TODAY’S DEALS: Ivanhoé Cambridge, Veritas Buy Big in San Fran
Ivanhoé Cambridge and Veritas acquire 11 communities; Capital One refinances an L.A. skilled nursing portfolio; and Berkadia originates a loan for a multifamily property acquisition in Arizona.
San Francisco—Ivanhoé Cambridge and investment partners Veritas Investments Inc. have acquired 11 multifamily properties in San Francisco for approximately $190 million. This brings the number of communities acquired by the venture to 20, with 580 units between them.
The newest round of properties are located in the districts of Lower and Upper Nob Hill, Russian Hill, NOPA, Noe Valley and The Mission. These acquisitions are part of an ongoing residential property aggregation strategy in San Francisco via an exclusive partnership created in 2014 with Veritas, a well-established investment and management company in San Francisco. An initial group of nine properties valued at nearly $50 million was previously acquired.
Capital One closes $29.1M for Los Angeles skilled nursing facilities
Bethesda, Md.—Capital One Multifamily Finance has provided $29.1 million in fixed-rate, HUD 232/223(f) loans to refinance four skilled nursing assets in Los Angeles for a single owner. The loans include $8.6 million for a 98-bed facility and $6.6 million for a 75-bed facility, both in San Gabriel, $7.7 million for a 107-bed facility in Highland Park, and $6.2 million for a 97-bed facility in Alhambra. Senior Vice President Joshua Rosen originated the transaction. Rosen leads Capital One’s agency healthcare lending from the company’s Chicago office.
The owners are among the largest providers of skilled nursing facilities in California, and purchased the four facilities using bridge financing in 2013. They turned to HUD financing for the opportunity to lock in current low interest rates for the long term; the loans have terms of between 30 and 33 years.
Berkadia originates $29.8M for multifamily property acquisition
Mesa, Ariz.—Berkadia recently originated a $29.8 million loan for the acquisition of Midtown on Main, a multifamily property located at 2121 West Main St. in Mesa, Ariz. Senior Vice President Andy Hill of Berkadia’s Austin office and Senior Vice President Laura Cathlina of Berkadia’s Chicago office secured the three-year, floating-rate loan through BBVA Compass.
Hill and Cathlina arranged the full term, interest-only loan for DFA/BH Midtown LLC, a client they have worked with previously. The loan was structured and closed in fewer than 30 days during the holiday season.
