Veritas Acquires $100M in Multifamily Mixed-Use Properties in San Francisco
- Nov 22, 2013
San Francisco—San Francisco-based Veritas Investments Inc. announced the acquisition of a 14-property portfolio of multifamily mixed-use buildings in San Francisco for a combined price in excess of $100 million. The properties were acquired in joint-venture with an unnamed private-equity institutional investor.
The purchase is in keeping with Veritas’ investment strategy of acquiring San Francisco multifamily mixed-use properties, leveraging its fully-integrated platform engaged in all aspects of real estate investment and management.
“We’re pleased to be able to acquire the properties announced today, reflecting our focus on San Francisco real estate delivering consistent returns amid a market with high barriers to entry,” says Yat-Pang Au, CEO of Veritas. “And we are proud of investing in these classic properties, including irreplaceable Victorians and other well-crafted housing, and applying our improvements and services packages to further enhance their appeal to residents and tenants.”
Walker & Dunlop provides $44.2M bridge loan for Nashville apartments
Bethesda, Md.—Walker & Dunlop Inc. announced that the company recently provided $44.2 million through its large loan bridge program for Madison at Ridgelake, an apartment community located in Nashville, Tenn. Walker & Dunlop provided the acquisition financing for the apartment project, which included funds for significant capital expenditures that the borrower will complete over the next two years.
“This financing illustrates the unique benefits that our bridge program provides to borrowers,” Sandor Biderman, Walker & Dunlop chief production officer, Proprietary Capital, says. “By structuring this non-recourse loan at 80 percent loan to cost, we have provided long-time Walker & Dunlop borrower Arenda Capital Management with the opportunity to upgrade Madison at Ridgelake to a Class A property. Making capital available to borrowers for planned renovations through our expanded bridge program is indicative of Walker & Dunlop’s dedication to providing flexible, customized options to support our clients and improve the quality of rental housing nationwide.”
Arenda Managing Principal Ryan Millsap comments, “Walker & Dunlop has been a valued partner to us for many years and we are very glad to now do business with them in the proprietary bridge lending space. Their execution was excellent and we know from experience that they will be a great lending partner in our Madison at Ridgelake investment.”
Madison at Ridgelake offers 560 units in 59 buildings, situated on more than 64 acres. Vice Presidents Stephen West and Matthew Wallach led the team that structured the two-year interest only bridge loan.