Lembi Group Adds 148 Apartment Units

SAN FRANCISCO-Holiday Fenoglio Fowler recently sourced two 90% acquisition loans for the Lembi Group, a locally based operation comprised of 40 entities that own, manage and operate 107 apartment buildings containing 2,800 multifamily units, 250,000 sf of office space and five hotels.

HFF provided $25 million in acquisition financing for a 109-unit, three-building multifamily complex at 1320-1360 Lombard St., and a $4.6-million acquisition loan for 1520 Gough St., a 39-unit apartment building.

HFF director Mitch Paskover sourced the loans through US Bancorp, for which HFF is a correspondent in Northern and Southern California. Paskover tells GlobeSt.com the loans each included a mezzanine piece on top of the A piece. The loans had a blended rate of around 6%, says Paskover.