More attention is paid to emerging markets such as Dublin, a trend that is especially true with high-level borrowers, and lenders are willing to sharpen their pencils to win multifamily business in the Bay Area.
The mortgage financing deal, arranged by Meridian Capital Group, is in connection with its reported $138-million purchase of the Sandcastle Apartments complex at 71 Seagirt Ave.
“Investors are looking to engage in secondary and tertiary markets, where they see increasing opportunity," says Jeff Lee with Capital One Multifamily Finance.
A $33.45 million loan has been secured on behalf of borrower, MC Companies, for The Place at Castle Hills, in order to fund environmental improvements, including low-flow faucet aerators and shower heads.
Although not all sectors saw improvements, November continued what has been the second-longest streak of downward movement in CMBS delinquencies overall in more than eight years.