OAKLAND, CA-Buchanan Street Partners funded a $21-million first mortgage loan for Aqua Via, a 104-unit luxury apartment building located in Oakland, CA. The first mortgage enabled the borrower, Embarcadero Pacific, to purchase the existing note for $23.6 million, which represents a 31% discount from the outstanding balance.
“This investment is an excellent example of the strength of Buchanan’s principal lending platform,” says Tim Ballard, president and chief investment officer of Buchanan Street Partners. “Buchanan structured a multi-level capital solution with a fast, reliable and transparent closing process on this time sensitive note purchase.”
Buchanan Street Partners tells GlobeSt.com that the 116,539-square-foot class-A luxury apartment building is currently 99% occupied, and was the recipient of the Best Urban Infill Project in the US by the National Association of Homebuilders and the American Concrete Institutional Structural award in 2006.
According to a prepared statement, the property represents one of the highest quality rental properties in the market and is located at the intersection of 2nd Street and Oak Street adjacent to landmark Jack London Square, a waterfront town undergoing a $375 million redevelopment that is expected to transform the district into a bustling destination for food and entertainment.
The non-recourse loan was underwritten and closed in under three weeks. The transaction represents the sixth investment Buchanan has made over the last 90 days.
Those five other investments include:
-Joint Venture Equity—Buchanan provided $10.2 million in JV equity for the $40-million acquisition of a 1.4 million-square-foot industrial facility located in Los Angeles. Space is 100% leased.
-First Mortgage—Buchanan funded a $16-million floating rate first mortgage for the recapitalization of a 111,575-square-foot, class B-plus, multi-tenant office building located in West Los Angeles. The first mortgage was structured as a non-recourse loan with a five-year term and 75% loan-to-value.
-First Mortgage—Buchanan funded a $12.7-million participating loan for the recapitalization of two business parks located in Rancho Cucamonga, CA. The combined square footage of the properties is 151,187 square feet. The borrower purchased the note at a 40% discount.
-Discounted Note Acquisition—Buchanan acquired a discounted note for an office portfolio located in Orlando, FL, encompassing a total of 270,000 square feet. Buchanan negotiated the purchase of the note at a 70% discount from the outstanding loan balance.
-Discounted Note Acquisition—Buchanan acquired a discounted note for a 25-story, 296,588-square-foot residential and commercial tower located in Dallas. Buchanan negotiated the purchase of the note at a 54% discount from the outstanding loan balance.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
