 2008 as a condo, and features four stories over one level of parking in two buildings. Half of the apartments feature true loft-style units with 20-foot ceilings, and the building incorporates the original terra cotta façade of the 1920s vintage San Pedro Bank. Amenities include a fitness center and four open courtyards.
NorthMarq facilitates $12.5M acquisition financing
San Francisco—Dennis Williams, managing directo,r and Brian Esquivel, assistant vice president of NorthMarq Capital’s San Francisco-based regional office arranged acquisition financing of $12.5 million for Northshore Townhomes, an 86-unit multifamily property located in Kenmore, Wash. The transaction was structured with a seven-year, interest-only term and was arranged for the borrower by NorthMarq through its correspondent relationship with a life insurance company.
“We were fortunate to have the opportunity to provide acquisition financing for this high-quality asset in northern Seattle,” says Williams. “The property, originally for-sale townhomes, now operates as a multifamily property and has demonstrated an exceptional performance history. The quality of the construction and its location led to a very strong full term interest-only loan from one of our correspondent life company lenders.”