(To read more on the multifamily market, click here.)
WALNUT CREEK, CA-A joint venture of Sares-Regis Group and GMAC Institutional Investors is converting to condominiums a 340-unit property here that it acquired four years ago for $55 million. To assist in the transition, GMAC Commercial Mortgage Corp. recently provided $65 million in floating rate debt to refinance its own loan on the property, fund unit renovations and pay sales commissions.
The JV acquired the property from Ameriton Properties in October 2001 as Stoneridge Apartments, with GMACCM providing first mortgage financing. Shortly thereafter, it was changed to Stoneridge at Diablo Hills to better reflect its proximity to the golf course that surrounds it. Now it will be Stoneridge Condos. The street address is 245 Masters Court.
At the time of the JV's acquisition of the property in 2001, Sares-Regis officials said the project's location, low density and its gently sloping site elevations made it one of the more appealing multifamily residential communities in Walnut Creek.
GMACCM senior vice president Mitchell R. Thurston and vice president Andrew J. Ahlers, of the San Francisco loan origination office, arranged the transaction. Neither person was available Tuesday for comment.
In other GMAC news, GMACCM arranged $17.17-million fixed-rate financing for a 10.58-acre retail property in Richmond, CA. Pacific Infinity Co. Inc. received the loan for its Pacific East Asian Mall, a 108,445-sf ground-leased center that is 98% occupied.
Bear Stearns provided the funding. Jim Rice and Brenner Daniels with GMACCM in Portland,OR arranged the transaction. GMACCM affiliate Newman & Assoc. arranged the defeasance of the borrower's existing mortgage.
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