TODAY’S DEALS: Sares Regis Grabs an Oregon Asset
Belkorp Industries sells a 129-unit asset to Sares Regis; and Pembrook Capital closes two bridge loans totaling nearly $19 million.
Lake Oswego, Ore.—Sares Regis Multifamily Fund L.P. has acquired The Gables at Mountain Park, a 129-unit apartment community in Lake Oswego, Ore. The property was sold by Vancouver-based Belkorp Industries Inc. in an ARA-brokered transaction.
“The Sares Regis Multifamily Fund has a well-defined value add strategy to purchase, manage, reposition and operate high quality multifamily assets on behalf of its institutional investors, and The Gables represents an ideal investment for the Fund”, says Kenneth Gladstein, the co-chief investment officer of Sares Regis Multifamily Fund L.P.
“The Gables at Mountain Park is a boutique property with compelling architecture and is located in an affluent area,” says Gail Neuburg, the ARA principal who represented Belkorp in the sale. “Improving its 1990 finishes to satisfy the standards of a typical Lake Oswego renter is a value-add opportunity which will benefit the community and the investor.”
Pembrook Capital Management closes two bridge loans
Atlanta & Cincinnati—Pembrook Capital Management has closed two bridge loans totaling $18.8 million. The two transactions include $13.7 million in bridge Financing for the Alden Ridge apartment complex in Atlanta and $5.1 million in bridge financing for the Hunters Run apartment complex within the Cincinnati market.
“Pembrook continues to seek financing opportunities with well-located projects in what we believe are growth markets nationwide,” says Stuart Boesky, Pembrook’s president & CEO. “These recent bridge loan transactions exemplify that approach. With Pembrook’s financing in place, both borrowers will be able to carry out their strategic long‐term plans for each of these multifamily assets.”